In today forex faq, we have a question from one of our fellow readers asking me the below question
Is it better to consistently trade one strategy or switch strategies frequently?
I bet this is also one common question among new traders. However I must say that a lot of new traders out there are actually trading without a proper strategy. They simply watched some youtube videos and start to trade live with their hard earned money.
Trust me, those youtube video out there are all general strategies that have not been fine tune to work yet. In fact, a portion of them are created by marketers to lure you guys into their service.
That is also why I often received emails from new readers telling me how much they have lost in trading using strategies that they have learned from YouTube.
Therefore I will like to take this opportunity to tell you guys here that there is no way you can make money from trading forex without a proven set of strategies.
For a start, if you are a new trader, I will say that focusing on 1 single strategy is very important. The more strategy you use, the more confused you become. But I can understand the mentality of new traders as I am once like you guys.
I am eager to win more money and I want to have a lot of trades everyday. Therefore I want to learn and use as many strategies as possible.
Trust me, thing does not work that way.
Like what I advice all my students, start by practicing 1 strategy or at most 2 strategies first and you will only move to practice the next strategy when you have managed to produce 2 consecutive months of profits with those strategies. Never trade with more than 2 strategies at a time if you are new to trading.
In fact, the more focus you are, the faster you can start to make money from trading.
When you starts to make profits in trading, what you should aim for is to increase your profits every month and this is done by introducing new strategy into your trading arsenal.
That is why I have several strategies on hand to deal with different market conditions. This is to make sure that I have trading opportunity at various market conditions.
I hope that I have answered your question well and do feel free to email me if you have any question