FOREX trading is such a nice business but the way it look like from outside is actually not from inside. Do you ever think that why small business in India always gets failure? What are the problems small business faces? There is no strategy which can guarantee a sure shot success in FOREX trading, however; one can still hold a right attitude towards their trading strategies and follow these simple steps to avoid losses or to get into easy profit zone.
Please understand that changing your attitude and getting into correct mindset is what you actually need before getting to follow these simple steps. These are simple because they are simple but if you feel like difficult to follow these, always remember that money making have never been an easy task. If Money Making is a task, ask yourself that why you can’t just do another TASCCC to gear yourself towards profitability in FOREX trading?
You read it right. I call it a TASCCC (to be pronounced as TASK only) only to be done to avoid losses or to gear up towards profitability. Let us now understand this information and what this TASCCC actually mean is.
Target: Have a clear Target
Authenticate: Understand how practical your target is
Scrutinize: Study and examine every stock you are trading
Create: Never copy other’s trading strategies
Compulsive: Be passionate but never be compulsive
Conviction: Have belief on your trading strategy
Target: Have a clear Target
The most crucial and very first step of this strategy is having a clear set target for your FOREX trading. Like we always have a specific destination while travelling via any path, we also must have a clear set goal to make sure that you are running behind that specific goal. Having a set target will always push you to achieve your said target and in turn will make you to put your better self into action.
Authenticate: Understand how practical your target is
The second step goes hand to hand with the first step. Once you have a set goal, you must always authenticate the realism of your goal. Many traders set a very attractive profit targets but not the realistic ones. For example making 1000 rupee by investing just 50 rupee sounds really very tempting but not very realistic. To authenticate your goal, always look forward to answer following questions like how much you can invest, how much time you can invest in studying and trading in FOREX etc. These questions will let you authenticate the feasibility of your goal.
Scrutinize: Study and examine every stock you are trading
Many a time FOREX trader takes emotional decisions rather than just being rational. For being a profitable trader you always have to make sure that you are regularly studying the FOREX market and also the said stocks where you are investing in. Taking emotional decision may cost you hefty sometimes. It is difficult to believe in some trading strategies which have not been delivering for some time and doubting what all you are doing but make sure to do all those things which can actually resist your temptation. Try understanding yourself, your style of investment, your investment habits and other aspects before taking any emotional decision.
Create: Never copy other’s trading strategies
Yes, even when I am guiding you a format to follow and to strategies your trading actions, it is really important to avoid copying other trader’s strategies even when he is successful trader. It is important to create your own strategies and work according to the same. It is easy to pick a trading system even from internet but having your own trading system will mold things according to you. It is nothing bad to hear other successful traders and to take their advices on better FOREX trading but make sure that you are taking bits and pieces from their tips and molding them according to your feasibility to make sure that your system work for you. Always remember, if something is working for others do not mean that it will work for you too.
Compulsive: Be passionate but never be compulsive
Being passionate about trading is good but not being compulsive about it. It is good if you are a passionate trader and you really don’t bother about prices, profits, charts, other developments etc and only loving the trading. But, you have to create a trading system that actually works based on your personality; your exit strategies etc and you always have to be careful when it comes to take exit decisions. Being rational and not being compulsive is what you need to look into to go for a long run with your strategies.
Conviction: Have belief on your trading strategy
Last but not the least is to trust your strategies. You must have conviction on your money management, your exit strategies, your setups, and your trading system before you get into a mode of changing your own trading strategies. Many a times being non patience is what push you to change your own trading system before your strategies can prove itself. If you do not believe your own system, you will soon switch to other trading system and similarly you would be keep on switching strategies rather than looking into your own system and waiting for the better result. Conviction in your own trading system is the next best thing possible to gear up towards profitability.
I Preeti Mishra,having done with my MCA, is currently Founder of www.taazatadka.com . Besides, I’m a foodie, content writer, motivator and political analyst.
