Sure, simply grabbing the first system that comes along and trading it may work sometimes, and may even work for a while, but it is probably not going to work in the long term. Achieving a good level of consistency in the long run requires more than just having a trading system.
Even having a good trading system is not a guarantee for success.
Trading is a complex game where a multitude of factors are always in play that decide the success or failure of a trader. In order for you to achieve a good level of consistency over the long run, you will need a fair amount of effort and dedication to develop the right trading system and more importantly, master trading it!
Here are some points that are important in order to have a successful trading journey:
1) Know your trading system. Besides understanding how to enter and exit trades with the system, in order to master it and maximize results it is also key to understand:
Are you planning to trade every day for 8 hours, or would you prefer to look at the markets once a day every night?
Understanding yourself and your needs will allow you to create a good trading plan for you and align your trading strategies accordingly.
3) Test your plan. There are many considerations that you might need to make and then comes the time when you need to test the plan and the strategy. Keep in mind that if you do not test the strategy that you are going to trade, how will you ever really know whether it has already worked for others? How will you develop the confidence to execute live trades with it?
Luckily, demo accounts are widely available today and it’s critical that any strategy or plan is tested on a demo account before taking it to a live trading account.
The trading industry has become bigger and better than ever. With the help of a simple but useful tool like the Relative Vigor Index (RVI) and other essential technical indicators, traders can get vital information to make maximum profits from Forex trading.
The Relative Vigor Index or the so-called “RVI” is one of the most popular technical indicators used in the trading world. The RVI is a very useful tool because it compares the closing price to price ranges and provides the trader with a reading of the strength of recent price movements.
The RVI shows higher values when the uptrend’s strength is increasing, while RVI values begin to flatten as the momentum is slowing down.
In a downtrend, lower lows in the RVI are an indication of a strengthening downward momentum.
The RVI serves as a momentum indicator where the slope will generally change its direction ahead of the price. Divergence in the RVI indicator is often a leading indication that a reversal is coming.
Finally, whether you are a part-time trader or a full-time trader is not that important. Those who maintain long-term success in trading are those who are thoroughly prepared before they enter the market.
Related education and FX know-how:
Trusted FX Brokers
Haven't found what you're looking for? Contact us!
Forex Education - Basics:
Free Forex eBooks:
Forex Education - FX Brokers:
Forex Education - Technical Analysis:
Forex Education - Money Management:
Forex Education - Psychology:
Forex Education - Others: