If you’ve been following my forex forecast and decided to take the trade with me, we are now at a +120pip profit at the time of this writing. Pretty good profit margin. But it is not what we’re going to talk about today.
While I was lying in bed last night. I thought to myself. All indicators and all strategies are there on the internet, in books and in mentors. Why is it that there are only few people who are successful in forex trading. In the Philippines, I have not seen or met someone who is successful enough to get media attention. Is it really with the strategies or indicators that will make a forex trader successful?
While I was reading a book about different kinds of forex traders. I noticed that most of them are doctors, retired military men or athletes. People who are tough mentally or knows psychology. Maybe the thing about forex trading is its all in the mind more than it is with the indicators.
Also, nobody knows what will be the future of the charts or when a trend will begin or end. Nobody really knows when a reversal will occur or a support and resistance will break or bounce. Nobody really knows. We only have indicators to tell us options of what may happen its still us that have to decide and take risks.
So, the bottom line is… Its about risks. Risk management and money management. You only have to have a decent strategy that you’re confident about and apply money management principle to it.
Take risks. We know from the start that forex trading is risky. Before we even know how the market moves. We know that forex is risky. So we have to be prepared to take risks. That aside, manage the risk with money management.
These are my thoughts about forex trading. You may voice out your opinion in the comments section below.