have spent years trying different trading strategies and waiting for
the perfect forex strategies to be revealed. Waiting for some secret or
holy grail that would make my trading profitable. I tried different
indicators and signals, I drew the trend lines support and resistance
levels and studied everything I could about technical trading. I would
do back tests on systems and the tests showed excellent profit but when I
would trade the systems live I never could get them to make a profit. I
would always end up losing money.
After several years and
thousands of dollars lost I finally discovered the secret to profitable
forex trading. The problem all those years was that I was looking in the
wrong direction. There are endless numbers of trading strategies that
are time tested and profitable. The secret is that it's not so much
about finding a good strategy, the secret is about us becoming good at
consistently trading any system we are using.
No matter how good
the trading system is it won't do us any good unless we are effective
with our trading. I was always blaming the strategies for my failures
but when I look back on it the problem was that I was not being
consistent with my trading. This is what causes most traders to fail.
It
takes an extremely disciplined person to be able to stick to a system
and trade without emotions such as fear and greed entering their trading
decisions. When you bring human emotion to the table it alters your
trading system and alters the results. If your emotions aren't right for
trading it usually alters your trading in a negative way and often
turns a profitable trading strategy into loser.
Another problem
with forex trading is the market is moving 24 hours a day. While this is
an advantage in some ways it can also be a big disadvantage. The
disadvantage is you can't be watching the market 24 hours a day. You
can't be there to catch all your trade signals. This alone can make many
trading system almost impossible to follow unless you are working with a
team of people who can monitor the markets 24 hours a day.
I
don't know about you but I don't want to spend my life watching charts
and I decided a while back that manual forex trading is really not for
most people. The solution I found is to use automated programs called
robots that will monitor the markets for you 24 hours a day and trade
the forex for you automatically. Using a proven profitable system they
will enter and exit your trades when the market gives them the signals.
Modern robots are very simple to set up and one they are they everything
automatically whether you are there or not.
When selecting a
robot watch out for back tested claims. You want one that actually has a
history of making a profit trading a live account. Most important is to
make sure you can let it run on a demo account for a while and make
sure it will make a profit before you use it with real money.
For
me using a robot is the only way I have found that I can get consistent
profits in my trading. The robot makes money automatically while I can
spend my time doing other things that I enjoy.
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