The Number 1 Way To Trade Forex Profitably
Everyone wants to know the number 1 way to trade Forex profitably. Or they want to know the “best” way to trade Forex. This leads to questions like…
Is it with a “secret” system?
Is it scalping?
Is it day trading?
Is there a magic indicator?
Is it an automated FX robot?
And when you think about it, there really are a lot of ways you can go about trading Forex!
Well, I’m going to tell you something that is both profound… and might make you mad.
The number one way to trade Forex is to find the trading method that fits your personality, goals, risk tolerance, etc…. and then FOCUS on learning the methods, gaining experience and developing your trading skills. Don’t get distracted by all the hype, and focus on the style of trading Forex that feels right to you. Then just put in the time to MASTER that trading method or style.
I know, this might not be what you were hoping for. I’m sure you were looking for more of a difinitive answer. But the truth is, the “number 1 way”, or “best” way to trade is different for each individual trader.
But I will give you an hint…
Understanding that the best way to trade Forex really depends on YOU, there is one form of trading that most successful traders migrate towards. That is trading on the higher time frames (like the Daily) and treating your trading like an investment opportunity. When you avoid Forex trading systems that focus on the lower time frames… your possibility of success automatically increases.
We’ve all heard that trading on the lower time frames lets you use smaller stop losses and higher lot sizes, which can lead to more profits. Yes, that is true. But it can also lead to more losses as well. And if you want to trade Forex profitably, it is about how profitable your trading is over the long term… not how much money you make on any one trade.
Imagine struggling through the ups and downs of trading on the lower time frames and making a small profit. After everything is said and done, you could have made these gains a lot easier and without spending frustrating hours battling the markets. It is so much better to focus on higher time frames, reduce the stress levels and growth wealthly slow and steady over time.
***Edward Lomax is part of the Forex Investing Live Team, dedicated to helping people tap into the true wealth creating opportunity the Forex Market provides. Take the FREE course, Forex Investing Battle Plan and learn how to use the secrets of the established wealthy to ensure your success. ForexInvestingLive.com