Forex Trading Confidence – Forex Trading Strategy Q&A

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  1. Similar to someone below in comments, I live in Hawaii – teach, and cannot access London, or most of New York.  !    The solution, a partial one, is to use limit orders.  This can, actually, yield better results.  I see this during the summer when I stay up nearly all night..   Trading is supposed to be about results……

  2. Hey everyone, I've put together a short video explaining how to regain your Forex trading confidence.

    The best way to regain your trading confidence is by going back to a demo account, I know a lot of people think a demo account isn’t the same as a live account however, that’s the point. You need to remove that psychological burden of risking money and prove to yourself that the strategy you have and the way you trade is working.

    The way I trade is by focusing on the fundamentals, so I keep a close eye on the news and look to trade that news to each currency as it plays out. To do that effectively you need to be able to trade freely and without any worry of risking money.

    If you do that for two or three months and you see a profit every month, you know that you’ve got a strategy, you know that how you’re trading works and that you’re able to make consistent money.

    Then you can open up a small live account and carry on trading the exact same, and then you can build up very slowly every month. There’s no rush to try and make a living from trading because once you crack it, you can make a living trading forever. The markets don’t change, the fundamentals will always drive the prices and once you get that routine down you will find yourself taking trades intuitively.

    But to get to this stage I would recommend going to a demo account whilst not listening to people who say it’s not the same as trading real money and try not to give into those impulses to be impatient, it’s all about building up a business.

    In terms of developing a strategy, the strategy that I would look at is trading fundamentals which you can follow on my blog with all the free videos I post. I’m looking at what’s driving the price, what’s caused the move and then I look to take action and trade. For example, if the central bank of a country has raised interest rates then I would look to buy that currency on pullbacks using support and resistance levels or Fibonacci levels which is very simple. It’s all about the reasons why currencies are moving.

    So the strategy I would advise is basically the strategy I trade, which is looking at the fundamentals and trying to tune in to which way the market is moving. 

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