Forex Trading Strategies – How to be consistently profitable in forex trading
FOREX TRADING STRATEGIES
I always get the same questions from forex traders around the world: “Ezekiel, I can’t seem to be consistently profitable in forex trading” then they may follow on by “I know my forex trading strategy works.. but i just can’t get profits month after month..” These are the questions that i get frequently. And this is my general answer to them. I will usually ask them back: “So, are you keeping track of your trades?” You see, to be consistently profitable. You cannot forgo this important step. That is TRACKING. All successful businessman tracks their own and their company’s performance. This also applies to successful forex traders. You must have a proper and systematic way to track your trades and your success. So that you can see if you are on the right track to success or if you are not even on the track.. Forex Trading Strategies – How to be consistently profitable in forex trading
Here are some simple ways to track your forex trades: Firstly, you have to just focus on just 1 forex trading strategy at 1 time. You cannot trade different forex trading strategies together at 1 time, at 1 account. If you do that - My question to you is: How do you know which forex trading strategy is working for you? And which is not working? Therefore, start trading 1 strategy at 1 time. Be specific on the strategy and do not deviate or change random stuffs. Eg. changing the way you enter, exit trades etc. It has to be consistent all the way. So run this strategy trades for 20 trades. At the end of the test, what is your account status? Are you profitable, breakeven or negative? Then ask yourself, did you change anything along the way, among the different trades? eg. the lot size is different, or you should not have entered a certain trade, but you entered anyway. If there is a deviation – a change, then you have to restart the entire test. By using this method of tracking, you will be able to clearly see whether the forex trading strategy you are using is working for you. Forex Trading Strategies – How to be consistently profitable in forex trading
Besides, i will recommend you to take screen shots of the trades you entered. This way, you can review all the 20 trades you have entered once the test is completed. And you can clearly see what are the mistakes you have made on some trades and what are the things you did right on certain forex trades. This method will prevent you from repeating the same mistakes again. Ezekiel Chew
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.