Many traders don’t win because they try to hard with their forex strategy, however there is no correlation between the effort you make and the profits you earn.
Let’s look how to work less on a forex trading strategy, work smart and make bigger profits.
1. Your method
Forget complicated methods simple ones work better and the top trading systems in the world are based on just a few indicators.
A simple system is more robust than a complicated one and another reason for a simple system is that its:
Easier to understand.
This gives you confidence so you can apply it with discipline an essential element of trading is to stick with your system through losing periods.
Many traders get frustrated with systems they don’t understand or are to complicated and chop ad change – don’t make this mistake.
A simple system based on sound logic is all you need.
Don’t tick watch
Many traders watch the markets all through the day for hours.
There is absolutely no point in doing this all short term moves are random only watch the prices once a day.
2. Trade longer term
If you day trade you will lose (as we have said all short term moves are random), trading longer term means that you will only need the close.
3. Applying your system
If you have a simple system its going to be about 10 minutes a currency to decide entry and exit levels so that’s around 30 minutes a day. Place your orders set your stops and that’s it.
So how long does it take to do your forex trading strategy?
Getting a system that suits you is the longest part and we have given in the past advice on how to do this.
It doesn’t take that long however and about a week or two is all you need to get one sorted, then its under 30 minutes a day.
Once you are in big trends you can sit back for weeks or months and watch profits pile up. If you are wrong you are taken out on stop you set and that’s it.
Only look for the best risk reward trades on breakouts, that could yield big profits and don’t look to do marginal trades.
The big trades per currency only come a few times per year so be patient.
That’s about it.
There is no correlation between how much money you make and the time spent on trading in fact the opposite is true.
You need to work smart not hard on your forex trading strategy – remember that.