“Any human being must become a constant learning machine because half of what your literally know now will become irrelevant after two years and the other half in two years.” Brian Stacey
I have previously talked about niche trading and how mastering a particular trading strategy can help you build your account.
All good things must come to an end. Your trading approach may work out well for a few weeks, months, or heck, even years! However, I’m willing to bet my brand sparking new iPhone that it won’t last forever for the simple fact that market forces constantly change.
If you want to become a big baller in the unforgiving world of Forex trading, you’re going to need more than one or two trading tricks up your sleeve. You not only have to know your strategies like the back of your hand, but you also have to be aware of other approaches that could land you pips.
In order to sustain your edge, you need to come up with fresh ideas. In trading, this could take the form of diversifying your skills. Don’t worry, you don’t have to drift too far from the skills that you already have. Sometimes all you need are a few tweaks in your habits to find new opportunities.
Here are three tips to get you started:
1. Look at other time frames
Just because we tell you that you’re a day trader doesn’t mean that you have to stick to the shorter time frames all the time. Some hard core day traders I know find trades by checking out longer time frames for overall direction. Meanwhile, swing and position traders usually learn about significant levels and adding positions from day trading techniques.
2. Try trading other pairs
Think you’ve mastered the behavior of a currency? Why not step it up by trading it against other currencies? For example, if you’re the AUD/USD expert among your peers, you can try looking at AUD/JPY, EUR/AUD, or even other comdoll pairs for trade setups. This way you’re maximizing your ability to predict the Aussie’s price action, but your trade ideas aren’t limited to a couple of currency pairs
3. Stick with your trading plan no matter what (There is no holy grail strategy)
No matter how appealing the strategy may be never try to change the
the plan because its like you have erased something and start afresh. Remember its always tough in the beginning and easy at the end, so don’t let your trading life be always tough by switching your trading plan as it will frustrate you and you might end up blowing all the earned profits.