gaarbru

I would like you to take a minute to think about why you got into forex in the first place. Was it to supplement you income? to add some extra cash in the household? Whatever it was you need to keep it in mind and never lose sight of it.

It is easy to get lost and forget why we ever came into this business. With all that money available for the taking every day in the forex market it is no wonder people cant keep their heads straight and end up losing their trading account.

I would like to ask you a question are you losing money overall in forex?

I am sure the migratory of you said yes. Do you realise this means that you would have been more profitable never taking a trade! Think about this for a minute, not having a position in the market is as profitable as having one.

Now I would like to present a simple technique that if followed with discipline will result in much higher chance of success in the forex market simply because you are avoiding giving all your money back.

Here is the strategy; you are only allowed to take 4 trades every month, that's it, nothing more. Because You have a limited amount of trades every month you will find yourself planning and only taking the very best setups.

The last part of the strategy is the cut off points. If you have 2 consecutive losses in a row you stop trading for that month. This will give you time to reflect on what went wrong and stop you from revenge trading to recoup your losses.

Because this strategy only allows 4 trades a month I highly recommend you trade off of the higher time frames like the 4 hour or daily charts. This in its self will give you a higher probability that you trade will at least break even as these time frames are far more predictable than day trading.

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// posted by wgvx @ 5:15 PM