![]() ![]() It isn’t that one is better than the other, which is why a Google search for, “best Forex trading strategy” will never offer the answer many are hoping for. There are even some who use a combination of both fundamental and technical analysis. This explains why some Forex traders find success strictly using fundamental analysis, whereas some, myself included, use technical analysis. Traders do this because it takes time and effort to find a way of trading that fits their style. It isn’t because all of those strategies are worthless, as I’m sure there are one or two diamonds in the rough. This is why most Forex traders spend years jumping between trading strategies. And when you try to suppress, or worse, ignore that inner stylistic voice, it only gets louder with time. This creates a disparity between what you are doing and what you ought to be doing to appease your inner voice that calls for something more inline with your individual style – a vital task on the road to success. This is because the signals are not yours, therefore the rules by which those signals are produced are also not yours. Stated less poetically, you have to put in the time and effort in order to find what fits your style.īy using a Forex signal service, you will never achieve the level of consistency that you desire. ![]() The only way you will ever become consistently profitable is by developing trading rules that have been forged in the fires of tribulation. Even if those rules help to stack the odds in your favor, there is always more to it than simply jotting down a few bullets points on a piece of paper. The process of developing a Forex trading strategy is more than just putting some rules together. Your trading style, lifestyle and even personal style. Regardless of the service you end up using, the signals provided will never fit your style. ![]() If you don’t know why you are trading something, it will be extremely difficult to hold on to the position through volatile market conditions – an ability that only confidence can give you. How much effort does it take to follow Forex signals blindly?…Īt the end of the day it all comes back to having confidence in what you are trading. It’s because they know that in order for that student to truly acquire knowledge, they must first put in the effort. This is why the really good mentors in life will always ask that their students present every problem with a proposed solution. In other words, knowledge acquired through great effort will always be superior to that which is acquired through little or no effort at all. But any good mentor knows that the knowledge acquired by any individual is only as strong as the effort it took to acquire that knowledge. Sure, those traders had mentors along the way. Nobody handed it to them on a silver platter and they certainly didn’t put their future in the hands of a stranger. It’s because each of those individuals had to put in the “sweat equity” to get where they are. Think about it this way, how many of the self-made professional Forex traders or fund managers out there rely on someone else’s signals to make consistent gains?Ĭhances are you won’t be able to either, and there’s a good reason for that. And trust me when I tell you that confidence is a huge factor if you intend to become consistently profitable. You have to know why you are trading something in order to have confidence in it. The same principle holds true when it comes to trading the Forex market. Again, it all goes back to having confidence in the topic at hand. This confidence would give you the ability to articulate and expand on the subject matter, something I simply wouldn’t be able to do without having that same level of knowledge and confidence.Īnd when it came time for those tough, thought-provoking questions at the end of the lecture, you would be much better suited to answer them. You would have much more confidence giving a presentation on astronomy than I would. The obvious answer is that your knowledge of the subject matter stretches far beyond mine.īut aside from the knowledge itself, you would have something I could never have without years of studying – confidence. Your presentation would be much better than mine. If you and I both gave a lecture on the subject, it’s safe to say that I wouldn’t stand a chance. Aside from what I learned in my Astronomy 101 course in college, it’s a completely foreign subject to me. You studied it in college and now you teach it to others every day. It’s something you have had a passion for since you were a child. Let’s assume for a minute that you are an expert on all things astronomy. ![]()
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