Dec 22, 2016
In this Q&A episode, I discuss the idea of relying on luck to make money as a trader. This is obviously a bad way to go about things even though several struggling hope their trades will work out without defining a process or a system.
The advice shared in my Facebook Live Q&As are based on my own experience and the interviews I had with multiple successful traders on the Desire To Trade Podcast.
Once you've removed luck from your trading, do not fall into the trap of adding an unlimited amount of variables to your trading strategy. A lot of traders think they must find the perfect way to make money in the market...
That is not your job.
You and I, as Forex traders, need to make our plan as simple as possible. That is the primary reason why I use a One-Page Trading Plan.
In my opinion, there's no need to look at other markets to confirm a trade you're about to place. In addition, if you are a technical trader, you do not need to spend hours trying to interpret the news in the Forex market.
If you want to trade multiple timeframes, do not make the mistake of looking for trades on all time frames at all times. That's not the way it works. I explain how I do multiple timeframe analysis in this podcast episode.
What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group!