I see traders in the FOREX Online Communities who are out shopping for the newest Index or Trading Strategies just like my mom and I were doing for outfits. To me, that shows ignorance at the ultimate degree. There isn't such thing as fashion in Trading Strategies. You simply pick your Strategy after thorough research and many tests in your Demo Account and once it's working you just stick to it.
If you’re out “fishing” new Forex Trading Systems, that means you either have NO Trading System yet or the one you’re using doesn’t work. If you’re testing it on a DEMO Account, fine. But if you’re testing Trading Systems using your hard earned money, you should reconsider whether FOREX is an investment or a gambling vehicle for you.
I firmly believe that a Trader’s Attitude towards Forex Trading Systems should be that of a person who loves Cooking Traditional Dishes of their own Country. You don’t need to eat all dishes of the world in order to feel full and happy. But it doesn’t mean that there aren’t many more delicious dishes out there which you’ll probably never taste in your life. Again, even from your favorite cuisine, there are probably a handful of dishes you eat more frequently than others and they’re enough food for you.
The same stands true with FOREX Trading Systems. Pick the ones that you have personally tested on a DEMO Account and found out that they’re working for you. If they’re working, stick to them and stop fishing around for the latest Trading “Index Hottie”. As the saying goes “don’t fix it if it’s not broken”.
Use the most sophisticated kind of intelligence available in the known to man universe, your brain. In particular, use your common sense. Most people don’t and that’s why it’s been said that “common sense is more rare than blue diamonds”.
In this Book I’ll be presenting my favorite methods of trading using the FIBONACCI Ratios. These methods are Standalone and it’s up to you to decide if they suit your trading style better than others.
Do you need more than one System per Market’s Trading Condition? (Trending, Rangebound, Consollidating) I don’t think so. And do you really need to setup a trade at every moment? Why? Who has put a gun on your head for that? Waiting for the Trading Conditions to meet your Criteria, is not just plain logic, it’s pure wisdom. Sometimes you must stay out. It’s not good only for your Account’s Equity but also for your psychology. When it comes to FOREX Trading, I have seen the word “discipline” used countless times but my opinion is that …..CONFIDENCE is the word. A confident Trader is not seeking validation from his/her trades. Has not the attitude of a gambler who hopes for the unexpected, because the Confident Trader has charted very well all his/her steps upfront and has studied all the possible outcomes and their consequences. Therefore there is NO element of “unexpected” or “unpredicted” in his/her playground and the control is totally his/hers. That’s the source of a Confident Trader’s satisfaction and sense of achievement. There is true magic in the feeling of Power you get from Knowing where your well planned execution will lead. And that feeling of Power can be pretty much addictive.
This Book is part of the FXholic Series.
VIDEOS with my Fibonacci trades setups you can find at http://youtube.com/user/forexid/ and detailed posts you can find at Forexid.com You are also welcome to follow me on Instagram where I often post my Charts @fxholic. English is not my mother language, so your tolerance will be appreciated.