I have spent years trying different trading strategies and waiting for the perfect forex strategies to be revealed. Waiting for some secret or holy grail that would make my trading profitable. I tried different indicators and signals, I drew the trend lines support and resistance levels and studied everything I could about technical trading. I would do back tests on systems and the tests showed excellent profit but when I would trade the systems live I never could get them to make a profit. I would always end up losing money.
After several years and thousands of dollars lost I finally discovered the secret to profitable forex trading. The problem all those years was that I was looking in the wrong direction. There are endless numbers of trading strategies that are time tested and profitable. The secret is that it’s not so much about finding a good strategy, the secret is about us becoming good at consistently trading any system we are using.
No matter how good the trading system is it won’t do us any good unless we are effective with our trading. I was always blaming the strategies for my failures but when I look back on it the problem was that I was not being consistent with my trading. This is what causes most traders to fail.
It takes an extremely disciplined person to be able to stick to a system and trade without emotions such as fear and greed entering their trading decisions. When you bring human emotion to the table it alters your trading system and alters the results. If your emotions aren’t right for trading it usually alters your trading in a negative way and often turns a profitable trading strategy into loser.
Another problem with forex trading is the market is moving 24 hours a day. While this is an advantage in some ways it can also be a big disadvantage. The disadvantage is you can’t be watching the market 24 hours a day. You can’t be there to catch all your trade signals. This alone can make many trading system almost impossible to follow unless you are working with a team of people who can monitor the markets 24 hours a day.
I don’t know about you but I don’t want to spend my life watching charts and I decided a while back that manual forex trading is really not for most people. The solution I found is to use automated programs called robots that will monitor the markets for you 24 hours a day and trade the forex for you automatically. Using a proven profitable system they will enter and exit your trades when the market gives them the signals. Modern robots are very simple to set up and one they are they everything automatically whether you are there or not.
When selecting a robot watch out for back tested claims. You want one that actually has a history of making a profit trading a live account. Most important is to make sure you can let it run on a demo account for a while and make sure it will make a profit before you use it with real money.
For me using a robot is the only way I have found that I can get consistent profits in my trading. The robot makes money automatically while I can spend my time doing other things that I enjoy.