Wednesday, October 18, 2017

Curreny Trading: Finding Your Forex Trading Style

August 22, 2010 by  
Filed under Forex Planning, Forex Strategy

Let’s say you have a tested and proven money making Forex strategy and give it to a group of Forex traders. You will found out that every trader in group will have produce different results.

What could go wrong? A tested and proven money making method, trader or simply Heaven’s will?

Trust me, if Heaven truly hates you, you should be in some third world country, struggling to find food to eat.

If it is the system, why do those traders ,that willing to share their system for free or for a price turns out to be a useless, has to gain? Yes, they earn money, but they lose their reputation. And yes, I rather lose SOME money, then lose reputation.

What about the traders that uses those system? That should be the only possibility. Human is the only inconsistent variable in these 3 element I mention. Hmm… ok… let’s leave Heaven out of this equation…

If this Forex system or strategy works for 1 person but not for another. What could be the real reason?

Chances are the Forex system does not work for you based on a few reasons:

  1. Time Frame
  2. Trading Style
  3. Fine Tune your Trading Method
  4. Experience

Time Frame

Consider this: How much time are you willing to spend to do Forex Trading?

If you are an pretty Air Stewardess (please email your number to me 😀 ) and you need to fly ¾ of your month. Maybe you need a strategy that allows you trade long term.

If you can afford to open computer everyday, or access to a forex trading platform easily. Maybe you can consider a intra-day trading strategy.

If you using a strategy that you can’t afford the time and attention, chances are you will give up. Even if you are using a demo account. So consider your daily routine then plan your life and forex strategy to suit your time.

Trading Style

As you have know, there are 2 way to trade currency. Technical analysis and Fundamental analysis.

You do know that there 2 group of people, saying which school of analysis is the best.

Last but not least, you do know that to be a better Forex Trader, you need to know BOTH analysis.

However… why do these 2 group of school are claiming to be the betterment of the other?

There is a saying in martial arts “There are no superior martial arts, only superior martial artists.”

So those whom has been trading and profiting well from one analysis, will share his or her experience how he or she makes her fortune. Both aren’t wrong, in fact they are sharing. Just that their preference of their trading style is simply only 1 sided.

What about you? Simply said you should experiment all kinds of method to trade. Using the demo account of course. I tried a few methods, and when I found a method that totally suits me and my time frame.

I do have to warn you in this path, because there are tons of indicators, strategies, systems, and even Forex Robots! In the midst of trying them out, you might have to buy some of them to test them. You might be disappointed in some of them. Some might even be HARD work. And like in a quest of the Holy Grail, you may give up in the middle of the adventure.

There is another saying, “Winners never quit.” So don’t quit on yourself and your future! Persist! This does not apply to smoking ok? ; )

Fine Tune Your Trading Method

Market always change. And we profit from the change. Seriously guys, if market does not change, we can never profit at all… That is why I keep calling ourselves Forex TRADERS. Not Forex SAVERS.

I have yet to tweak my strategy. However, I keep myself informed, read the news, know the current affairs and watch the charts as often as I can. If the market conditions change, I do have a extremely high chance of knowing it. When that happens, I will tweak my strategy according to the market conditions.

Experience

There is nothing in this world can replace experience. The only way to gain experience is by trading and learn long enough. With experience, you can easily piece bits of information and logically conclusions out of the them. This is what military call Intelligence.

Another way to gain experience is learning from an experienced Forex trader. His or her past mistakes and findings will be share to over a cup of coffee or email. The fastest way to learn from an experienced Forex Trader is actually paying for a Forex Trainer. Now both side everything to gain, and the Trainer will never hold back anything from his students as he will gain good reputation in training successful and profitable Forex Traders.

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