Since the currency exchange has existed, many people have considered putting into practice a successful Forex strategy.
In a volatile and fickle market, it is difficult to develop tactics to increase profits, and especially to last over time.
It’s difficult but not impossible. The first thing to do, to achieve a strategy with successful results, is the number one rule in Forex which consists of creating your own trading system. Disciplined and practical traders develop their own systems that allow them to consistently generate money.
To be successful and to be able to develop your plan, it is necessary to follow these series of previous steps:
- Identify the type of fluctuation, ranges or market trends.
- On the other hand, it is necessary to establish the period of time that the operation will take. In case it is long-term, it will be necessary to make use of time frames that adapt to that temporality.
- The entry and exit points of the position should be marked as perfectly as possible.
- Finally, the parameters that evaluate the risk/reward ratio should be established.
Development of the work plan
The ideal is to focus on the work plan and develop it responsibly, as simple as it may seem. It is said that to achieve the success you need 5% intelligence that allows you to know the best plan to choose, and another 95% will be the discipline that is needed to really test it and carry it out to the end.
You need to be clear about some points, such as what you are specifically looking for. Also, what am I doing that brings me closer to it. It is important to be clear about what my objective is, what I want to get out of it, what I want to do and what not. (More Info: Discovering your personality as a trader)
Finally, you have to deduce what I need to achieve all the objectives that I was setting.
Discipline as a basis
Discipline is essential to achieving any goal. Nobody was born with the discipline incorporated, we have been developing it throughout our lives, because of experiences and learning.
Although discipline is one of the most difficult skills for us to develop, it is never too late to achieve it.
Discipline encourages concentration and training that leads to success.
Discipline can be developed with simple exercises. For example, you can set a goal to go for a run every day. At first, it will be extremely difficult, however, slowly, it becomes part of the daily routine. It will become more and more normal until the time will come when, if you do not go out for a run, you feel that something is missing, there is a discomfort and the body itself asks for the habit of going out to run as every day to take place.
Discipline becomes a habit and routine, which is harder to change. Then it leads to the concentrated and persevering dedication, with the subsequent achievement of the objectives that were raised. Once the path has been established, discipline reaches the goal.
Probably wanna read:
- 10 Beginner Trader Mistakes
- What should your Forex Trading Plan have?
- 10 Things you should know about Forex
