The search for the "best strategy" in forex is eternal. Most new and even experienced traders seem to go on this Holy-Grail quest at one time or another during their trading careers.
Many poor souls even spend an entire lifetime unsuccessfully looking through forums, books, and seminars for the elusive strategy that outranks them all.
Here are 3 things you should know regarding the "best" strategy:
- It Doesn't Exist!
The ways to "skin a cat" are many; there isn't just one. This applies to successful strategies or methodologies to trade currencies as well. The trading styles used by guys who make money consistently in the market are many; as diverse as the human DNA code. This makes a lot of sense, since the number of trading indicators, oscillators, and concepts are infinite, as well as the way they can be combined. Therefore, a lifelong pursuit of perfection in trading sooner or later leads to disappointment.
- It is Incomplete without Risk Management.
Have you ever heard the saying, "The best Offense is a Good Defense?" This is as true in the legal world as it is in trading. Even an excellent entry strategy ("offense") becomes a poor one with a bad exit plan ("defense"). All forex traders who employ strategies such as Martingale (which continues adding to losing trades in anticipation a retracement) or another methodology with a faulty exit strategy that holds on to large losses waiting (or "praying") for a market comeback, are doomed to failure. We have seen more traders in our recruitment program blow up because of a bad exit strategy than anything else.
- It Doesn't Work without the Right Mindset.
The best strategy quickly turns into the worst if the trader's mind is not tuned for success. You hear experts say over and over again, "Trading is mostly Mental!" It's a universal truth based on the Law of Attraction (which has become a bit of a buzzword due to the movie, "The Secret"). This is why we created FX Mental Tuner. It's an MP3 that is an integral part of our FastTrack program, and one designed to condition a trader's mind to achieve maximum success with their strategy.
In conclusion, the search for the best trading strategy or Holy Grail is a futile one. Focus on the three points above instead and maximize your success in trading.
To learn about the proprietary strategies and mental-training MP3 we will be releasing soon as part of our FastTrack program, visit our blog frequently or like us on Facebook.