If you ask any big and famous forex traders what their secrets to their success are, you may hear the word “consistency” repeated a lot. That’s right. Consistency is one of the keys to success in forex trading. Unfortunately, it’s not easy to obtain consistency in forex trading.
You can acquire consistency in forex trading by setting up your own disciplines and trading rules. That’s one of the very first step for a trader to make some decent profits. Rules and principles are very important in forex trading.
Consistency in forex trading
There is a saying that “Rules are made to be broken.” Well, in forex trading, you shouldn’t break your rules. In fact, rules and disciplines are the things that help transform positive trading behaviours into your own habits. Let’s see what will happen if you have your rules and disciplines. When you haven’t made any rules for how to react in certain situations, you will let your emotions and instinct guide you in such moments. That’s very dangerous. Decisions based on emotions regularly lead to disastrous results.
Without a set of codes of actions, you will waste a lot of time on thinking and considering what to do in different situations, instead of just taking actions right away. You will be too busy thinking what you should do instead of acting, which can lead the fact that you can’t catch up with the current market trend. As a consequence, you lose money or opportunities.
Making rules from the beginning and following them strictly are the most crucial things to remember when trading forex. Thanks to the set of rules you already had, you can react faster to changes and abnormalities in certain market conditions. After constantly reacting like that, you form yourself the consistency needed in forex trading because then you don’t need to spend time wondering what to do many more. It’s become your instinct.
It may take time to build your set of rules and discipline that are suitable for your trading style and strategy. But it is the most basic thing that any trader must do if they want success in forex trading.
And remember to always update your codes. Learn from your losses and failures to make sure what is the best thing to do in certain situations. By doing that, in time, you will have for yourself a perfect plan of actions for when you trade. No plan can be 100% successful but I’m sure that without rules and discipline, your chance of success is under 10%. When you have discipline, I am 90% sure that trading forex will be much easier for you.
The secret to consistency in forex trading is that you must have faith in your rules and discipline. In order to follow them strictly, you have to remind yourself of the consequences when you don’t follow them. Things will get out of hands and the result is very bad. This is all based on your experience in forex trading.