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Forex currency trading Strategy - Slow Down to visit Fast
I originate from a car racing background and for the reason that sport there is a stating that goes, "sometimes you need to slow down 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 might 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 begins with non-farm payroll (NFP) on the first Friday and through now price often behaves in a certain way. Throughout the second week of each month, after NFP, currencies will often change course and behave in an entirely different manner. Now think about 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 quite often put logic aside and focus on speed in the end attempt to trade every move we see and every gut feeling that people have. A rookie forex trader, much like the rookie race car driver, often forgets or doesn't appreciate that it is how you manage your vehicle, and your account, in the curves that determines the way you finish the race.
I've written before about one of the ways you are able to decelerate when forex online, I call it taking fourteen days off. Take a break from trading and define why you want to be a trader, what your expectations are, and whether or not those expectations are realistic. Ask may well person if you have reasonable goals and expectations in your forex trading. It is easy to forget that the guy with an interesting accent is trying to market us something and we forget to inquire about ourselves if what we should are listening to forex success is affordable. Forex marketers would like you to believe in going fast since the faster they get you thinking, the faster you will buy.
A different way to decelerate in forex trading would be to evaluate the timeframe you are deciding to trade. Sure, there is a lot more adrenaline and excitement trading a lower time frame, but fast timeframes require fast decision making. Decelerate and trade a greater time period which means you may have more time to judge 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 end goal associated with a forex trading technique is to develop your account. Account growth is the ultimate measure of success, not adrenaline. Take two weeks off and figure out why you need to trade after which decelerate and find out how quickly your trading success will come. Your ability to handle those trading twists and turns will make all the difference.
