There is an ancient Asian saying that says “Good things take time” and enormously profitable investments do too. As a foreign currency exchange trader I have learned that the more patient you are the more revenue you create from your trades.
Forex strategy trading is all about making savvy judgements at the right time. In this article I would like you go over how you can acquire the necessary amount of patience for prosperous foreign currency trading.
It is not about amount but the quality of your trades: It is stunning how a multitude of individuals out there believe that by taking more trading positions they will earn more capital. I have actually found the exact opposite to be true. A lot of folks will differ in opinion with me on this but that’s ok.
I sincerely believe that the more trades you take the more times you expose your account to risk and the more room you have to commit slips. In average I take about only 5-10 trades each month and I put attention on higher time frames.
For what reason? Because the big money is in the higher time frames. All the hedge fund managers, money managers, and institutional traders are paying attention at them. Because of this more money can be made in a daily or 4 hour chart than a 5 minute one.
I think it is very interesting how many of my confidant traders who trade lower time frames make less profits or the same revenue I make but with about 5 times more work from their part. Profitable foreign currency exchange trading can only be attained through working smarter not harder.
Concentrate on the process not on the profits: I have always thought that if you focus on how much profit you are going to make you will not focus on trading successfully and making smart choices.
The other day I was reading one of my favorite books named “Market Wizards” by Jack Schwager. One of the traders he interviewed for the writing of his book remarked something that had a extremely strong impact on the way I see currency trading.
The name of this trader is Paul Tudor Jones. He is a legendary futures trader and he once said “everything gets destroyed a hundred times faster than it is built up. It takes one day to tear down something that might have taken 10 years to build”
This is completely true for foreign exchange trading. If you don’t comprehend what you are doing and your risk management is off you could blow up your trading funds (that maybe took you years to save) in a matter of hours. This is why every single trader has to focus on the process instead of focusing on the profits. Remember that playing a effective defense will be more productive than playing a robust offense.
A profitable trading strategy plus patience and self-discipline is all you need to be successful: Most foreign exchange traders have a difficult time focusing on one strategy and due to that, they lose more money than they generate.
Many of my friends and trading partners come to visit me to my office for the reason that they would like to see how I trade and most of them are completely puzzled after a couple of days. They look forward to to see me trading all day long, working hard at it, and always looking at my charts.
Instead of that they are staggered when they understand that I only place about 1-3 trades per week and monitor them as the days go by. Then the rest of my week, I am working out, going out to places, spending time with my family, or taking a vacation.
The reason why I am able to do this is because I have focused all of my energy on becoming more efficient and trading smarter, not harder.
You can do this too by concentrating on higher time frames, taking fewer trades, and focusing on the process instead of the profits. Stay tuned as we will publishing more Forex strategy trading tactics very soon.
To your trading success,
Pro currency exchange Trader & mentor
Jay Molina is an advanced Forex trader that helps other investors around the world to learn about the Forex market and its rewards and risks.
For more <a href="www.myfxinvestment.com">forex strategy trading</a> tips, visit the link: www.myfxinvestment.com