Forex Traders Success and Management of Profits
The most successful forex trader I have ever met is a great planner. They harmonize structure, level of support and resilience, indicators, patterns, probabilities, to trade with positive results.
This does not mean that they have to be right all the time. Actually, I had experienced some extraordinary benefits that were accidental because I was initially wrong with the settings and first order. Over time, the market actually follows the original analysis and provides the direction needed.
Manage profits well.
This is a fantastic problem that a forex trader has. “How well can I manage my profits?” Is a much better issue than “how can I win trading?”.
The market will shift to the rhythm, waves and trends of each. We as forex traders see that certain instruments have their own tendencies and characteristics. There are several markets with waltz styles, while other styles are break-dancing, and maybe mosh. If one of these styles matches your specific strategy, it can be profitable.
Choose your forex trading style.
I like to exploit market behavior that is conducive to my forex trading style and strategy. It takes time and effort to identify these attributes. This may not exist in every market or every financial instrument, but is enough to exchange repetitive patterns and traits. Of course, to trade according to my plan. This forex strategy works for me. That might be a common saying for forex traders to enjoy making their own decisions. Don’t let other people tell you to do the opposite.
Know when to anticipate or confirm.
So how does a forex trader know when it’s time to anticipate and confirm? In my opinion honest, this is really up to you.
Anticipation is very good when you plan it. Confirmation is required when you execute. Trade has many stages, namely trading with different sizes, coverage, and difficulties.
Before and after trade confirmation.
Sometimes after fighting a number of anticipation transactions that are wrong or that I have to solve. I only have a little trade confirmation. Then, I was very bored by doing so little trading. Finally, I felt that I was under the opportunity because of my commitment to confirm. At other times, I am very glad I continued trading anticipation and waiting for confirmation. Especially if stubborn steps will cause stress and discomfort. This is the extra pressure that I avoid while waiting for confirmation.
Plan your forex trade, and trade your plan
When forex traders prepare to setup, we will talk to ourselves to be confident or afraid. When you have recorded your trading and witnessed market trends, then you will have a history with a market that has shown what you like. That does not mean that you will always do this or that it will never disappoint you on certain occasions. But it will result in repeated setups that give you a tip of probability. This allows you to trade forex with confidence. Knowing that you’ve seen trade work before. So it’s not surprising for you to see it work again. If this trade is not what you want, believe me, there will be another trade.
Follow your successful trading plan.
You may have heard the saying from time to time: “plan your trade and trade your forex plan”. In theory, it’s good and right, but in reality, sometimes we need to have lots of plans. If you have one plan and this works all the time, by all means, stick to the forex plan. Do not deviate from the forex trading plan that has worked well.
Test the feasibility of your forex strategy.
Personally, I have tried the cookie cutter approach and not according to my wishes. Maybe I trade too much forex, or just don’t see the results. So I started to develop my strategic forex catalog to increase my effectiveness. Please understand that this is not the main reason to burden foreign exchange traders with conflicting strategies. One very difficult task is to overcome the urge to try and jump from one system to another. From forex strategies to other forex strategies without due diligence and extensive checks.
Evaluate the success of your forex trading
In my journey as a forex trader, when I realized that the forex trading plan didn’t really help me. Especially in seeing higher returns, I began to look for similarities with my best and worst forex trading. This assessment is no different from evaluating the pros and cons. My pro is to win forex trading. Cons I lost trading or trading that was less than pleasant. My strategic list might have received a little face lift, but I easily entered BOTOX. That’s because the basic principle is the same and the settings are similar. Be careful not to make forex strategy monsters that will send conflicting signals. Which in the end will make you paralyzed and without direction. If you find yourself trying, remember, you can always go back to the drawing board and focus on a simple forex strategy.
Test the forex trading strategy that has been successful.
We all want the market to switch according to our wishes with great precision. But the last time I checked it, we were not a foreign exchange market maker. Actually, if our planning is so great, why don’t we reach the top and bottom that is perfect or high and low? But to trust the truth side of the chart (ie price action in the future). Then we need to test or experience the repetition needed to give us the confidence to take setup and trade.
This is where anticipation meets with confirmation. My trade is certainly not about getting a home run, a hole-in, or a bull’s eye. But it is successful enough to get to the bottom, obey the rules, or sign consistent.
If we are not market makers, we are only remora to sharks, or plover birds to crocodiles. Why use that specific organism? Because there are too many traders who feel the market is dangerous and deadly. Although the forex market is able to cause sadness and stress. Or have taken a fair share of the victim, as long as you value his ferocity. We can still survive in a bad mood and find some beneficial crumbs in the process. I encourage you to find a balance between anticipation and confirmation. Besides that you also have to arm yourself with a forex strategy that you trust and look back on your work time.