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Consistent Profit With 5 Simple Tips

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I am sure as a trader you definitely want to be able to generate profits consistently. Then it is important for you to evaluate the forex trading methods and strategies on a regular basis.

Believe me, there are always new methods or strategies that you can find and can be combined with the trading strategies that you now have. nothing wrong with that. But it's best if the methods and strategies that you use now can produce good profits, new things that you find enough you add as a modification without changing the "original structure" of your strategy.

For example, you are comfortable enough to use the Fibonacci and Stochastic methods, then one day you find a new method that can increase your potential profit when combined with your Fibo and stochastic methods. Please mix, but still use Fibo and stochastic as the main methods in decision making.

It is also important to have precise and strict rules / rules to anticipate if the market does not move according to your expectations.

For that, I want to share five simple tips. It's simple, it doesn't need to be too complicated.

Learn to limit losses
Actually the secret of successful trading does not only depend on the ability to generate profits, but also the ability to avoid losses. Okay, maybe we can't avoid losses, but at least we can limit it.

The ability to limit the loss by itself will help you to increase profits.

To limit losses, traders in general will use certain strategies. The easiest of them is stop loss.

Trailing stops can also be used to keep profits that have been obtained from an open position so that they do not turn into losses.

Know the risk limits before opening a position
To be able to place the stop loss correctly, you also need to know how much your risk tolerance is. How much loss can you afford, financially or psychologically?

Each trader has a different amount. That is the question "how many SL pips?" Should be followed by the question "how many dollars can I afford to lose?"

This will also affect the lot size that you can use. The bigger the SL, the lot should be smaller, and vice versa. You can read about this in more detail in my writing about position sizing.

This risk tolerance should you "hold tight" in the trading plan that you have arranged beforehand.

It is also important to set a maximum loss limit every month. When the loss has reached that limit, you should stop first. Evaluate, repair what needs to be improved, then continue.

If you later make a profit, please take advantage of it and have fun. But it's good to set aside some of the profits and put it in a "reserve" trading account. Thus little by little you will increase your capital.

Master the methods and strategies you use
There is no way you can make a good decision if you don't even understand the methods and strategies you use. A good trader is a trader who understands the methods and strategies he uses: what are his strengths and weaknesses.

Avoid using methods and strategies that are too complex and complicated. Remember, you are a trader. You don't need to look like Albert Einstein, who is even said to have said, "Everything is made as simple as it can be."

The methods and strategies you use should also match your trading style and, most importantly, match the strength of your capital. If a strategy requires a risk tolerance that is greater than your risk tolerance (capital), you should not use it.

Be patient
Opening and closing positions in trading requires the best analysis from you. Do not rush to open a position just for fear of losing opportunities, or in a hurry to close a position just because of fear that profits turn into loss.

Timing is crucial in trading, so make sure you choose the right time to execute. To be able to determine the right timing, you can't, you have to be as objective as possible.

Never give up and stick to the plan!
Many traders give up because they experience a continuous loss. Many traders failed because the successive losses were mounting. Almost all traders who experience it don't realize that mounting losses are the result of ignoring points 1 to 4 above.

So, it is very important for you to master points 1 to 4 above. Don't just point, understand the explanation too. Don't just understand, practice it.

The 5 tips above are very simple, but once you are able to consequently run them, the results are not simple


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#1 - February 03, 2019, 07:50:44 PM

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this technique is very good, I understand it and I read it can be done with a beginner trader this technique is very short and easy to explain in detail,
#2 - February 05, 2019, 04:09:42 PM

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this technique is very good, I understand it and I read it can be done with a beginner trader this technique is very short and easy to explain in detail,
yes that's how he always gives very many plans and he seems to like to write or read but unfortunately now he doesn't reply to questions?

he likes to make secret pormules ...
#3 - February 05, 2019, 10:36:04 PM

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I agree with the opening of the thread and what I catch most here is the discipline in running the trading plan and being patient if we are losing or even MC, because these two things are the most important in this trading business
#4 - April 26, 2021, 07:29:57 PM

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