Dear traders,
My name is KeySlot and I have been trading in the forex markets for over five years now and have gone threw a lot to get to the point I am at now. I have gone threw pretty much all of the common beginner mistakes from risking too much on a single trade, wanting to become a millionaire in one trade, or becoming too cocky and thinking that I am unstoppable have all been some of my downfalls in my journey and probably something that many of you are way too familiar with. Today I am going to be going over one of these major problems and will be going over more in the near future. I hope you get something out of me sharing my experience and problems I have gone through.
Jumping from strategy to strategy:
When starting off in the trading game everyone will go to Youtube and look up "best forex strategy" click on that video and try to copy their strategy. While sometimes you might get lucky and find a really good system there are a lot of systems that will work for one person but may not work for another. This does not mean that it is a bad strategy but it just might not be your style of trading, this is why I say everyone is different. Some people will be willing to risk a lot more money than some other people will want to do, some people will want to spend more time in a trade than others, and some people will want to trade other pairs than one another.
This is why I fell in love with trading, every single person can see a pair a different way and approach that market a certain way, every one can be different for once. When I first started trading I also did the same thing, I went to Youtube and searched for a strategy and probably went through two or three different ways of approaching the market a week. After a few weeks of switching back and forth between strategies I realized that all of these indicators are not really doing anything for me, I thought that when they told me to buy price HAD to go up no matter what. But I quickly realized that this is not the case, indicators are lagging and cannot tell the price of the future or we would all be filthy rich. When I understood this concept that indicators could be actually hurting me more than helping me I ditched them completely, this is when I started to study the concept of Price Action.
When I switched to price action the market just seemed so much clearer to me and a light bulb seemed to click suddenly in my head. But then I doubted my self again, I took a few trades using solely price action and they were all losing trades, guess what I did? I went right back to using the indicators that eventually lead to another losing streak. No matter what I had done I was always taking losing trades, it seemed like the market was out to get me and only me.
After around a year and a half of trading I had finally gone back to price action and told myself this is something that I need to master. I wanted to learn how to read the market like a book and was ready to do anything to do so. It was only until I devoted all my time into learning this one continuation strategy using price action where I started to become a break even and eventually a profitable trader. I started to see the same setup over and over again but I learned what made my setup one I would take versus one I would not.
This is where it became very useful taking a deep dive into one singular strategy, overtime I saw my setup time and time again but I began to notice that sometimes when my setup had formed there would be small details that would stick out to me after seeing it so many times. After doing a good amount of trades I was really able to pick out the really big winners and started to cut out the losers. I noticed that some pair just seemed to not work on certain pairs and this is when I started to narrow down my list.
Becoming an expert in one list of pairs and one strategy allowed for me to become a more profitable trader by mastering a single strategy and being able to pick out a good trade with a higher probability and allowed for me to avoid getting into any losing trades as well. While it might sound stupid or too good to be true, focus on one strategy and a set list of pairs and only those things for one month and tell me if your results have improved. Another very important thing when starting out is keeping a trade journal, I will go more in detail on a journal in the upcoming week.
I hope all of you have an amazing trading week.
Thanks again,
Keyslot
My name is KeySlot and I have been trading in the forex markets for over five years now and have gone threw a lot to get to the point I am at now. I have gone threw pretty much all of the common beginner mistakes from risking too much on a single trade, wanting to become a millionaire in one trade, or becoming too cocky and thinking that I am unstoppable have all been some of my downfalls in my journey and probably something that many of you are way too familiar with. Today I am going to be going over one of these major problems and will be going over more in the near future. I hope you get something out of me sharing my experience and problems I have gone through.
Jumping from strategy to strategy:
When starting off in the trading game everyone will go to Youtube and look up "best forex strategy" click on that video and try to copy their strategy. While sometimes you might get lucky and find a really good system there are a lot of systems that will work for one person but may not work for another. This does not mean that it is a bad strategy but it just might not be your style of trading, this is why I say everyone is different. Some people will be willing to risk a lot more money than some other people will want to do, some people will want to spend more time in a trade than others, and some people will want to trade other pairs than one another.
This is why I fell in love with trading, every single person can see a pair a different way and approach that market a certain way, every one can be different for once. When I first started trading I also did the same thing, I went to Youtube and searched for a strategy and probably went through two or three different ways of approaching the market a week. After a few weeks of switching back and forth between strategies I realized that all of these indicators are not really doing anything for me, I thought that when they told me to buy price HAD to go up no matter what. But I quickly realized that this is not the case, indicators are lagging and cannot tell the price of the future or we would all be filthy rich. When I understood this concept that indicators could be actually hurting me more than helping me I ditched them completely, this is when I started to study the concept of Price Action.
When I switched to price action the market just seemed so much clearer to me and a light bulb seemed to click suddenly in my head. But then I doubted my self again, I took a few trades using solely price action and they were all losing trades, guess what I did? I went right back to using the indicators that eventually lead to another losing streak. No matter what I had done I was always taking losing trades, it seemed like the market was out to get me and only me.
After around a year and a half of trading I had finally gone back to price action and told myself this is something that I need to master. I wanted to learn how to read the market like a book and was ready to do anything to do so. It was only until I devoted all my time into learning this one continuation strategy using price action where I started to become a break even and eventually a profitable trader. I started to see the same setup over and over again but I learned what made my setup one I would take versus one I would not.
This is where it became very useful taking a deep dive into one singular strategy, overtime I saw my setup time and time again but I began to notice that sometimes when my setup had formed there would be small details that would stick out to me after seeing it so many times. After doing a good amount of trades I was really able to pick out the really big winners and started to cut out the losers. I noticed that some pair just seemed to not work on certain pairs and this is when I started to narrow down my list.
Becoming an expert in one list of pairs and one strategy allowed for me to become a more profitable trader by mastering a single strategy and being able to pick out a good trade with a higher probability and allowed for me to avoid getting into any losing trades as well. While it might sound stupid or too good to be true, focus on one strategy and a set list of pairs and only those things for one month and tell me if your results have improved. Another very important thing when starting out is keeping a trade journal, I will go more in detail on a journal in the upcoming week.
I hope all of you have an amazing trading week.
Thanks again,
Keyslot
