Being successful in any field often requires working against our normal human nature. Why expect that it would be any different in Forex trading or in mastering a winning Forex trading strategy?
We are taught that to be successful we need to TAKE ACTION NOW! But usually, in successful trading, that action would be to NOT ENTER A TRADE! Why would we enter a trade and take action unless we knew the market had formed some type of a turning point and that it would then begin moving into a new price range and not return for some time?
While our minds may have been conditioned all of our lives to take action and to expect immediate gratification seeing our accounts increasing every minute, a few people will eventually discover that if you want your account to increase in Forex trading you will need to make sure you only enter trades at key points when you have identified that the market is making a turning point. And to do that you would first need to learn how to identify when the market is making a turning point. Otherwise, you will be wasting a lot of time entering trades that don’t work out.
So what exactly should you do right now? Immediately, as quickly as possible, wait until there is a trade. And while you are at it, you can breathe and relax or maybe go outside, do some yoga or qigong.
If you are a scalper or like using the most profitable scalping strategies this video has some excellent suggestions to help you get better results with that. Mainly, stop doing that! Whoever told you to do that probably had some agenda for telling you to do that and the agenda was not for you to get the best results possible.
Whether you use fundamental analysis and economic news, or you use technical analysis, price action, Elliot wave theory, or even chaos theory. In the U.K. you may be looking for speed betting strategies during the London session or the Asian session. No signals and no indicators in this method!