Updated: Jun 19
Trading Forex: Finding Financial Rewards and Consistency
What does it take to discover financial rewards in your trading career? This question encompasses various aspects of the trading journey, relying on strategies and milestones that shape your path to success. A metaphor that often comes to mind is a bowling alley, reflecting the trading experience in an intriguing way.
Imagine a wide bowling lane that gradually narrows as it approaches the pins. Initially, the first third of the lane lacks bumpers, where retail traders often encounter numerous mistakes. Some may even give up on trading during this phase, while others with persistence continue their pursuit.
As the approach advances closer to the pins, about one-third down the lane, bumpers emerge, guiding the ball towards its target. It is the initial influence of persistence that enables intermediate-level traders to gain a new perspective on the markets. This middle section forms a plateau of success, where some traders become professionals and others falter.
If the determination remains strong, the difficulty diminishes during the final attack on the profit potential of the pins, as the bumpers are removed. The lane has steadily narrowed, but the challenge lies in executing effective trades and capitalizing on profit opportunities. Ultimately, with unwavering persistence and perseverance, routine profits become relatively easy to attain.
However, how can we achieve consistent results at levels of 80, 90, or even 95%? The answer to this puzzle lies in my personal experience of dissecting and discarding countless chart analyses as worthless. It becomes clear that it is not the charts themselves that cause market movement; rather, it is rooted in the values of the underlying national currencies.
In fact, one of the recent trades I executed on a Thursday was performed without even relying on visible candlestick charts. This is because I have developed a deep understanding of how exchange rates move, realizing that focusing on candlestick patterns can divert attention from proper analysis.
In conclusion, trading Forex involves embarking on a journey filled with challenges, persistence, and evolving strategies. By embracing the underlying values of national currencies and avoiding overreliance on chart patterns, traders can unlock financial rewards and strive for a high level of consistency in their trading endeavors.