NOW WHAT IS MEANT BY CHASING THE MARKET?
Chasing the market is when a trader cannot help prevent himself from entering the market (taking a Buy or Sell trade) even though they know really well that that is not the best thing to do at that time.
Traders do well when there is high volatility in the market and the market is moving freely.
Best still when the market is trending strongly in one direction.
In such a market traders that enter the market and are a bit late can still get good profits as the momentum in the market allows them to catch a slice of the pie.
However, when there is little volatility in the markets and prices do not move higher or lower, the market becomes difficult and this is when traders lose money chasing the markets.
This is also the time for traders to start lowering their trade size and start practicing a lot of patience and self-control.
Chasing the market when it is in a non volatile state with very low range between its daily highs and lows can really spell trouble for many traders who attempts to chase the market.
So what should you do as a trader in a non volatile market?
LET THE MARKET COME TO YOU. FOLLOW THE WAY OF THE PROFESSIONAL TRADER.
The mark of a Professional trader is that they never chase the market.
And neither do they trade for the sake of trading.
Nope. Pro traders don’t do that.
Trading to them is not a form of entertainment.
It is a way towards financial freedom though, when done right.
WHAT IS IT ABOUT PROFESSIONAL TRADERS THAT ALLOW THEM TO SUCCEED TRADING THE MARKETS?
I can say that all Pro traders have an edge.
An edge is a strategy, a method in which they use to identify good trading opportunities in the market.
Pro traders have made their trading easy.
They will only take a trade when there exist a number of criteria which tells them that now is the time to enter a trade.
If those criteria do not appear, Pro traders stay out, leaving the newbie traders and careless traders go swim with the sharks while they observe from the sides.
PERFECT YOUR TRADING STRATEGY AND MAKE MONEY
If you want to become a part of this special breed of traders who consistently make money each and every week and every month, you must have a proper trading approach.
Failure to do so will make you poorer.
You need to decide on a trading strategy and then go about perfecting it.
Some traders I know utilize only one strategy in their trading approach.
I know of a Pro trader that trades only a few hours a day during the Asian session (9 am to 1 pm), about 4 hours of work per day.
He uses nothing but price action and Pivot points.
That’s it and only trades the EURUSD.
He is a specialist in that currency pair.
Every day he will just deploy his strategy and every day he will make good money from the markets working just 4 hours a day.
In my Forex course (Online course and Masterclass course), I teach traders a couple of strategies.
Why a couple of strategies and not one?
The reason is because every trader is different.
With proper guidance, the new trader then selects which strategy is in line and in sync with his personality and his working hours.
It is fully customized.You choose the strategy you are most comfortable with.
You see, that is wh I believe that you can also trade while still holding on to a job.
You just need to adopt a custom trading approach that fits around your working schedule.
Over time, you will become familiar with your trading strategy and trading approach.
And best of all . this will help you build more confidence.
You will not chase markets and will begin to trade like a Pro, sitting on your hands more than actually getting embroiled in a market with conditions that do not meet your criteria.
Instead, only when the market is SCREAMING at you to enter a trade will you then enter a trade.
The signal to trade has to be as obvious as can be.
If not go and do something else.
Feed your fish or your cat or enjoy a swim at the pool.
So traders out there, STOP CHASING THE MARKET and do not get excited over every shadow that comes out to greet you.
Do not be SUCKED IN.
Do not behave like all the losing traders.
You need to start behaving differently.
If you are a beginner trader and wants to learn and adopt a strategy that work, do pm me, come and visit me at my office and lets have a good chat about trading.
Traders who have been trading but wants to improve your trading approach are also invited to come over.
You do not have to trade alone if you don’t want to. You can join the Forexachievers community.
We are a bunch of traders who look out for each other. In fact you will also get profitable trading signals that meet stringent criteria.
Yup. That’s all for todays talk about trading.
I hope you enjoy my sharing and you benefit from it.
Have a good day ahead.
To your success!
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