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How to Win Consistently at Trading Forex
Trading Forex is a fantastic career or hobby, but unless you are winning consistently then it can be a short lived career or an expensive hobby. The elation of a win is often followed by several losses if you don't have a serious approach to your money management strategy and control of your emotions. In this article we are going to establish a money management and psychological strategy that will help you win consistently at trading Forex.
First of all let us look at the trade settings themselves. Now this article is not to define a winning strategy; but to show you that even a strategy that only wins 50% of the time can make consistent returns. You may already have a winning strategy but poor money and psychological management.
It is important to aim for a 3:1 risk reward ratio. In simple terms; you need to look for trades that can offer you 3 times the return of the potential loss. If you adopt this approach then you only need to win 50% of the time because your wins out way the losses by 3 times. Once you master this rule you are well on your way to a winning strategy.
Article Source: http://EzineArticles.com/9929164
