The most common mistake that is made by traders is they try to find a repeating pattern in each trend. Whenever they won money, they think they have now understood what trend is profitable for them. There are thousands of information that needs to align with their strategy to favor the trends. People think as this trend was profitable and their strategy worked according to their plan, they should search for the same trend in their every trade. This is the wrong idea that people have in their minds. This article will tell you why you should not try to find a repeating pattern. Your past trend may have given you money but if you are trading with the same strategy in the same trend again now, you can lose the profit that you have made. Forex is not a simple market where you will get rich every time with one old strategy. You need to keep developing yourself and also your strategy as the trends keep changing over time.
Trade the chart pattern
Chart pattern trading is extremely profitable. The new traders often ask how the experienced traders ride the long-term trend. How do they catch the biggest market movement? This is where chart pattern trading comes into action. If you use the simple chart pattern trading strategy, you will be able to find the quality trades even during the extreme level of market volatility. Most of the time the major breakout occurs after the formation of the reliable chart pattern. So if you can truly understand the different chart patterns in the higher time frame, chances are very high you will become a profitable trader.
Stop blaming your trading system
Some of you might say your system doesn’t work all? But to be honest, the problems lies within you. You are not considering the psychological factors of spread betting Forex. Even if you lose six trades in a row it doesn’t mean your system is not worthy. You need to focus on the long-term outcome of each trade to become a successful trader. If require demo trade the market for the first few months and you will be able to find the quality trades. Never trade the market with gut feelings as it will force you to overtrade the market.
The trend is changing
You cannot bring good luck by trying to find the same old pattern. The trends are changing because there is new information getting in the industry. All these news and information plays a role to change the price trends and as a result, people get one trend only once. You can be lucky and get the same trend for twice but you never know if you can place the trade at that time. Instead of misusing your time, try to focus on the trend to find the live trend that suits your strategy. You will only wait longer for your next profit if you try to get a repeating trend. The trend may repeat but no people know when it will be. It may come again tomorrow or never.
Every trend brings new opportunity
If you think your past trend was only good and all other trends are cursed with a spell, you are wrong. Every trend gives people equal chance to make their profit. Remember the trading mantra of this industry. Volatility opens the door of spawning profit and new trend means there is a shift in a price change. It is not necessary that people will always buy the currency pair at a lower price and sell them at a higher price for profit but they can also make a profit in other ways. Just keep your eyes open and you will find professionals are making money in many colorful ways. The more you analyze the trend, the more chances will reveal before you.