Powerful Universal Principle Of Successful Forex Trading
In this Forex trading vlog, I share one of the universal principles of successful Forex trading. Vlog #222.
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The content of this video was inspired by the book The Universal Principles Of Successful Trading (Brent Penfold).
I go more in-depth on The Universal Principles Of Successful Forex Trading in my interview with Brent Penfold. However, I highlighted a sentence with a HUGE meaning the first time I read the book.
That sentence says: “Adjustable parameters produce adjustable outcomes.”
In trading, like in several other disciplines, the most consistent person wins. If you keep adjusting your trading strategy, you'll probably never get to see consistent trading results.
Consistency comes first in your actions and (fairly) consistent results from the market come second.
That is not to say that you have to stick to the same strategy for the next 50 years. One of the traits of highly successful traders is adaptability. The trader who can adapt to various market conditions will always come out ahead.In trading, like in several other disciplines, the most consistent person wins. Click To Tweet
However, you can't expect to be a consistent Forex trader if you have a very subjective parameter in your trading strategy that is influenced by your mood, emotions, etc.
Your challenge? Try to be consistent in everything you do for a month. Then, re-evaluate to see what needs to be improved.
If you are aspiring to trade for other people while traveling, you might want to consider checking out the Desire To TRADE Academy where I’ll help you do precisely that!
If you are aspiring to Forex but wonder how to put together a solid trading plan, I recommend you grab my FREE One-Page Trading Plan Template. It will help you simplify your trading strategy on a single page!