asiaforexmentor Posted March 28, 2012 Share Posted March 28, 2012 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 Asia #1 Forex Mentor Quote Link to comment Share on other sites More sharing options...
flybiz08 Posted March 28, 2012 Share Posted March 28, 2012 That will be one difficult thing to do but it is very possible. To be consistent in forex trading, a trader needs to come up with a consistent and profitable trading strategy that has been tested and found reliable in forex trading. Of course, good timing before entering a trade will be needed. Quote Link to comment Share on other sites More sharing options...
somupriti Posted February 25, 2014 Share Posted February 25, 2014 I am a newbie, so what should be my first step to start my profitable trading process. The process given above is little universal. So let me take it little particular. Let us start with Instaforex. I opened on account there and pure $10 in to my account. Now what should be my next step. I have read many posts about best hour trading, best signal trading, best candle trading, longed trading, stage trading bla bla bla. I am from India, I want to know which is the best time for me to start trade at Instaforex and how to select a good pair for profitable trading?? Quote Link to comment Share on other sites More sharing options...
Stekin Posted March 3, 2014 Share Posted March 3, 2014 @Somupriti, if you want to make profit in here in the forex market, you should be able to learn how to practice very well using the demo account. When you are learning with the demo account, you will be able to know the best style of trading that you will be using. It is better if you are the person that is teaching yourself instead of you to learn from the other people's technique. Quote Link to comment Share on other sites More sharing options...
Michael Butcher Posted June 16, 2021 Share Posted June 16, 2021 I think that before entering the market, you need to study all the information about the market, trading, brokers. It was hard for me as newbie to choose the right broker. I searched a lot of sites in order to find something good. I also spent a lot of time looking for a broker and accidentally found this site Finarm, which has a whole bunch of different companies listed. It's pretty convenient and can give you some insights. Quote Link to comment Share on other sites More sharing options...
gds221 Posted June 16, 2021 Share Posted June 16, 2021 It should be understood right away, in order to make a profit in trading, you need to have experience. Without this, it is quite difficult to get positive results of work. Quote Link to comment Share on other sites More sharing options...
Gidencenti Posted July 5, 2021 Share Posted July 5, 2021 only with experience everything comes, the most important thing is to work with the right broker Quote Link to comment Share on other sites More sharing options...
Erienner Posted July 8, 2021 Share Posted July 8, 2021 as for me, most people either simply drain their deposit, or invest in scammers and then still lose their money Quote Link to comment Share on other sites More sharing options...
gds221 Posted July 10, 2021 Share Posted July 10, 2021 I can only say that you need to work hard on yourself. Just to take and immediately earn all the time is simply impossible. Quote Link to comment Share on other sites More sharing options...
Vaabum Posted July 11, 2021 Share Posted July 11, 2021 Training and once again training. The more knowledge and practice the trader has, the more chances of success. Quote Link to comment Share on other sites More sharing options...
Lechosław Król Posted July 12, 2021 Share Posted July 12, 2021 If I want to gain consistent profit, I have to take the help of discipline and plan. If a trader tries to trade without a plan and discipline, he will not be able to make a consistent profit. When I was a new trader, I lost a lot due to a lack of plan and knowledge. Quote Link to comment Share on other sites More sharing options...
gds221 Posted July 12, 2021 Share Posted July 12, 2021 I believe that the trader needs to work regularly on himself and his knowledge. In this case, the chances of success are noticeably greater. Quote Link to comment Share on other sites More sharing options...
Vaabum Posted July 12, 2021 Share Posted July 12, 2021 There is no definite instruction on how to be profitable in trading. This is the imagination field of the trader himself. Quote Link to comment Share on other sites More sharing options...
Hanettak Posted July 13, 2021 Share Posted July 13, 2021 Indeed, everyone strives to ensure that profits are constant and growing, this is where analytical reviews of the Amarkets broker are not very helpful. Quote Link to comment Share on other sites More sharing options...
Dora Wi Posted July 13, 2021 Share Posted July 13, 2021 Tracking your trading process and results is a really good idea. Recognizing possible mistakes or suboptimal moves and improving them or learning from them can be a very beneficial method. Quote Link to comment Share on other sites More sharing options...
gds221 Posted July 13, 2021 Share Posted July 13, 2021 You just need to regularly spend time learning and testing new strategies. As for me, this is a really important aspect to work with. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted July 13, 2021 Share Posted July 13, 2021 5 hours ago, gds221 said: You just need to regularly spend time learning and testing new strategies. As for me, this is a really important aspect to work with. If we want to get income from our trading then we will need to use Newer Trading systems. Quote Link to comment Share on other sites More sharing options...
gds221 Posted July 15, 2021 Share Posted July 15, 2021 The best option to make a profit on a regular basis is to have good work experience and a good work strategy. Quote Link to comment Share on other sites More sharing options...
Gidencenti Posted July 29, 2021 Share Posted July 29, 2021 the main thing is to study and practice more, this way you can improve your performance, and you also need to work with the right broker who will not bother you, for me Amarkets has long become such an option, excellent conditions and sensible supports will always help with any issue Quote Link to comment Share on other sites More sharing options...
bigxy Posted July 29, 2021 Share Posted July 29, 2021 The basics to remain successful and consistent on long term basis is to manage the risks, emotions etc. It is better to use the stop loss facility every time because you never knows when the odds turn against you so beware of that. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted August 1, 2021 Share Posted August 1, 2021 On 7/29/2021 at 10:06 PM, bigxy said: The basics to remain successful and consistent on long term basis is to manage the risks, emotions etc. It is better to use the stop loss facility every time because you never knows when the odds turn against you so beware of that. If we are looking to get Consistent income from the business we will need to make use of a Reliable Trading System. Quote Link to comment Share on other sites More sharing options...
Lechosław Król Posted August 4, 2021 Share Posted August 4, 2021 Plans are needed to make a consistent profit in the Forex market. If you can maintain the journal and trade with the right strategy, you can easily make a profit. I never trade without a plan. And I always try to learn from mistakes. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted August 12, 2021 Share Posted August 12, 2021 On 8/4/2021 at 5:40 AM, Lechosław Król said: Plans are needed to make a consistent profit in the Forex market. If you can maintain the journal and trade with the right strategy, you can easily make a profit. I never trade without a plan. And I always try to learn from mistakes. We will need to make use of a Trading Plan that is not only Easy but also Reliable Plan for us. Quote Link to comment Share on other sites More sharing options...
bigxy Posted August 17, 2021 Share Posted August 17, 2021 Plan includes strategy along with the targets highlighted with the realistic goals in my opinion. This plan should be refined by reviewing it periodically. Quote Link to comment Share on other sites More sharing options...
FXOpen Trader Posted August 30, 2021 Share Posted August 30, 2021 On 8/17/2021 at 11:55 PM, bigxy said: Plan includes strategy along with the targets highlighted with the realistic goals in my opinion. This plan should be refined by reviewing it periodically. We will need to start using a trading strategy that is easy to understand and use in doing our trades. Quote Link to comment Share on other sites More sharing options...
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