William Gallacher in his book winner take all says, “that a trader must learn to live with the unexpected, and learn to make difficult decisions under conditions of great uncertainty, and possibly, if he’s not careful, under conditions of great pressure.”
Perhaps for you, the lure of trading the FOREX Market is the bottomless pit you feel you’re about to step into, or the presentation of the uncertainty that the FX Market brings with each bit of news, each rapid change of direction, each spike and reversal;
If you look to your FOREX weekly then daily charts, you’ll see a steady flow as the market rises and falls like a breathing giant.
Look closer at this sometimes forbidding FOREX Marketplace and you see crazy moves, sometimes unimaginable jumps in price called gaps, and extensive chaos surrounding almost every peak and valley in your chart, you’ll end up wondering how can I learn to benefit from these crazy moves?
You will find that as you go deeper into the FX bottomless pit (that is smaller time frames), the chaos grows and volatility can sometimes rule the roost.
Managing this uncertainty is in part gained through the experience you get by sitting in front of your charts, watching the sometimes manic and crazy FX Market and trading this lumbering giant on a demo account. Many people find it useful to engage a FOREX Mentor or Personal FX coach to help learn to profit from the FX Market. While these outside options cost a bit, in reality it can save you years of learning and thousands of dollars learning to profit from your FX business.
In 2009 I met Chris A from northern Virginia at a Traders Meet-up in Rockville, MD. At the time, Chris had invested $20 thousand dollars in his FX trading account.
As traders, we can’t always be right, so in order to keep that uncertainty in control, we employ a few rules to our trading plan. Having the right rules for the right market conditions is the key and Chris had a difficult time staying on the winning side of the trade.
He chose to engage us as a FOREX Trading Mentor and his FX Coach, immediately, we employed several objectives including a written trading plan, optimization of his technical indicators, instructions for future optimization of his FX Technical Indicators, review of several alternative FX Technical indicators and review of a couple of different trading plans that have worked for other people. With this information, we helped him developed his own Trading Plan that worked well for him.
For instance, he elected to use a special stop process, optimize his FX technical indicators for a shorter time frame, and take trades on moves where the risk of reward, that’s the jingle in your pocket, is greater than the risk of loss, which is the jingle in someone else’s based on this optimization; and found a process for FX Trading Success which continues to this day as he trades during a time frame he enjoys while leaving time for family and fun. In a recent conversation with him, he indicated that when his “…air conditioner went on the blink, he went up to his trading room and in less than 3 hours he had made enough money to cover the replacement without impacting his monthly earnings…”
That’s the kind of success we at Blue Heron Wealth Management, Inc. love to see; success is possible.
So if you want to develop a winning strategy and learn to control the uncertainty in your trades, develop a trading plan that conforms to your risk tolerance and the markets you like to trade. Haven’t written your FOREX Trading Plan? Get with it and experience increased FOREX trading success.
CONTACT US FOR A FREE CONSULTATION; LET US SHOW YOU HOW HAVING A FOREX TRADING COACH IS NOT AN EXPENSE BUT AN INVESTMENT IN YOUR FUTURE SUCCESS.
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