{"id":96110,"date":"2016-10-06T05:43:28","date_gmt":"2016-10-06T09:43:28","guid":{"rendered":"http:\/\/countingpips.com\/?p=96110"},"modified":"2016-10-05T05:43:46","modified_gmt":"2016-10-05T09:43:46","slug":"6-steps-to-keep-winning-in-forex","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/10\/6-steps-to-keep-winning-in-forex\/","title":{"rendered":"6 steps to keep winning in Forex"},"content":{"rendered":"
October 6, 2016<\/div>
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By Admiral Markets<\/b><\/p>\n

\"pablo<\/h1>\n

Dear Traders,<\/p>\n

Forex trading is not just about winning trades.<\/p>\n

To stay on track, you need to learn to accept losses too.<\/p>\n

The biggest disservice you might do to yourself is let your emotions overwhelm you.<\/p>\n

Once you do that, you will start losing all the profit you might have previously earned.<\/p>

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<\/div>\n

That’s what I want to discuss today.<\/p>\n

Just remember the old proverb \u2013 I may give you fish, but in the end, you need to learn to fish yourself.<\/p>\n

\"free<\/a><\/p>\n

Speaking from experience<\/h2>\n

What makes me an authority on winning in Forex?<\/p>\n

Though not all my accounts are in profit, I manage to stay on track thanks to religiously following my trading plan.<\/p>\n

This is a crucial point, as you can see from the two examples below.<\/p>\n

<\/p>\n

Despite being two years old, this account of mine has been growing steadily.<\/p>\n

It shows a good upward slope that forms the trend.<\/p>\n

<\/p>\n

The second account is not that good, as it shows a spike down due to lack of stop-losses.<\/p>\n

Overall, as long as you are able to identify mistakes, I believe your account will grow at a good enough pace.<\/p>\n

So what are we supposed to do to keep winning in Forex market?<\/p>\n

Steady discipline<\/h2>\n

Trading is a discipline.<\/p>\n

It is a long-term game of probabilities and you are a long-distance runner with a goal to stay on track for as long as possible.<\/p>\n

If you’re disciplined enough to stick to your trading strategy and not be
\nemotionally attached<\/a> to your losses, I think you will be making more winning than losing trades.<\/p>\n

And that is the main ingredient of achieving profit.<\/p>\n

Mastery<\/h2>\n

Master your own strategy.<\/p>\n

Constantly work on improving it, but do stick to core rules.<\/p>\n

You have to know your strategy inside and out and understand the market situation before you risk your money on a trade.<\/p>\n

You have to place traps that will be making pips for you.<\/p>\n

Once the market conditions match your strategy criteria\u2026<\/p>\n

…place your trade, without the fear holding you back.<\/p>\n

Capital preservation\/risk management<\/h2>\n

You should always manage your risk on every single trade you make.<\/p>\n

The moment you loosen your control over your trades, you allow emotions to creep in.<\/p>\n

And before you know it, you’re going straight into a
\ndownward spiral<\/a> of hope trading.<\/p>\n

Capital preservation should be priority.<\/p>\n

What does that mean?<\/p>\n

Think of your capital as your account’s lifeblood.<\/p>\n

Without it, you obviously cannot trade and the more of it you lose, the harder it is to recover.<\/p>\n

Risk management and capital preservation are two sides of the same coin:<\/p>\n

…you have to manage your risk\u2026<\/p>\n

…in order to preserve your capital.<\/p>\n

\"pablo<\/p>\n

 <\/p>\n

Trade in the zone<\/h2>\n

Successful price action trading is literally trading in the zone.<\/p>\n

Every time I make the
\nanalysis<\/a> and show trading opportunities<\/a>, you may notice the word POC<\/em>.<\/p>\n

POC, or
\npoint of confluence<\/em>, is the zone where we expect the price to react, either by rejection or bounce.<\/p>\n

Due to the nature of supply and demand, we cannot only trade with levels, as both buyers and sellers are a dynamic category.<\/p>\n

Instead, we should trade where historical buyers or sellers are aligned with the current buyers or sellers.<\/p>\n

Scale in<\/h2>\n

Scaling is a method of money management which allows you to limit potential losses and maximise potential profits.<\/p>\n

Sounds good, but how does it work?<\/p>\n

When you’re scaling in, you gradually increase the value of your position by adding into retracements and keeping your stop-loss intact.<\/p>\n

You can watch the short video below on how to properly scale in.<\/p>\n