The Holy Grail of Trading

The number one thing is you can do is to have a profitable strategy. The strategy can even have a losing winning percentage and yet still bring in money. The keys of the strategy are that it needs to have a set of rules to follow. For example, it should have rules for your entries, exits, stop-losses, and take profits. These should also be broken down further by longs (buying) and shorts (selling). Secondly, the strategy needs to be repeatable. There are further steps that need to be defined such as time you will trade, risk and money management, etc but that is for another time. 

Is that it? Not that easy! You also need to define yourself as a trader. Are you an intraday trader? Swing trader? Day Trader? Etc. But that is for you to decide. Once you have the strategy, you as a trader have two very things to accomplish. One, learns all the ins and outs of the strategy and its nuances. Two, and this is probably the most important key of this entire article…..be CONSISTENT!

CONSISTENT is an adjective defined as acting or done in the same way over time, especially so as to be fair or accurate. Or defined as unchanging in nature, standard, or effect over time. You need to be consistent in your trading which means you follow your rules of trading and your strategy. You don’t jump from one strategy to another strategy. You don’t risk 4 lots on 1 trade and risk 20 lots on another. You don’t just randomly enter a trade. You follow the rules and stay consistent. 

Consistency is a mindset. Having consistency as a mindset will aid your trading in so many ways. There are many ways that it will help but staying consistent and following the rules of your strategy it will help to create emotionless trading. When you can trade emotionless, you are in the zone. It has taken several years to get to that point and yet I still have emotions run from time to time because I violated the rules like risk more than I should. (A Big No No)

In ending, there is no holy grail to trading, but you can learn to become consistent in trading by having a profitable strategy with rules that you follow to the letter. This will help improve your trading dramatically. The more consistent you are...the better trader you will become!

I hope this little insight helps you to become a better trader. If you are interested in learning to trade, especially the FOREX market, then reach out to info@prosperityforex.com to learn the PFX Strategy. We have some specials currently, but they won’t last long!