Author: Chris Pottorff of FxKeys
The Forex markets are tough. The main reason isn’t any kind of secret, nor is it some kind of system that has yet to be discovered by you. In fact, almost all people have the ability to make money in the Forex markets, but they have to get a few things straight first.
The world is full of people trying to find some kind of magic in order to become rich, and this realm isn’t any different. The ads and systems being hocked out there promise the keys to getting rich quickly, but the reality is much different. The truth is that only by being patient can the trader end up being profitable. For example, when a pair is in the middle of a “counter-trend move”, by the very definition of counter-trend, following that move is a bit dangerous. Most traders won’t simply wait until the market is moving in the “correct” direction, or with the trend.
This isn’t to say that you always have a clear path forward. But that’s the point: Some markets aren’t to be bothered with at the moment. Perhaps the particular pair or commodity can’t figure out which way it wants to go. If that’s the case – Why are you being bothered to trade it? Think about the markets like this: They are opportunities, and unfortunately – opportunities don’t always make themselves available. Those who can recognize opportunities ahead of time are the victors. It doesn’t mean that the market will always be a battlefield that you should be involved in. The truth is, if a market doesn’t make sense to you, you should simply look elsewhere. After all, you aren’t taking those Euros, Yen, or whatever home, you aren’t truly buying them. You are trying to increase the value of your account by the base currency. With this, there is no reason to get too hung up on a particular market.
By taking the time to only deal with truly obvious markets and set ups, you are going to save yourself a lot of trouble and unnecessary drama. The markets are nerve racking enough as it is, and there is no need to make them any more stressful. Besides, if you stay out of major issues due to poor decisions, the whole psychological aspect of trading suddenly becomes much easier to deal with…
