Phoenix Ultra

‘Set and Forget Forex Trading’ is as simple as its name implies; you simply “set” the trade up and then “forget” about it for a

period of time. This has two major benefits: it makes it far easier to stay emotionally disciplined and it also allows you to go about

your life as you normally would, because you will not be spending hours in front of your computer over-analyzing the markets…

There are so many competing ideas and trading methods along with more fundamental data coming out every day than

you could ever hope to digest, it can be overwhelming to even try and make sense of it all and develop a forex trading

plan based off this amount of information. One of the biggest psychological mistakes that almost every aspiring trader

makes on their journey to success is firmly believing that the amount of economic data analyzed and (or) having a

technically complicated or expensive trading method will help them profit in the market. In reality, as most professional

traders will attest to, these factors usually have the opposite effect on trading profits, at least after certain point. This

essentially means that once you do a certain amount of analyzing market data, any further time spent analyzing this

data is likely to have a negative effect on your trading; it causes you to lose money.

The ironic fact about Forex trading is that spending less time analyzing data and finding the “perfect trading system”

will actually cause you to make more money faster because you will be more relaxed, less emotional, and thus less

likely to over-trade or over-leverage your trading account. Many people are attracted to speculative trading because

they want a way to make money that is “less difficult” than their current job, but they soon forget about that and start

spending countless hours digging themselves into a huge psychological trap that most of them never dig out of. All you

basically need to do to consistently make money in Forex is master an effecting trading method, develop a written out

trading plan based on this method and have a solid risk management strategy, you can then check the market one to

three times a day for ten to twenty minutes each time. If your edge (price action strategies) is showing up than you

set up your entry, stop loss, and target and walk away until the next scheduled time to check your trades.

Trading in this manner actually elicits a snowball of positive habits that work to further perpetuate your trading success.

People who spend more time analyzing market data and trying to perfect their trading system inevitably induce a cycle of

emotional mistakes that work to increase their trading failures and eventually result in lost money and lost time. 

People who realize that the market is uncontrollable and build their trading plan around this fact will inevitably arrive

at a “set and forget” type mentality that induces an emotional state that is conducive to on-going market success

and consistent profitability. The trading method used is not as important as the psychological or risk management

aspects of trading, but generally speaking, a method that offers a simple high-probability edge such as the price action

trading method is the best method to use to maintain your “set and forget” mindset.