LUCKY Results in Trading

One thing I have learnt the hard way is that there is hardly any chance of having LUCKY results when trading Forex.  For many people, as soon as they enter a trade then the market reverses in the opposite direction.  To be ‘LUCKY’ and get great results one may consider the following methodology:

• Firstly you have to Learn as much as you can about Forex trading

• Then you need to Understand the methods and strategies you intend to use and how and why the markets move and then you have to be able to implement your chosen strategies and methods as if they were second nature.

• Next you must Check your results and adjust and tweak everything to what suits you and to get the desired outcome.

• Once you have done all the above, then you might begin to Know what you and the markets are doing.

• This repetitive cycle of Learning, Understanding and implementing, Checking and Knowing will begin to pay dividends and Yield tangible and positive results.

So remember:   Learn/Understand & implement/Check/Know/Yields

The best way of doing all this with the aim of becoming a consistently profitable Forex Trader is to:

• Start off by trading in a Demo Account and get familiar with all the tools etc.
• Learn how to, and then Back Test all your strategies over and over again, tweaking your system, especially risk and money management, as you go.
• When you have tangible results in your chosen currency pairs and timeframes then and only then should you start trading live, and then only in a Micro-Account.
• Once you have a consistently profitable track record of trading live in a Micro-Account then you can consider upgrading your account to a Mini-Account and if you do well in that then you might consider scaling up to a Standard Account.
• I would consider a reasonable track record time for any type of account to be anything from 6 months to a year and would encourage a year because the market changes in nature throughout a trading year and thus your results may reflect that.

·         So to achieve consistently profitable Forex Trading results you need to make your own ‘luck’ by doing the above and then you should get LUCKY.

Top Trading Tip:  Make your own luck and learn how to Back Test your chosen trading strategies and methodologies, analyse the results, tweak then retest and so on, this will pay dividends when you start to trade Live.