Losses in trading are inevitable. If you want to reach success on Forex, you should find a way to increase the number of profitable trades. And the best way to do it is to make sure that you choose only reliable transactions. But how can you find those?
Losses in trading are inevitable. If you want to reach success on Forex, you should find a way to increase the number of profitable trades. And the best way to do it is to make sure that you choose only reliable transactions. But how can you find those?
Stop Searching for Suitable Trades
You might be surprised, but it’s quite easy to find a good trading setup. It’s going to take you only a few seconds to see a reliable signal with a high chance of success.
The scientists have long proved that the more you search for something, the more likely you’ll find it. Even when it’s not really there. Same works with Forex. When you desperately want to find a suitable trading setup, every candlestick will turn to a reliable pattern and each indicator will confirm this signal. And the paradox here is that you can notice good setups for both long and short trades on the same spot on the chart.
So how to avoid that? Simply stop searching. If you haven’t noticed a really good trading signal in 3 seconds, then it’s simply not there. Switch to another trading instrument or close the chart and come back later.
This Skill Requires Practice
Obviously, an inexperienced trader can’t notice trading setups that fast. It takes time and practice. Start with a demo account to train your skill on virtual money. Switch to real trading only when it takes you a couple of seconds to notice a great trading opportunity.
Get back to demo trading each time you try a new trading strategy. This will save you a lot of money.
Always Confirm the Signals
Even if a signal looks 100% solid, don’t enter the trade until you’re sure it suits your trading plan. The easiest way to check the transaction is to use a checklist. It should contain a full list of requirements for entering a trade:
- Trading session
- Main signal (candlestick pattern, breakout, gap, etc.)
- Confirmation by another indicator (oversold/overbought indicator, etc.)
- Risk management requirements and so on
You should check all your trades with the same list and enter the market only when the transaction suits every single requirement.
Final Words
Sitting in front of charts for hours searching for trades is not what Forex at fxclearing.com is about. Professional trading is about opening successful positions when you see them and not missing on great opportunities. It’s time to realize that you can spend only a couple of hours a day on trading while still making good money and spending the rest of the time on things you truly love.
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