Ok I just feel the need to post this up here for some of the new folks who are entering the realm of trading for the first time or for those of you who have not yet found your way in this business.
Forex Factory has created an opportunity for experienced and new traders to come and share information in a collaborative manner in order to enhance ones abilities. This has created the double edge sword effect. While there are some great systems on this site it gives the new trader too many choices to choose from. This can be dangerous for the trader who has not yet found the discipline necessary in order to trade a system to become a profitable trader.
Choose one system and one setup and stick with it. Learn it and love it understand its nuances and intricacies. And when you have done this you will have found a trading system that produces consistent results over and over and you will have the confidence you need to trade that system even after experiencing multiple losses in a row because you know in the end that the system works and it’s profitable.
Stop system hopping and stick with one system! Now I would like to provide a few examples as to why you need to stick with one system. I am going to post a chart that will give me a reason for getting in based on different rules which could be construed as a trading system.
I am not trying to put anyone or any system down I am just trying to point out that multiple different trading systems will give you signals but if you jump to a new system the moment you have a losing trade you never really learn a system and never really give it a chance. Find one that meets your needs and make some minor modifications to meet your personality. Maybe you found an alternate way to enter or maybe you like your stops to be closer or maybe you decide to set take profit levels as opposed to trailing your stop as the trade develops.
Make a system your own but start with just one.
All the best and Happy Holidays,
Vick
Forex Factory has created an opportunity for experienced and new traders to come and share information in a collaborative manner in order to enhance ones abilities. This has created the double edge sword effect. While there are some great systems on this site it gives the new trader too many choices to choose from. This can be dangerous for the trader who has not yet found the discipline necessary in order to trade a system to become a profitable trader.
Choose one system and one setup and stick with it. Learn it and love it understand its nuances and intricacies. And when you have done this you will have found a trading system that produces consistent results over and over and you will have the confidence you need to trade that system even after experiencing multiple losses in a row because you know in the end that the system works and it’s profitable.
Stop system hopping and stick with one system! Now I would like to provide a few examples as to why you need to stick with one system. I am going to post a chart that will give me a reason for getting in based on different rules which could be construed as a trading system.
I am not trying to put anyone or any system down I am just trying to point out that multiple different trading systems will give you signals but if you jump to a new system the moment you have a losing trade you never really learn a system and never really give it a chance. Find one that meets your needs and make some minor modifications to meet your personality. Maybe you found an alternate way to enter or maybe you like your stops to be closer or maybe you decide to set take profit levels as opposed to trailing your stop as the trade develops.
Make a system your own but start with just one.
All the best and Happy Holidays,
Vick
Nothing is impossible, with a willing mind!