As it is cleared from the name that here I want to clear few points that will ease the pressure of a new trader who want to scalp day in and day out for a small profit and keep growing its account till it reach the point traders can afford to take more risks or take a portion out of their account.
Basic things we need to know is what are our strengths and Being selective is one thing that a traders must have because there is no point in trading a single currency or couple of currency and sticking to that pair for days when it going sideways because it will keep you away from some excellent opportunities in other crosses.
So, the point is being selective in approach and keeping yourself busy and atleast look to trade all the Major currencies if you don't want to consider trading exotic currencies.
Keeping Approach as simple as you can
Now, the question arises that what approach should we use. As you all know I am not a big fan of Indicators or using too many trendlines or trusting any other mechanical systems as For me they are useless.
When you trade, you need to be emotionally fit. Trading is about taking the right decisions at the right time.
And you know that when you desperately need money, you are not going to make the right decisions at right time because you might be thinking of winners all the time and losses will drive you with emotions to make up for that loss and earn more to always stay in profit.
You are just going to make decisions based on your most recent needs, not on your long term interests. You might get lucky at the beginning, make a few bucks here and there, but as I said, at the end, trading is about taking the right decisions.
No point in using various trading system because It will never let you decide what you strengths are and you chose one system for a while and then test it and if You don't get results use another system.
There is no harm in trying out strategies but only one at a time and When you find a strategy or system then You should stick to a plan and find out the market conditions that suitable for such systems and what are the basic plans you must follow and what are the market conditions that you need to avoid to avoid entries.
Even today, after all those years of experience, when I get in front of those charts, I still dont know what the heck they are going to do (I only trade based on probabilities).
So let me tell you something, if you are new to trading, and you are here because you think trading is easy… stop reading this, and think about it twice.
If you are going to keep trading, you need to know that you need to work hard, you’ll need to practice and only with experience you will get results. But its not easy and it will take some time before you get there.
Are you prepared to take that?
If you are an experienced trader, and you still think trading is easy, stop reading this, closed all your opened trades, and forget about trading forever.
Yep, you heard me, forever!
I’m just trying to make this faster for you…
Ok, if you are reading this, means that you understand that trading is not easy… good for you!
It’s going to save you a lot of money and time
