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For further information, do not hesitate to contact us. The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. Believe it or not, one of the main reasons you are not making money consistently in the markets is because you are too focused on money.
Most people come into the markets chasing freedom from their job or a quick road to riches. You see, the more focused you are on making money really fast, the more the money will elude you. This is because focusing your mind on the money creates emotional tension, and the more emotional you are the more likely you are to commit the account-destroying mistakes of over-trading and over-leveraging. So, if you want to increase your odds of consistently profiting in Forex, focus on mastering one Forex trading strategy at a time and forget about making a lot of money. It may seem counter-intuitive, but not trading is one of the easiest things you can do to help you make money consistently in the markets. Of course, in order to know when not to trade you have to know exactly WHEN to trade. This involves mastering an effective trading strategy like price action so that you have NO DOUBTS about what your trading edge is and when it is present in the markets.
Always remember that by not trading you are also not losing money. If your goal is to profit consistently, then by not losing money you are obviously closer to your goal than if you had entered a stupid trade and lost. In my daily members’ commentary we often discuss how not trading is the best thing to do at the moment. Many traders underestimate how important sitting on the sidelines is to their long-term trading success. You really want to trade Forex like a sniper and not a machine gunner, by picking your trades wisely and only trading when your trading edge is present.