How To Be Consistent in Forex Trading
How To Be Consistent in Forex Trading
In this Bali Forex trading vlog, I share with you my top 4 recommendations to become a consistent trader. Vlog #432
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What's up, welcome back to Bali. First video I do here. I hope you don't mind the kind of beach-like look and the burn on face.
But forget that, anyway…
I want to show you something today very interesting that I think people forget to discuss. All these people out there try to become consistently profitable traders, that's their goal.
But, you will know for a fact, if you've been watching these videos for some time, that the only way to get consistent results is to put in consistent action.
Now, that's kind of obvious, but I want to show exactly how you do this, what steps you have to take, how do you become, yourself, consistent in your actions to get consistent results, and that's gonna be the whole purpose of this video today.
I'll be having a couple of steps for you to become consistent, and these are the same things I do myself and I've been going through in the past.
So, here's what I want you to know first:
Something good done consistently is always better than something perfect.
You could be tracking perfect, and that's gonna take you a long time. And in the end, you probably won't get your result.
But if you try to just be consistent with something good, you will become better faster, and that's why you should focus on being consistent, as opposed to perfect in whatever you do, trading, life, business, relationship, whatever.
So I've got the four steps that you can use to become more consistent.
And the very first thing you gotta do is ask yourself why you want to get results in trading. But, keep in mind, you cannot just say I misstep that year, why?
So for example, people might say, “I wanna trade because I want to make a million “to support my family,” or whatever the reason is, and that could be good, but then you might wanna push things too hard.
You might wanna place trades you should not place because of your why.
So you gotta be careful, your why is important, but don't be attracted by it. Don't do things that are against your goal 'cause the thing that can help you reach your goal faster, like don't trade if you're not supposed to trade because you want to reach your goal faster.
That won't work, that's not consistent, and that's usually not a good way to do things.
So what you want to do, is you want to know your why, you want to understand it, but you don't wanna be too much pushed by it and do things because of it that do not respect the process. You want to be clear about that.
But the cool thing about your why is that your why will help you push through the tough times.
Whenever you have a doubt, a challenge, something not happening your way, the way you want it, which always happens by the way, it's not not normal, so it's normal, then at least you have a way to kind of get back on track and you know you're gonna work on it again and again and again.
The reason why I kept doing trading after two years of not being successful at all, and even three years and a half, is because I had this reason of why I wanted to do this.
What was my goal with trading. And that kept me on to pursue and to work harder, to become better.
Had I had no reason, no why, I probably would have stopped after day five, I didn't have a reason to continue. And that's what you want to figure out for you. What is your reason now? And it cannot just be money.
If it's only money, find something more deep that's gonna be more meaningful for you and that will be a lot, a lot better. Okay, so that's the first thing. And I spent some time on this, but it's pretty important.
So, second thing is, pick this one thing. So what you want to do yourself consistently over time, what is that one action? It could be, and you start with one, don't start with five, 'cause that's not right. That's gonna be harder to do.
So what about, I wanna do my journal consistently every time I close a trade. That's a good one.
Or what about, I wanna be able to cut my losses properly every time, I wanna be able to put my stop loss respected all the time. That's what you want to do consistently. You pick your thing depending on what you want to work on, but pick only one thing at a time.
Then, step number three is you want to start to create the habit. And there's a really good book you could read on that topic called The Power of Habit that is really game-changing on that topic, but what you want to do in short is create for yourself a trigger, so something that's gonna trigger your action, your habit.
And that works really well if you put it with something else. So, for example, like we talk about, do your trading journal when you close a trade.
Closing the trade is the trigger and doing the trading journal is the habit, the action after the trigger.
Now the cool thing here is that you already do the first one, the trigger, so you only have to kind of link the two and then every time you have trigger, in your mind you're gonna do, “Oh, trading journal.”
And you're gonna do it, and that's kind of what you want to create, a trigger followed by a habit that you already do the trigger.
Don't reinvent the wheel, just do what you do now and add something more to it to become more consistent. ‘Cause that works really well, and I've done this many times for many things including trading journals, including reviewing the stats at the end of the month, doing the weekly review, anything. It can work with a lot of stuff, 'cause that's what you want to do.
And if you have trouble in this part, just read the book The Power of Habit.
It's gonna simplify everything for you. And the last part, step number four, is you wanna give yourself an achievable challenge, a challenge you can achieve but that's kind of a stretch a little bit. So how about a 30-day challenge of for the next 30 days I want to this all the time correctly, and that's my challenge.
And then you rank yourself, so you check let's say the days when you did your thing properly, consistently, and over time, if you do this 30 days, you're gonna become pretty fast, automatic, and you won't think about it too much. ‘Cause that works pretty well.
So the point is that you wanna kind of find the thing you want to work on, find out why you wanna work on that thing, and then do it, and track yourself a challenge you can look up to, that you can look forward to, and then just keep going on with that, and that works really, really well for a lot of people.
So I hope that helps you guys, and leave a comment if you have any success with this or if you've done things differently in the past, I wanna hear you talk down below in the comments.
Give a like on a video if you liked this today. Here are a few comments from the past video. I always appreciate you guys for leaving comments down below.
And keep in mind, something good done consistently is always better than something perfect. Does all that make sense?
And with that being said, I'll catch you back here tomorrow.
My name is Etienne Crete (from Montreal, Canada). I'm a swing Forex trader (who has the chance to travel the world anytime) and help aspiring Forex traders develop a trading method that works for them so they can produce income allowing them to live with more freedom.
You see, a lot of aspiring Forex traders lack the confidence to pursue their dreams. I'm there not only to help you develop your confidence but also to implement the tactics that are proven to give you results. You'll develop Forex trading discipline and the other skills you need in NO time!
Ultimately, you'll get to experience what a day in the life of a Forex trader truly looks like, but you'll also have to be consistent with your Forex weekly review!
I produce a traveling Forex trader vlog and host the Desire To Trade Podcast. I was fed up with the “fake” millionaire traders and the “get-rich-quick-trading guys”. That's why you can expect more free content from me than what other people charge for!
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