How to Be Consistently Profitable in Forex Trading.

[asiaforexmentor 10]

Forex Trading Strategies – How to be consistently profitable in forex trading

 

FOREX TRADING STRATEGIES

 

I always get the same questions from forex traders around the world:

“Ezekiel, I can’t seem to be consistently profitable in forex trading”

then they may follow on by “I know my forex trading strategy works.. but i just can’t get profits month after month..”

These are the questions that i get frequently. And this is my general answer to them.

I will usually ask them back:

“So, are you keeping track of your trades?”

You see, to be consistently profitable. You cannot forgo this important step.

That is TRACKING.

All successful businessman tracks their own and their company’s performance.

This also applies to successful forex traders.

You must have a proper and systematic way to track your trades and your success.

So that you can see if you are on the right track to success or if you are not even on the track..

Forex Trading Strategies – How to be consistently profitable in forex trading

 

Here are some simple ways to track your forex trades:

Firstly, you have to just focus on just 1 forex trading strategy at 1 time.

You cannot trade different forex trading strategies together at 1 time, at 1 account.

If you do that -

My question to you is:

How do you know which forex trading strategy is working for you? And which is not working?

Therefore, start trading 1 strategy at 1 time.

Be specific on the strategy and do not deviate or change random stuffs.

Eg. changing the way you enter, exit trades etc.

It has to be consistent all the way.

So run this strategy trades for 20 trades.

At the end of the test, what is your account status?

Are you profitable, breakeven or negative?

Then ask yourself, did you change anything along the way, among the different trades?

eg. the lot size is different, or you should not have entered a certain trade, but you entered anyway.

If there is a deviation – a change,

then you have to restart the entire test.

By using this method of tracking, you will be able to clearly see whether the forex trading strategy you are using is working for you.

Forex Trading Strategies – How to be consistently profitable in forex trading

 

Besides, i will recommend you to take screen shots of the trades you entered.

This way, you can review all the 20 trades you have entered once the test is completed.

And you can clearly see what are the mistakes you have made on some trades and what are the things you did right on certain forex trades.

This method will prevent you from repeating the same mistakes again.

Ezekiel Chew

[steve46 12]

Yes thanks "Ezekiel"....is that really your name? if so, your family (obviously Asian converted to christianity long years ago and having to deal with the communists policy toward western religion, decided to move you to the west....) is that the short version...I think so..

 

As to the question of how to be consistently profitable in Forex...the first step is to NOT TRADE FOREX.....

 

Everybody with me so far....excellent...then you pick an excchange traded currency and learn that market....choose one of several simple systems (volatility, moving average, oscillators, price action, etc) and learn it top to bottom....

 

Step 2....backtest systems unitl you find one that fits your temperment, account size...and provides the kind of (realistic) performance you require.

 

Step 3....Find a decent broker and put your account together with the appropriate amount of capital. Find decent order execution software and learn to use it (NinjaTrader is one example).

 

Step 4....learn to recognize (and execute) your system's signals with discipline

 

Step 5....learn to manage risk

 

Step 6....start trading

 

Step 7....keep good records

 

Step 8 ....review your results every week, month, quarter and year and make the appropriate adjustments so that your system remains profitable

 

Step 9....send me a check for putting you on the right road so long ago..

 

Step 10...live happily ever after....like in the movies.

 

You're welcome

 

Edit....of course this is oversimplfied and somewhat tongue-in-cheek....it would actually work....if one were into "work", "dedication to reaching a goal", and other very important character issues....for those into successful scenarios....have at it.....one thing is certain...you have much better odds of succeeding using that scenario than you would have trading forex.

Edited March 30, 2012 by steve46

[henryduncan12 10]

Each trader want consistently profit in forex trading including me as well. I hope, your shared tips will help to go on this path. Even most of the experienced traders suggest "NOT TRADE FOREX".

 

Is it real first step?

[Trader1 10]

the hardest thing is to find something that really work,

something that wins more than it looses, something you can depend on,

I think thats the main reason most traders jumping from one system to another,

I know it because I do it my self,

I need to find something that works and I need to see it work,

then I will believe it and then I will never use anything else.

I promise!

[JackWell 10]

No one can constantly win the markets. You have to accept the fact that the losses will come along the way and you have to know how to learn from them. From my point of view, a trader has to have 65% of wining of 1:1.5 RR (Risk-Rewards: ratio between losses and wins). In order to get there, beside a good forex trading strategy, you need to have excellent money management skills, which I believe, is the most important element of successful trading. Good Luck!

[fx_eanderson 10]

Consistency comes with practice and experience. You can't expect to be consistently profiting if you have no trading plan and you're stuck on the strategy you have which doesn't prove to be so efficient.

[Angelnish 10]

Getting profit consistently in forex is not an impossible thing. If we want to try, make effort, learn and make more practice, we can make it true. It's depends on our effort and hard work.

[Jack Francisco 10]

good tips above. but if you want consistent profits- that's i always suggest is just aim small. you dont have to target 50-100 pips in each trade. 10-20 pips is just sufficient. but make sure not to overtrade. its not that hard to get 20 pips and you'll be amaze that you might get a lot more than you expected.

[David Fx 10]

if you want consistent profit then you will need to have consistent system to trade otherwise if you trade with a poor system then you will be able to make tons of losses and no profits

 

:haha:

[JohnyIve 0]

It comes with a lot of practice. Through losses and crying. Through hate and anger.

[Jason Solomon 5]

One way or another you'll have losses at the beginning. But once you learn how to close out emotions and think with a clear mind that's where the game begins. You need to find the most efficient and comfy tools to trade with and your sources that help you make decisions.