On patience and persistence

When Forex starts to be all about predictive and analytical mathematics, there’s a risk the human factor will not be weighing enough, at the time of the final decision.

Numbers are numbers.

They matter, there’s no doubt about it. In fact, Forex is a numbers game so, without numbers, the game has little to no meaning or technical foundation. Or does it?

Why is patience and persistence so important at a time when mathematics could provide for “good reasons to trade” on a seemingly ongoing basis? Because the human factor which has such a profound effect on the currency exchange can change trends in an instant and because of this, patience and persistence act a sort of firewall against mathematically-centric decisions.

Waiting to long to offload a currency can yield results way below your targets, just the same as when “impulse trading” kicks in and the numbers win over your own personal intuition that trends are about to inch in a particular direction.

Forex is all about ups and downs. And traders can win at any time. It’s all a matter of strategy. And in more situation than busy traders are willing to admit, patience and persistence pay off handsomely.

Intelligence gathering, reliable insider tips (usually through blogs and forums), basic or fancy mathematics, fiscal policies, general politics and a healthy dose of local and world news provide “a technical base” for any trader but there’s more to this Forex trading activity than stuff which can display on a computer screens.

In fact, listening to your inner voice, in most situations, can help make sense of the non-stop stream of data coming your way. If you feel good about a trade, take a shot at it. If you don’t, then pass.

Whether you win or lose a bit won’t change the fact that working on perfecting your own intuition will likely elevate you to the next level, as a Forex trader. The voice inside of you, if you listen to it carefully, will usually be keen of patience and persistence because they’re bound to make you richer than not, especially when you dose them correctly.

If you need to focus on something, any given day your day trading doesn’t fare the way you want it to, remember that patience and persistence might be part of the answer. Interpret the market signals but don’t be rushed into dealing too quickly.

Forex is a wonderful trade so take your time to plot your next move. Do it once but do it right.

Forex is about strategy… and luck!

Some day traders are surrounded by an array of computer monitors tracking specific targeted currencies for trends, non-stop.

They sit at their desk and prey on the numbers. Like predators of the electronic money age, they will swing large chunks of a given currency to buy up another if they believe they can exit the deal, at some point, at a profit.

It doesn’t always end like a fairy tale but traders stay in the game with their hopes stubbornly high, just waiting for that in or out moment to happen.

Lots of people are taught to PUT money into a wide variety of investments but a lot fewer crowd has actually mastered the art of knowing when to PULL OUT of previous investments.

In many cases, that’s what separates the amateurs from the more successful traders.

So, after a while, when all the chips have been layed on the proverbial Forex table, millions of day traders are basically analyzing the currency markets like crazy, getting ready to offload their investments, putting as much money as they can, in their pockets.

This makes for certain episodes where one gets the impression that the market is flush with newly invested money while most day traders are thinking “out”, and fast. But as with many things, patience can yield impressive results.

So everybody has their own approach, regarding Forex.

That’s also something that makes this “strategy & luck” trade so much fun to be in and once in a while, to watch.