A Case Study Of A Forex Traders’ Transition To Profitability
- Author Vic Noble
- Published December 3, 2010
- Word count 607
Sticking to just one strategy that suits you, and that you see easily, is a great challenge for most forex traders. There are all sorts of factors that are present to pull the best laid plans off the rails.
Even after deciding to follow a particular set up, you might, for example, get an email from an internet marketer, telling you about huge profits that are being made by some "secret" forex trading system, or maybe you might hear of someone else’s success, and that steals your attention. These kinds of diversions usually start the gears turning in the traders mind, and the result is almost always bad news.
In my twice weekly on-line coaching service, we have members of all experience levels. One of the members, who has been trading (unsuccessfully) for a long time, reached that threshold point last spring—that moment where he decided that if he couldn’t stay with one strategy, and keep his focus right there, that he wouldn’t be able to continue trading.
What he did next may have saved his trading life. He got the Tactical FX Trend Trading Strategies course that full time trader Kelvin Thornley and I put together, and he committed to trading that approach, and nothing else. (By the way, the fact that he picked this particular course isn’t the main point here. What’s important is that he stuck to this ONE thing and let everything else go).
Now, this trader still made the odd trading mistake. But at least he only had one thing to contend with, not 3 or 4.
The other very important step he took was to start keeping a journal of his trades. This forced him to do a self-examination each day, and helped to hold is "feet to the fire" so to speak.
Almost everything about his trading had to change, including account management, trade management, reward to risk ratios, etc. (He now always stands to make way more than what he’s risking. And when he loses, it’s just not a big deal).
The result: he is now almost finished his 4th consecutive winning month of trading—something that he’s NEVER done before. (Kelvin Thornley, who authored the course with me, is now in his 19th consecutive winning month of trading).
I’ve been coaching traders for about 5 years now, and believe me, consistency in one’s approach is a common thread among all the successful traders. Every single one of them—without exception, are consistent in how they trade.
The really good news is that you and you alone, have the choice as to whether or not you’re going to adhere to one method, and become an expert at it. In almost every case, it’s not the trading method that makes the difference, it’s the trader.
So here’s the bottom line, and the message I’m trying to get across here: I would highly, highly recommend that you don’t even think about doing anything else except getting good at doing ONE thing. It’s all you need to be successful in the forex. This is really, really good advice that I hope you’ll put into practice, because it will make a difference in your trading.
Thanks so much, I hope you found this article useful, and please let me know if you have any questions or comments!
All the best,
Vic Noble
**To learn more about forex trading and how I teach, I have a FREE e-Book, plus 7 great videos on key trading concepts that I believe will genuinely help you. No obligation, just good useful information!
After more than 30 years of trading, 5 1/2 years as as a futures broker, and a personal forex coach since 2006, I've had a unique opportunity to see what separates winning traders from losing traders. I've just loved helping so many people achieve success, and I know I can make a positive difference for anyone. http://www.forextradingandeducation.com/wp/free-fx-training/
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