My Biggest Mistake

When I began the journey into the world of Forex, I thought I could get rich really fast. Looking at chart and seeing the price move and making a decision to buy or sell, seemed easy. Add the leverage I could use and I would be driving that Bentley in a couple of months. Right?

How many of you have thought that same thought! I have made many mistakes through my trading career, but my Biggest Mistake, which was a great cost to me financially, was jumping around from strategy to strategy….Pivot Points, RSI, MACD, Stochastics, Bollinger Bands, Support Resistance Zones and even getting worse; custom indicators telling you when to buy and sell. $$$$ just gone. This was compounded even worse by not practicing the strategy, just going live with it.

Jumping from one strategy to the next strategy leads to inconsistent actions and inconsistent profits. What does that mean? Bye Bye Money in your Account!

Want to have consistent actions and consistent profits?

Fast forward till now and after a very costly lesson, it is very important to stick with one strategy. Don’t jump from strategy to strategy. There are a lot of strategies out there to use and choose from. No matter what strategy you use, MASTER IT!

How do you master your strategy? By first practicing on a demo account. Track your trades but more importantly watch how the strategy works and figure out all its nuances….Please don’t do what I did and just go live. Practice with it until you become CONSISTENTLY profitable. After getting great with one strategy then you can build your trading arsenal. But that is not all you have to do.

The other part of your strategy is you need to have good money management aka Risk Management. Without proper money management, you are ultimately just gambling with your money and the house aka broker, always wins. Sure you’ll have days that were good but the odds are, there will be more losing than good. Want to become a great trader? Then, MASTER a strategy and have great risk management!

When you Master a strategy and have great risk management, you have patience and wait for the setup to show itself. You won’t be trading just to trade, you’ll be trading higher probability setups and not blowing your account!

Want to know more, check us out at www.prosperityforex.com for more information.