What a great question? This is what every trader especially intermediate traders. By this stage you have realised that intuition, watching the news and hot tips are not reliable enough for you to make money in Forex.
You have probably starting to use indicators for entries into the market. This is good because you have moved up a stage in the trading game and are now known as a Technical Trader.
This is progression, however there are a few other stages to graduate to. The stages of a trader are as follows:
The Discretionary Trader
A discretionary trader uses a combination of intuition, advice and nonquantifiable data to determine when to enter and exit the market.
The Technical Trader
A technical trader uses technical indicators, hotlines, newsletters and perhaps some personally defined objective rules to enter and exit the market.
The Strategy Trader
A strategy trader trades a strategy—a method of trading that uses objective entry and exit criteria that have been validated by historical testing on quantifiable data.
The Complete Strategy Trader
The complete strategy trader has learned to use advanced cash management principles, trades multiple markets, and may trade multiple strategies in each market.
Now as you move through the stages and become a more complete and successful trader. You will come to realise a few things. The main one is this………..
There is no Holy Grail, no magic potion, no short cut, no supreme indicator, despite the droves of people out there telling you they have one they are selling one.
Once you become a Complete Strategy Trader, you will realise the indicators are not so important, What is then? Its the money management, diversification, discipline and learning that will make you a successful trader.
So let me save you a few years and some money, stop looking for the Holy Grail and start working on the other aspects I have mentioned above.
If your are serious about taking your Forex journey further, I have created a six week PDF Forex course, We are currently giving the first two week’s modules away for free.
Day Trading Strategies:
What You’ll Learn in Our Day Trading Course
Support & Resistance
Using Multiple Verifications before Entry
Timeframes And Currency Pairs
Risk And Reward
Mindset / Stick to your Strategy
My Favourite Setup
Create Your Trading Plan
As you can see it covers a lot of topics and will take you from zero to pro. So enrol and take your trading to the next level.