Forex Trading – Why Consistency is Important in Forex Trading

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Forex Trading – Why Consistency is Important in Forex Trading

The forex market is not an easy place and most traders lose money. The most important reason for this is attitude. Most losers enter trades with extremely low probability of success and/or unacceptably high risk because they expect to make a ton of money overnight and get rich quick. They lack the patience or discipline to take a long-term view of trading and accept the fact that they will often lose money over long periods of time. They also don’t realize that there is no point in taking a lot of risky trades instead of a few profitable trades.

Greed and fear are the dominant emotions in a losing strategy. Greed comes into play when your expectations are unrealistic and you’re constantly going for the big day. Fear comes into the equation when you let the thought of losing money dominate an otherwise sane trading strategy. Profitability involves a constant trade-off between risk and reward so that you win more than you lose. That’s why it’s easier to make a small profit than a big kill in the long run.

To maximize your profitable opportunities, you must have strategies for both short term or day trading and long term trading. One technique in short-term trading is called scalping, where you take small profits in the 5 to 15 pip range. Keep repeating the trade as it completes and as appropriate. With a suitable stop loss to protect you, this strategy will continuously accumulate steady profits, but requires patience and discipline on your part.

And the best way to implement a scalping strategy is to get your services with a sophisticated software trading package, also known as a forex robot. Earlier forex robots suffered from a lack of overly rigid programming, making them inflexible and unable to quickly adapt to changing market conditions. Equipped with advanced programming such as artificial intelligence and innovative trading algorithms, the latest generation has a better track record on short-term forecasting of market price movements. These robots not only read and analyze the situation but also trade on autopilot, entering and exiting trades automatically when they get the right signals.

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