5 Forex Tips From Rich
October 14, 2020
1- Stop searching for signals, fund management gurus and robots unless you want to lose more money.
You chose forex to be your own boss, why do you insist on being a follower?
If 90% of traders lose money, then to be profitable, you should stay away from the crowd and trade differently.
The only way to make money, in forex or trading in general, is to trade by yourself and to be in full control of your account by following a well-defined trading plan that you implement objectively like a robot.
2- As I always say, you don’t have to trade every week, you don’t have to catch every trade. 2-3 trades per week are enough for a healthy consistent account growth.
We are snipers, we wait patiently for the perfect shot, and let the shotgun traders die in the front.
3- Call us Risk managers, not traders. As the only thing we have control on is risk.
While trading is nothing but a game of probabilities; all you need to do, is to find a well-defined strategy that gives you an edge over the market.
Keep in mind that your strategy has to be objective, and can be based on pure price action and/or include indicators.
4- Do not doubt your strategy or your entry just because your fellow traders offline/online disagree with your position direction.
Remember: The odds of being right aren’t with the crowd.
I want you to be fully confident in yourself and your trading plan. I want you to look at the mirror, and say “I am the best trader I know”
5- Stop searching, for new methodologies. If your strategy is giving you profit. Then focus on it and repeat. You have got a money machine.
Just like when you get married. You chose to spend the rest of your life with your partner, knowing that you may find someone better, smarter, more beautiful… but you are done searching. (Unless you want to cheat on your partner)