The Danger of Studying Too Many Trading Systems
With the advancement in technology, we are now able to learn forex at the ease of our computer via the internet. Similarly, the rising popularity of forex trading has propelled the creation of numerous forex related products and courses that may or may not be useful to us.
Although it is good for us to be always learning, it can sometime be a hindrance to us if we are faced with information overload which is pretty common now with the access of internet. I have known a number of people who are learning to trade currency for about a year but is still unable to trade profitably and upon talking to them, I find out that their main obstacle to their success is themselves.
These people are always learning the new trading system that they come across and never really have time to put any one of them into real long term practice. Without proper practicing of a system, you will never be able to know whether it suits your trading style, the winning percentage and whether it can help you to make money in the long run.
In fact, you only need 1 or 2 different trading systems to be profitable in currency trading. Once you identify the systems that you are interested in, you should spend a few months trying them out on demo account and fine tune them until they are able to produce good winning percentage.
It is very important for you to stick to your chosen trading systems at time where it produces a losing trade. Most people give up on their strategy once they see a losing trade and start to pick up another strategy thinking that it must be better. You got to understand that there is no strategy that can give you 100% winning trade. If you ever dream of becoming a profitable trader, you only need to have a strategy that gives you 60 to 70% winning trade.
Please do not rush into picking your trading system, it is very important for you to slowly analyze and fine tune it to produce your desired results.
Do you face such a problem? If you do, share with us your thought by commenting below.
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