There is no holy grail
On the path to becoming a consistently profitable forex trader, there is no one trading system sent from above to get you paid.
Far too many new forex traders fall into the trap of thinking they can simply jump onto the first forex forum that they come across, navigate to the trading systems section and then find the system of their dreams.
It just doesn’t work like that!
Instead, go into the forex strategy testing phase with an open mind. Trade and test every single strategy you can get your hands on.
What you’ll find happening is that certain elements of each strategy work for you, while other parts wont. We all have different personality traits, strengths and weaknesses. There is no one size fits all.
By building your own personalised strategy by borrowing elements of tried and tested elements, you won’t find the holy grail. But combined with proper risk management techniques, you can place yourself on the path to becoming a consistently profitable forex trader.
All of this can be done with a FREE MT4 demo trading account from Vantage FX. Make the right call and find the trading strategy that works for you with Australian regulated forex broker, Vantage FX.
Price is king!
When it comes to what actually matters in the world of forex trading, there is one thing and one thing only: Price.
New traders are easily tempted to fill their trading screens up with indicator windows, moving averages and volume lines. They look exciting, sure. But they definitely don’t tell you anything that price hasn’t told you already.
Instead of looking for the most visually appealing indicator to place on your charts, focus on learning price action. Focus on candle patterns and how they form on or around support/resistance levels for added confirmation.
Indicators aren’t just called indicators. They’re called lagging indicators. You need to understand that all indicators are just mathematical equations based on what has already happened in price.
So why not just learn to read price as it unfolds?
This way, you are staying in the moment and reading what is happening in the forex market here and now. Price really is king!
The Vantage FX MetaTrader 4 platform is the most popular forex trading platform in the world for a reason. View and trade price action directly from clear and stable charts with trusted forex broker, Vantage FX.
Find your trading strategy and stick to it
Once all of this has settled into your trading psyche, only then can you think about consistently making money as a forex trader.
Don’t let yourself become distracted by the newest or most shiny thing that pops up on your screen. If you’ve put the work into developing a trading system that matches your personality and focuses on price, then you know that you’re close to making it.
If you know that you’re so close to making it, then why would you scrap all that hard work that you’ve put in just to start again? Can you see how ridiculous chopping and changing between strategies sounds when you stop and think rationally about it?
The best forex traders know themselves enough to know which type of trading strategy works for them and most importantly, they stick to their guns!
All too often some of the most promising, up and coming forex traders give up or change their trading strategy when they are literally on the cusp of making it. They are literally right there, but they just let the opportunity slip and focus on something else.
To truly become a forex trader who makes money, you have to be able to not allow yourself to change strategies at the first sign of trouble
Once you’re settled and have the conviction in your own trading strategy that is required to succeed, then you’re ready to open a live account with Vantage FX. Take the next step in your forex trading career and open a live account with award winning forex broker, Vantage FX.
Source: Vantage FX Blog