After years of trading Forex and many technical systems to take a piece of the action on a daily basis, I've learned you must have the X Factor in trading to make it. If you are truly making some profit consistently in this market, you must have a working system (technical / fundamental) that dynamically adjusts with the market, an amazing discipline in money management and be mentally strong to handle volatility especially during news.
If you are in this category of traders, what is your X Factor?
here's mine to be fair:
I have a very simple system with a couple of indicators that's based on multi chart time frames, I keep an excel worksheet that provides exactly what my risk:reward ratio is. It's structured like a sprint with daily and weekly goals and spans thru the next 3 years. I also try to not be shaken by the news but that's inevitable. I have my set max loss in mind and take profit dynamically as dictated by market volume. Mentally, I don't think I'm there yet in terms of handling volatility but it's inherently covered since I never risk more than what I can handle. So I'm never in a situation that I will regret even if a loss happens which it does.
If you are in this category of traders, what is your X Factor?
here's mine to be fair:
I have a very simple system with a couple of indicators that's based on multi chart time frames, I keep an excel worksheet that provides exactly what my risk:reward ratio is. It's structured like a sprint with daily and weekly goals and spans thru the next 3 years. I also try to not be shaken by the news but that's inevitable. I have my set max loss in mind and take profit dynamically as dictated by market volume. Mentally, I don't think I'm there yet in terms of handling volatility but it's inherently covered since I never risk more than what I can handle. So I'm never in a situation that I will regret even if a loss happens which it does.