If you are in the Forex trading industry for a long time, then you must have come across lots of offers from Forex-related companies or the posts & suggestions from the social media sites and Google. Various Advertisements who claim themselves as guaranteed money-makers.
People like us get quite convinced by the service provider who claim to make $200/day or 4000 pips/month and want to know the strategy involved so that can use the same, right? Many of us may take a bite and buy what they are providing while other people jumble up to develop the closest thing they can.
Creating your time outlines, indicators, your own open and close restrictions, and risk management strategies accelerate the possibilities of the system correcting your trading personality and you follow the system’s rules.
Whether you buy your strategies from the financial companies or create it by your own. You should know that it takes time, patience, emotional control and discipline to achieve the target. Examining the profitability of your Forex Trading strategies means sticking to them for long enough to estimate its strengths and weaknesses.
But once you realize that the system you’ve bought or created isn’t working for you, what you do? How you put the line between the wrong trading day and a fruitless system, it’s hard to distinguish isn’t it?
Here are some situations when it’s better to let it go:
You cannot continuously follow your own Forex Trading rules.At times, you can make or break your trading system with just your one or two trades. The important thing is that you cannot evaluate the effectiveness of a trading strategy if you do not use it constantly. If you think your system is too explicit, formless, or difficult for you, then create the necessary tweaks or conduit it all together.
Your trading system requires more hard work than it needsDo you need to be attentive all the time for your strategy to be profitable? Do you need to check on lots of indicators before you confirm a signal?
If you are not happy with your trading system for a long time or if you think that you would make more or less the exact number of pips than you haven’t used it, then it’s time to look at other options.
It takes time, hard work, sleepless nights, discipline, effort, emotional control and maybe a few quantities of luck as well before you find a profitable one that also fits your Forex Trading personality. You can’t be lazy or fearful to ditch an unproductive system for a new one.
We here, at Trades Factory believe in creating Forex Trading strategies through experience and knowledge.