In Forex trading, just like with most challenging things in life, there are a multitude of paths you can take to achieve your goal.
At first sight, this seems rather positive: if you don’t get to your goal following one path, there always are plenty of other ones to take.
However, this multi-opportunities issue is one of the most difficult one we have to face, as traders.
As there are numerous tools, strategies, timeframes, pairs, brokers, financial markets, there are tons of possibilities for us to trade.
But jumping from one opportunity to the other will only make us take a new path each time, never reaching our final destination…
As we get excited by every new strategy we stumble upon, we just dilute our previous efforts and, although we have learned a bit previously, we are almost restarting from scratch again and again and again.
What looked like an amazing fact is now trapping us into a never ending cycle…
However, we can fix that!
How to fix the multi-opportunities issue?
If you want to reach your financial goals trading Forex, you have got to be ruthless with yourself…
Focus on 1 strategy and 1 pair, using a maximum of 5 tools.
Sure enough, your strategy won’t be perfect from the get go.
But, because you are only focusing on this one, you actually have the time to do what is important: gradually improving your only strategy using back-tested data.
By the way, improving your strategy doesn’t mean you need to change the pair you are trading or the tools you are using. It means you just have to test and improve the system itself (including your money and risk management strategy).
Just do this for 6 months and you’ll be amazed how far you can get by focusing all your time and efforts on a single strategy.
Is it hard to do?
Yes it is. Letting go other opportunities and refusing to get involved with new ones will required you to be very strong minded.
This is just how we are. We love to try and discover new things.
Moreover, we hate to think we might be missing on the next shiny object. We’d rather start all over again and again and again…
We also don’t like to stick with things because when time passes by, things can get a bit boring.
Keep it exciting!
Sure enough, always using the same strategy (with some minor tweaks) to trade the same way day after day can get boring.
However, if you do track and improve gradually, results will be everything but boring.
On top of that, understanding that working on the small details really does make a difference can become a huge source of satisfaction!
Another way to keep it exciting is to share your results with others. There are plenty of forums out there where you can share your ideas and help people succeed as you are.
And when you’re thinking about chasing the last shinny object again, ask yourself:
“Do I prefer to follow the path till the end (get rich) or indefinitely start off again (get nowhere)?“