How to Change Your Online Forex Trading Strategy to a Winning One

Struggling traders persist on the same trading plan, in an effort to win back losses. But success becomes elusive through short-sighted online forex trading.

Online Forex Trading is Not a Routine Day Job

Most people have learned to be persistent through their former day jobs, where the more you work the more money you stand to make. And persistence is good, no doubt about it. But you should persist on the goals, not on the means, and the trading methods used. Online forex trading can become very successful when one has loose goals, and is persistent enough to reach these goals. The goals may change slightly, but the one thing that can change dramatically is the actual trading plan. Traders who persist on the same trading plan, especially one that has rigid, strict rules, end up losing all their money. There are strategies and methods that are more flexible, and are adjust to changing market conditions. And these are usually much more effective than the rigid approach. Above all, it’s market volatility. This keeps on changing deceptively all the time, from month to month. It just gives you a short period of deceptive success, only to prove your strategy wrong the next month. Traders need to focus on the big picture on the markets, and use flexible trading plans. In fact, the tighter a trading plan is, the more likely you are to encounter something out of the ordinary, and you will be powerless. Because you will not be used to thinking outside the box. All successful traders are free to think, and to even break classic trading rules when necessary. Even the best forex trading strategy in the world has not figured everything out in advance, and it allows for free action.

The Harsh Reality of Online Forex Trading and Misleading Beliefs

Traders are bombarded daily by all kinds of news, opinions and tips. Which at the end of the day amount to useless information. And the over-disciplined trader is at a huge disadvantage because they lack the initiative to think fast and not do things by the book. Online forex trading can very successful by breaking some of the classic rules, but while doing so within the right mindset. For example, you might think that emotional trading is bad. That is not really true. Seasoned traders do have emotions about the market, it’s just that they don’t get excited about fast moving markets. At least not when they don’t understand what’s driving all that momentum. If emotions are based on solid analysis methods, the markets will not easily fool you. Wise traders are emotional traders, because they feel the markets, and that’s what it takes to identify the uniqueness of each trading day. One has to be sensitive and emotional to figure out the real hidden forces driving the markets. Moreover, it is becoming more and more apparent that the so called disciplined, emotionless trader doesn’t really exist… Or at least they are not an impressively profitable trader. Look all around you, at all the successful people, lawyers, businessmen, scientists, they all had moments of Eureka in their careers. And they were obsessed with whatever they were doing. Well, obsession can be good in such cases and it leads to big success. And it is the product of a sensitive emotional mind. Therefore, deep down, to be a really profitable trader, you actually have to be a wise, emotional, obsessed trader, persisting on the goals.

The Fine Line between Being Sensitive and Over-Analyzing Markets

Profitable online forex trading comes from knowing how to be emotional and sensitive, in the right way. This will become apparent through your trading results, very soon. But it will still take you years of trading experience to make millions in the forex market. That’s just the way it is. But it will take you fewer years to get there, if you break classic trading rules and not do what everyone else is doing. Set goals, and try your bests to reach these goals. Loosen up the requirements on discipline, emotions and so called risk-reward ratios. And take trading one day at a time, while also looking at a longer time frame, as if you were an investor. You can trade forex online and really make serious money, through your own unique approach. Foreign exchange currency trading online for beginners will often mislead you into believing too much in discipline and emotions-free trading, as well as other concepts. Which have not been proven to constitute really profitable trading strategies.