Before coming to the Price Action trading strategy, I also used to trade with a few other Forex strategies. At first, it was the method I created by myself (now that I think about it, I often laugh at myself). The results of my demo trading were very good (similar to most people). Later, when trading with live accounts I (like many people) burned out many ones.
After that, I learned about this Price action trading strategy and the trading results were much better. In other words, I made money from Forex trading. (Most of the articles in this blog are knowledge that I have learned. And I share again based on that knowledge and experience)
I find that most traders don’t really understand the strategy they are pursuing. They look at the market and do not know what they are (in need of) looking for. This is extremely dangerous. When you don’t understand your strategy, don’t know what you need to do or look for, you are 100% gambling with the market.
The goal of trading is that you make money based on the correct execution of your trading strategy. And this is always hard.
Become a Forex trading expert with only one strategy
Have you ever traded by combining different strategies, indicators, and systems? Do you feel overwhelmed by that mess? The first thing you need to do is to change the way you think about trading strategies.
Trading is not about trying to learn as many strategies as possible and then combining them into one (which you hope to be) “invincible” strategy. Sadly, this does not help you. This only hurts you (losing money).
Trading is simply learning and mastering a unique strategy. This strategy fits your personality and includes many things that are right, reasonable, and simple (would be great if any). You just need to look at the market, look for the essentials in your strategy. And when the opportunity is “ripe”, click and place an order without any hesitation in your mind.
Find and focus on pursuing a unique strategy
Trading is “jumping” into the market when you verify that the probability of making money is in your desire. Your strategy offers you a better chance of making money in the market. (Please note that the probability I’m talking about here is based on a series of orders, not just one).
If you do not really understand the strategy you choose, do not rush to trade with a live account. Learn and cultivate more. You can trade forex For a lifetime. Focus on only one strategy. Be patient with it and master it.
I recommend trying one strategy for about 6 months. Only focus on it for 6 months. If after that time, you do not feel well, then think of switching to another forex trading strategy.
This is how you become an expert in trading. Maybe you are struggling with different strategies, studying from different forums, even trying different robots. I recommend you stop doing this. Find and focus on pursuing a unique strategy. Master it and apply it [with discipline and a proper capital management method] to the market.
Eliminate hesitation with your mastered Forex trading strategy
I realize that many people do not want to spend (much) time and effort on creating their own trading strategy. They want to quickly make money by rushing into the market. Later, when they are at a loss, they become confused or even shocked.
Many of them never return to the market again. One of the big problems in trading is that you have no one to remind you, no one to manage, no “boss” to instruct you to do this and that. There is only yourself. At this time, our nature and laziness arise easily.
A lot of people email me asking if method A is good, if method B works, or if method C is correct, etc. They do not spend time to really learn and understand the strategy. Because if they do, they will know whether their strategies are effective (by the results shown in the market).
Indecision and hesitation in trading are one of the fastest ways to make you at a loss. Simply because it shows that you are not ready for this. There is one saying that I really like: “Sweat more in training – Bleed less in battle”. Don’t you want to lose your hard-earned money for the market when you are not ready and lack knowledge?
As you are an expert in your trading strategy, when the opportunity appears, you will no longer hesitate. You need to eliminate hesitation from your head in the quickest way by learning and mastering your forex trading strategy.
Today, with the development of the internet, traders are immersed in a huge sea of knowledge in which there are countless strategies, news, datum, etc. They tend to think that more will be better, that they should learn and know as many strategies as possible. Eventually, when they realize things don’t work out, they become exhausted and frustrated.
Yes, I have also been in this situation. And so with this article, I hope you will shorten the time of immersing yourself in that mess. Find yourself a suitable strategy and focus on mastering it.
We do not need to complicate or overestimate foreign exchange trading. Just keep it as simple as you can.
I hope you find a good Forex trading strategy like mine.