Good day all! Hope we are being consistent? Trading isn’t a child’s play but consistency is key. To the new traders out there it’s not gonna be a smooth journey, nothing good comes easy. Prepare your mind for the worst and always be positive and expect the best!
A successful forex trading career is built on consistency. Every trader should educate themselves, develop their own strategy, and stick to it. Making money in forex is not an easy task, and in order to be a successful forex trader, one must always be patient and consistent.
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Why is consistency important?
If you are running a profitable strategy, keep doing it. If you start tossing a coin to decide whether you should hold a winner or take profits, this will have a random impact on your profits.
If your strategy is not winning, make sure you apply its rules absolutely consistently every time. Once you have a baseline for the performance of each tactic of your strategy (for example, how you calculate where to set your stop-loss), you can take logical steps to improve the outcomes of each under-performing tactic. If you cannot identify the weak tactics, changes you make will only improve them by chance.
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Consistency is something you acquire and comes from forming good habits early on in your trading career and removing resistance to performing those good habits. Keep a trading journal but make it easy to fill in on available to you to do so. Set aside a time to trade or study, but not at a time of day/week where you normally have a lot else on to distract you etc.
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