November 26, 2007
Profitable Forex Trading Should Be Tedious And Repetitive
It can be argued that profitable forex trading is tedious and repetitive. Why? Well look at many of the most successful traders and you will find that they have one thing in common - they all have a proven profitable method of trading that they use over and over again day in day out.
Many people try and overcomplicate their trading strategies. They use many different technical indicators, they have many different ways of trading, and in general their whole approach to trading is just too disorganized.
To be successful you just need to find one trading method that produces regular profits and stick to this method for every single trade you make.
It doesn't have to be a super system that produces 50-100 points a day either. You can make excellent profits with a system that produces 5-10 points a day or even just 20 points a week, for example, depending on your stake.
Many people new to forex look for the holy grail forex system that's going to make them a millionaire, but it simply doesn't exist. The truth is that there are plenty of trading systems out there that produce regular profits. The trick is to find one and stick with it.
It could be a breakout strategy, a trend following strategy or a very quick scalping strategy, it doesn't matter. As long as it's proven to be profitable and it works for you, stay with it and continue to trade using this method all the time.
Yes it's boring and tedious but if you want to be a profitable forex trader then this is what's called for. It surely has to be better doing this than using a more haphazard and unpredictable method of trading.
Once you lose the mindset that you always have to be in the market and therefore are constantly looking for positions to enter, then you will become a more profitable trader. The key to success is to find a system that works for you and then just sit back and wait for potentially profitable set-ups to occur which meet your trading criteria.
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