If you are not making money in the Forex markets then you should try the steps listed below.
I make my pledge to you right here and now that if you do what I say in this blog you will make $$$ in the Forex markets. You can find me on my Discord channel to discuss any and all material related to this topic. We would certainly like to have you join our trader community.
Follow the steps outlined below.
1) Remove your stop.
I understand this ruffle's a few feathers with some of you but hear me out.
Just try it.
Trade in a demo account. This will allow you to see for yourself, the power of no stop trading...with no risk encountered. This is a key component to learning. If you must trade real money then trade a micro account.
Now that we are over that we are ready to tackle the only issue you will concern yourself with...Risk Management. Learn to manage your risk (account size) and you are on your way to positive annual returns.
2) When the market goes against your position you will add.
See my blog here for how to scale into a position. You do not panic, you do not run for the exit...instead you embrace volatility like a warm blanket on a cold night, because in reality this is what it truly is.
Without this wonderful sporadic movement in the markets we would not have the ability make the cheddar like we do.
So, embrace volatility, don't run.
3) You simply wait it out.
This seems to be the hardest part of the process by far. Most people can not wait it out. They will eventually think they are smarter than the market and will concoct some reason to mess it up, be it stopping themselves out or leveraging down too much and blowing the entire account...either way you are doomed.
Find something else to keep you occupied. If you must be engaged in the market at all times (like me) then trade profusely in multiple demo accounts. Trade everything under the sun. Just make sure you follow the steps outline here.
4) Once your position is closed for $$$ then reverse it.
Your targets can be anything in the green meaning, as soon as the market rolls over and shows positive data on that position feel free to close it for a small profit. This choice is entirely up to you. I like to close rather quickly and reverse simply because I believe the market will reverse many times a day. I want to capitalize on this as much as possible.
Let's recap in a nutshell.
1) Build your position (Adding to drawdown)
2) Cover your position (when account shows green on said position)
3) Reverse your position (Position is now opened in the opposite direction)
Follow these steps and you will be forever changed as a trader.
Great trading everyone,