• November 27, 2018 at 4:45 am#53191
    vickymack
    Participant

    There were two woodcutters in the forest who used to work for the same company. One was Paul and the other one was Rob. Paul was the first cutter who has joined in the company many years ago but his salary has not increased. He still cuts the same amount of woods he used to cut years ago. The new worker Rob has been cutting trees for only one year and his salary has been increased. He also cuts down more trees than Paul. When Paul wanted to know his secret, the woodcutter Rob humbly said he always forged his axe after cutting trees for hours. This answer opened his eyes and Rob realized the importance of forging his own axe.

    If you are wondering why we have started this story in Forex article, you should know that trading in this industry is not different than cutting woods in the forest. Every day we are given the task of placing trades but we do not place trades at every trend we see. We know many of the trends are not good and they can take our money. We also know that our strategy may not be perfect for these trends. When we place our trades, we forget to forge our strategy and we cannot improve our performance. This story teaches us the importance of why forging is important to becoming better over time. If we do not know how to forge our plan or strategy, we will be in the same position as Paul and cannot make any progress in our trades.

    Developing a perfect trading system
    Developing a perfect trading system is a very challenging task. People don’t know the perfect way to develop their skills. Even they don’t have known how to find the best online trading account in this industry. To make a consistent profit from this market you need to think like the professional Singaporean trader. At times you might think this market is rigged. But in reality, this is the most transparent market you can ever have. First of all, try to learn the basics of the market. Stop thinking about making tons of profit. Focus on your demo trading performance and try to find your weakness. Never think you are here to become a rich person in a shortcut way. Consider this profession just like your traditional business. You have to create a perfect trading strategy by trial and error. Make sure your trading system in lines with your personality or else it will be really hard to make a decent profit from this market.

    Start forging with small things
    You do not need to develop a new plan to forge your old plan. You can start by bringing small changes to your plan and it will also not take much time. The reason people lose most of their money is they always think they need to completely change their strategy if they want to forge and keep it updated with the fundamental news. It is a wrong idea and you should start by doing small upgrades. This way you can be relaxed and you need not need to worry about big changes. If you bring a big change to it in the first place, it may change the outcome of your strategy and lead to an unexpected outcome.

    Always run a test check on demo accounts
    Rob did not cut woods with his newly forged ax. He used to give some time and test on some trees if the forges were correctly done. You should do the same and run some test check on your demo accounts. They may go wrong but you will know where you have made the mistakes. Just forging it is not important in itself but improving your strategy is more important. Always remember confidence is the key to becoming a successful trader. Keep on learning new things so that you can make the best decisions at the extreme market condition.

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