The ultimate goal of Forex traders is to be consistent in the application of our trading plan and FX Strategy. Only then are we able to measure OUR performance and the strategy’s performance.
Let me ask you 2 simple questions:
Do you see our point?
Following a strategy and trading plan with consistency is the ONLY way to retrieve this VALUABLE information and it’s the best way of putting a MIRROR in front of our trading performance!
We need 2 important components to achieve this consistency.
Confidence #1 is the strategy you choose. You must be able to trust the trading plan regardless what the market does or how it behaves.
It is vital that you have complete trust in your chosen strategy, because otherwise you will certainly attempt to bend the rules before, during and after the trade.
The key aspect is to choose a strategy that matches your psychology – discover a good “match” prior to commitment!
When your psychology does not connect well with your strategy, then the odds of you breaking the strategy rules and your trading plan are endlessly higher than when your psychology does match your strategy.
Once you have a strategy and trading plan (road map) that matches your psychology and instills sufficient confidence, it is time to work on the next step: sustaining confidence in yourself!
The road map is only part of the story, the next episode is YOU.
The own inner voice will try to derail you, create fear and cause panic. Staying on the path of your road map and not allowing yourself to be derailed is the 2nd phase of trading success.
Many reasons could be at fault for your own hesitation to follow the trading plan. Our fear of losing or being incorrect is often the strongest of reasons. One simple truth: you will never be a profitable trader if you want to win each and every trade no matter what…
Last but not least, you need to have faith in both your strategy and yourself. That means:
There are several key messages:
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