This is a big mess and probably bigger than you think. You have probably heard this when scrolling through your social media feeds either Instagram or Facebook and you hear someone saying saying “consistency is the Key” This is a big dream for traders especially Forex traders because a lot of them find that strategy that makes them a lot money at first place and later on it just dries up. So a trader has nothing to do and just easily jumps to a new system, This cycle keeps happening over and over again until the trader chokes out after losing everything.
So what is CONSISTENCY?
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Consistency is the ability to repeat the same pattern/routine over and over without breaking the chain of flow with discipline and devotion no matter what. This applies in any field whether its weight loss to entrepreneurship to Forex Trading. Consistency is the key to break bad habits and form new ones. If all new traders would do this then number of accounts blown would go down.
The moment you swap up the trading strategy and shift to the other one, you have just reset the timeline back to 00:00:00. That moment when your trading strategy dries up and stops printing money as it used to, that’s when you should hang in there because this how the industry works. Nothing works in a straight line without bumps. Maybe your ego went too high after finding that you are invincible and started taking positions that you shouldn’t take, Or the volume in the market has dried up and markets are not moving as they should be. These are things that you can not control as a trader in your Dorm Room hustling. CATCH UP WITH ANOTHER LESSON ON VOLUME AND VOLATILITY. If that happens you need to relax and stop trading for some time, because the strategy works but the reason you are not seeing performance is the trader him/herself or the market. Remember onetime i said…
Now this has nothing to do with Consistency but the few words about activating psychology with violation of risk management rules has something to do with swapping strategies often time when they seem not to work.
You see!, when a trader finds out the system is not working as it should be, Panic is installed in the human brain automatically. But that is nature, It is one of the defense mechanisms that the Lord created. But humans are given ability to control themselves in tight situations and that is what differentiate successful traders from unsuccessful traders.
All successful traders i know of all time like Paul Tudor Jones, Ray Dalio and others few to mention have hit rock bottom one or two times in their careers but they managed to turn around with a supersonic speed.They learned from their mistakes fast. Then Why not you?
The trick to build consistency is by showing up doing the same thing that proved to work over and over with discipline because the draw-down period will pass and you will keep making money. Don’t let natural draw downs destroy what you have building over time with hard work they will keep coming as long as Forex trading keeps existing so better prepare yourself. Hang in there brother there is light at the end of the tunnel.
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