Technical Analysis – 4 Simple Tips For Bigger Profits. Using technical analysis can and does help traders make big profits however you have to know how to use it correctly and here we are going to give you 4 tips to help you win.
First, let’s make a couple of points and if you understand them, your all set to make big profits.
1. Your Mindset is the Key to Success
Most traders fail because they cannot accept that you have to have confidence in what you are doing and apply it with Discipline.
This means, executing your trading system with discipline through periods of losses until you hit profits again. It’s not easy, as the market wrong foots you and makes you look stupid but you have to stay on track until you hit a home run.
Don’t believe anyone who tells you that you won’t have a losing period, you will – even the best traders have them.
Its here you need to keep going until you hit profits again.
Don’t take it personally either, rather accept your losses and keep them small. Forget your ego, we all traders have egos, we all lose but if you keep them small and hold your discipline, the market will reward you.
2. The more Complicated a Method is the Better it Will Work
Many traders spend ages making a system complicated and it makes no money, all the best trading systems are simple and yours should be too.
The best systems are simple and robust and yours should be too.
3. Trade the Reality and Don’t Guess
Many traders want to predict where prices may go and try and guess what may happen. They like to try and anticipate and that won’t get you far. Try and predict and you are no longer trading but hoping; if you do this, you will lose.
You should then trade the reality of price change and look for Mega Trends; these are the trends that last for weeks, months or even years and should be focused on.
4. Be Patient and Trade the Reality
Many traders try and restrict risk so much they create it and end up creating it. They take low odds trades and end up losing.
If you want to win, focus on the big trends and once you get in them hold onto them – don’t bank early and take your profits you can’t do that so focus on the big trends and milk them for all there worth.
You wont win every trade – but if you run your profits and cut your losses, you can enjoy currency trading success success.
Today traders want to want to trade all the time and be in the market all the time but trading frequency has no bearing on how much money you make.
You Need to Win on Every Trade!
The above is simple and only requires a simple system but you need to be patient and trade the reality of price change, this way, you will make more money and that’s what Forex trading is all about.