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Forex Trading Strategy - Decelerate to Go Fast
I originate from a car racing background and in that sport there's a stating that goes, "sometimes you need to decelerate to visit fast." This saying definitely applies to Foreign exchange trading too.
In auto racing, like trading, most rookies believe that the harder you press the pedal, the faster you will go. This can be true when driving in a straight line, but racing, just like trading involves many turns. Think about a typical trading month in forex. The month begins with non-farm payroll (NFP) on the first Friday and through now price often behaves inside a certain way. During the second week of every month, after NFP, currencies will often change course and behave within an entirely different manner. Now look at a typical trading day. Can there be such a thing? Yes, there are times when there's more price movement, but this movement rarely moves inside a straight line. As rookie traders we quite often put logic aside and focus on speed in the end make an effort to trade every move we see and each gut feeling that we have. A rookie forex trader, similar to the rookie race car driver, often forgets or doesn't appreciate that it is how you manage your vehicle, as well as your account, in the curves that determines how you finish the race.
I've written before about one way you are able to decelerate when trading currencies online, I refer to it as taking two weeks off. Take a rest from trading and define why you want to be an investor, what your expectations are, and whether or not those expectations are realistic. Ask may well person for those who have reasonable goals and expectations inside your forex trading. It is easy to forget the guy by having an interesting accent is attempting to market us something and that we forget to ask ourselves if what we are listening to forex success is affordable. Forex marketers want you to think in going fast because the faster they enable you to get thinking, the faster you will purchase.
A different way to decelerate in foreign exchange trading would be to assess the timeframe you're deciding to trade. Sure, there's much more adrenaline and excitement trading a lesser time frame, but fast timeframes require fast making decisions. Decelerate and trade a greater time period which means you may have more time to evaluate the chart, choose in which you wish to trade from, and make better decisions. I showed countless traders how easy it is, and low stress it may be, to check a chart two times a day instead of twice every minute.
The finish goal associated with a forex trading technique is to grow your account. Account growth is the ultimate way of measuring success, not adrenaline. Take two weeks off and figure out why you need to trade after which slow down and find out how fast your trading success will come. Your ability to deal with those trading twists and turns can make all the difference.
