Forex Strategy Trading Tips How to Develop The Patience Necessary For

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Forex Strategy Trading Tips How to Develop The Patience Necessary For

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Forex Strategy Trading Tips: How to Develop The Patience Necessary For Effective Forex Trading :

Forex Strategy Trading Tips: How to Develop The Patience Necessary For Effective Forex Trading By: Jay Molina From: www.myfxinvestment.com

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There is an old Chinese saying that says “Good things take time” and highly profitable investments do too. As a Forex trader I have learned that the more patient you are the more money you make from your trades. Forex strategy trading is all about making smart decisions at the right time. In this article I would like you discuss how you can develop the required amount of patience for profitable Forex trading. It is not about quantity but the quality of your trades : It is incredible how many people out there believe that by taking more trades they will make more money. I have actually found the opposite to be true. A lot of people will disagree with me on this but that’s ok. I strongly believe that the more trades you take the more times you expose your account to risk and the more room you have to commit mistakes. In average I take about only 5-10 trades per month and I focus on higher time frames.

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Why? Because the big money is in the higher time frames. All the hedge fund managers, money managers, and institutional trades are looking at them. As a result more money can be made in a daily or 4 hour chart than a 5 minute one. I find it very interesting how many of my fellow traders who trade lower timeframes make less or the same profits I make but with about 5 times more work from their part. Successful Forex trading can only be achieved through working smarter not harder. Focus on the process not on the profits: I have always believed that if you focus on how much money you are going to make you will not focus on trading profitably and making smart decisions. The other day I was reading one of my favorite books called “Market Wizards” by Jack Schwager and one of the traders he interviewed for his book said something that had a very strong impact in the way I see Forex trading.

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The name of this trader is Paul Tudor Jones. He is a legendary futures trader and he once said “everything gets destroyed a hundred times faster than it is built up. It takes one day to tear down something that might have taken 10 years to build” This is absolutely true for Forex trading. If you don’t know what you are doing and your risk management is off you could blow up your trading capital (that maybe it took you years to save) in a matter of hours. This is why every trader needs to focus on the process instead of focusing on profits. Remember that playing a strong defense will be more effective than playing a strong offense. A successful trading strategy plus patience and discipline is all you need to succeed: Most FX traders have a hard time focusing on one strategy and because of that they lose more money than they make. Many of my friends and trading partners come to visit me to my office because they want to see how I trade and most of them are totally puzzled after a couple of days. They expect to see me trading all day, working hard at it, and always looking at my charts.

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Instead of that they are shocked when they realize that I only place about 1-3 trades per week and manage them as the days go by. Then the rest of my week, I am working out, going out to eat, spending time with my family, or on vacation. The reason why I am able to do this is because I have focused all of my energy on becoming more efficient and trading smarter, not harder. You can do this too by focusing on higher time frames, taking fewer trades, and focusing on the process instead of the profits. Stay tuned as we will publishing more Forex strategy trading tips very soon. Best regards, Jay Molina Pro Forex Trader & Educator Get a copy of the same trading plan I use to trade over $800,000 in customer funds , click here now to get your free copy !

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