The Perfect Forex Trading Strategy
Before you get too excited, know that there is no such thing as “The Perfect Forex Trading Strategy.” So if you’re still reading, I’m assuming you already know that.
There IS, however, the Perfect Forex Trading Strategy for YOU!
That’s the difference. The pursuit of a strategy that makes a million dollars every hour just doesn’t exist! At least not to my knowledge anyway.
You’re welcome to try and find it, but I think you would be better off trying to find a strategy that makes a lot of money for you, which is relative, and still suits your schedule, lifestyle, and personality.
Where to start?
There’s an article on this exact website that explains the different trader personalities. Know what you want out of Forex trading.
How much time can you give to learning about Forex trading and actually trading the markets once you have learned how to trade Forex profitability.
There’s no point in having that “Million Dollar Strategy” if you never have the time to check the markets and execute the trades. It becomes entirely useless for you if it doesn’t suit your schedule. This doesn’t strictly have to be your work schedule.
Factors to think about could be as simple as where you live! Many traders out in the US feel like they would be even more profitable if they traded Forex in the UK.
Why? Market volatility in the Forex markets picks up while most Americans are still asleep. Suppose you keep failing to execute trades because you’re always asleep when your entry signals present themselves.
In that case, you probably have to think about trading different currency pairs that are more volatile when you’re awake. You’re going to have to back-test and do your own research on which Forex pairs are active when you’re awake.
Yes! Always. Building the “Perfect Forex Trading Strategy” is like building a house. One step at a time. One level at a time. For this, you always have to be journaling or, at the very least, taking notes.
Note how specific changes to this master plan are working and affecting your performance. Trading performance as well your PHYSICAL and MENTAL performance!
Often when we’re chasing profits, we can find ourselves becoming profitable, but in a way that we can’t even sustain over the long run.
If you have a Job, Kids, and a LIFE, then even if you find profitability trading a 1-minute strategy that prints 50 entry signals a day! You won’t be able to keep that up very long. Surely by this point, it’s starting to sink in. Profitability is the goal for sure! But the way we achieve it is also vital.
A formula 1 car’s goal is to go as fast as possible around a circuit, right? But! They also need that same car to do 30+ laps for almost 20 races throughout the year.
The car needs to be durable. Your strategy needs to be durable as well. You need to be able to use this “Perfect Forex Strategy” for the next decade.
Are We There Yet?
Once you’ve optimized your strategy to a point where you can make a lot of money, and you can manage to execute time and time again without fail because it suits your schedule and personality.
How much optimizing is enough? To be honest with you… this is where I am in my journey. I feel like I’ve reached a point where I know what I’m doing works and works well.
I’m trying to find the line between success and high profitability, and chasing perfection, which we know doesn’t exist.
I’m an advocate for constantly learning and improving where you can, which is why I think it’s so hard for me to draw a “line in the sand,” if you will.
But! As always… if I find the answer, I’ll be sure to let you all know. Until such a time, I’ll keep trying to monitor and improve my strategy and make sure you all keep trying to improve all of your strategies until you each have your own “Perfect Forex Trading Strategy.”
Don’t bet the farm.
Don’t lose your shirt.
Cut the L.
Keep the W.