Forex Signals Deadly Sin 6: Expecting To Win All The Time
Forex signals services attract many people with different levels of experience trading Forex. And while following already profitable Forex traders is an excellent shortcut to profits, it does not mean Forex signals subscribers are going to win all the time. Therefore, subscribers with little to no experience trading Forex need to learn that long term Forex trading involves loss.
In this lesson of the Forex Signals Success Course, I want to go over how Forex signals users should not expect to win all the time.
Even Professional Traders Have Losing Trades, Weeks And Months
Most at-home traders don’t have any real experience with professional traders. It they did, they would know that losing trades, losing weeks and losing months are all part of trading. It is impossible to predict future market movement with 100% accuracy… period.
Even if you work as a professional trader for a bank with 20 years of experience, you are going to suffer loses. Professional traders lose trades just like novice at home traders lose trades. The difference is professional traders understand losing is just part of trading.
The good news is you do not have to win every trade, every week or even every month in order to be profitable trading Forex. But you do have to take a professional view of loss and protect your account. It is how the trading performs over the long term that matters.
Forex Signals Subscribers Must Act And Think Like A Professional Trader
Even though the Forex signals subscriber is not making the trading decisions, they still need to think and act like a professional trader. The Forex signals provider decides when to enter the market, manage trades or exit the market. And those decisions will lead to losing trades.
Just because the Forex signals subscriber is paying for signals does not mean every trade is going to be a winner. Professional traders must struggle through the losses. And as a Forex signals follower, you must struggle through the losses as well. This can only happen if you adopt a professional view of trading and understand loss is just part of the trading experience.
Growth, Consolidation And Drawdown
If you look at any currency pair chart, you will see periods of growth, consolidation and loss.
- There are periods where price action is rising on the chart… not straight up, but in an upward direction.
- There are periods where price goes up and down in a small range… but really doesn’t go anywhere.
- And there are periods where price action is falling on the chart… not straight down, but in a downward direction.
That is the natural ebb and flow of the markets. And as a trader, you should expect this natural ebb and flow to happen in your own trading accounts.
- There will be times of growth.
- There will be times of consolidation.
- There will be times of loss.
What you need to understand as a trader, and expect from your trading efforts, is that over the long run, these times of growth, consolidation and loss lead to OVERALL gains in the long term. That is the key to Forex trading success.
Trade Forex Signals Long Enough To Gain Experience
So, a lot of people join a Forex signals service without a lot of trading experience. And that lack of experience can lead to the unrealistic expectation that they should win all the time. And since this is not possible, they end up prematurely abandoning the service before they realize the long term profits that are possible.
The only way to gain the experience necessary so you can think and act like a professional trader is to dedicate yourself to trading the signals over the long term. Instead of just giving the signals a try, and getting disappointed at the first signs of loss, the signals follower must dedicate themselves to 3-6 months of using the service no matter what. This is the only way to ensure you stick with the service long enough to experience the true potential of the signals you are following.
Yes, this takes a commitment. This takes discipline. And this takes patience.
Now, commitment, discipline and patience might not be words you want to hear. But these qualities are absolutely necessary to become a successful, long term Forex trader. Which means they are necessary for the Forex signals subscriber as well.
You must trade the signals over the long term. Over the long term , there will be losing trades, losing weeks and even losing months. Struggling through these periods is what makes the long term profits necessary.
In short, when you join a Forex signals service, don’t commit the Deadly Sin of thinking you are going to win all the time.
If you want to think, act and profit like a pro trader, trade our signals over the long term!