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Forex Trading Strategy - Slow Down to Go Fast
I come from an auto racing background and in that sport there's a saying that goes, "sometimes you need to slow down to visit fast." This saying definitely pertains to Foreign exchange trading too.
In auto racing, like trading, most rookies think that the harder you press the pedal, the faster you will go. This can be true when driving inside a straight line, but racing, much like trading involves many turns. Look at a typical trading month in forex. The month starts with non-farm payroll (NFP) around the first Friday and through now price often behaves inside a certain way. During the second week of every month, after NFP, currencies will frequently change course and behave in 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 in a straight line. As rookie traders we often put logic aside and concentrate on speed while we make an effort to trade every move we see and every 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 the way you manage your car, and your account, in the curves that determines the way you finish the race.
I have written before about one way you are able to slow down when trading currencies online, I refer to it as taking two weeks off. Take a break from trading and define why you desire to be a trader, what your expectations are, and whether or not those expectations are realistic. Ask a logical person for those who have reasonable goals and expectations in your forex currency trading. You can easily forget the guy by having an interesting accent is attempting to sell us something and we forget to inquire about ourselves if what we are listening to forex success is affordable. Forex marketers want you to believe in going fast since the faster they get you thinking, the faster you will purchase.
Another way to decelerate in forex trading is to assess the timeframe you're deciding to trade. Sure, there is much more adrenaline and excitement trading a lesser time period, but fast timeframes require fast making decisions. Slow down and trade a higher time period so you may have more time to judge the chart, choose where you want 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 twice daily rather than twice every minute.
The end goal of any forex currency trading strategy is to grow your account. Account growth may be the ultimate way of measuring success, not adrenaline. Take two weeks off and figure out why you want to trade and then decelerate and see how fast your trading success will come. Your ability to deal with those trading twists and turns can make a big difference.
