How To Gain Consistency In Forex Trading?
Hello subscribers and visitors, welcome to my blog and thank you for stopping by and reading this post. Today I want to address the issue of consistency in Forex trading. As usual, I am not about giving signals but rather practical tips on how to make our trading journey successful.
Most failures aren’t as a result of bad trading strategies, but as a result of lacking consistency. Before I start sharing, please remember that no one has ever gained great muscles from exercising just once. Keep that in mind.
Consistency comes by repeating and practicing what you’ve learned. Today I will share 3 steps on how to gain consistency in Forex trading. These are practical steps that have helped me and they continue to help my mentees. Maybe they can help you as well, just try. If you still can’t get it right on your own after reading, do contact me for coaching.
1. Fall in love with the process
In anything that we do, if we do it without love, we are likely to fail or give up. When it comes to Forex trading, most people are only in it for the money. Yes, the goal is to make money but it’s going to be a process. It becomes hard to make money if we are not in love with the process because we easily get discouraged when we are challenged.
If you decide to venture into Forex trading, consistency and success won’t happen overnight. There’s going to be a process and you’ll have to fall in love with it in order to be able to nurture it. So, do fall in love with it and it makes all the difference. I know it does, just try it.
2. Have a trading plan and stick to it
Creating a trading plan is easy, but sticking to it will require you to have some discipline. You must understand that having your own trading plan means you are not bothered by what other traders are doing out there and you are also not feeling like you are missing out on anything if your trading plan suggests that you are not trading on a particular day.
3. Learn one trading strategy and stick to it until you can’t get it wrong
There is power in practicing without ceasing, I always preach this to my mentees. There are a gazillion Forex trading strategies on the Internet but one cannot learn all of them. I’ve had my fair share of trying out every Forex trading strategy that I would find on the net and I know how overwhelming and confusing that can be. I can assure you that it was a very costly exercise.
There’s so much “noise” and when you rely on the information that you are trying to grab there and there from the internet, you become so confused and end up not knowing what to do. One site tells you how bad the other strategies are and the other site swears by the same strategies which may not even be suitable for your lifestyle and personality, it’s a lot. It also becomes too much when you don’t know what you don’t know.
If you feel exhausted already by all the information that you find online, do yourself a favour and find a mentor/coach who will help you to eliminate all the noise and teach you that one strategy that you can practice without ceasing until you can’t get it wrong. Also note that I have been trading the same way since 2012 after running around from 2009 trying to find what works for me.
Thank you for stopping by. If you find value in this post, kindly share with your peers and help more traders to gain consistency. Also subscribe for future publications by clicking “subscribe” on the sidebar, wait for a confirmation email (it could be on spam) and confirm your subscription. Thank you, happy trading.