Forex trading is not rocket science. However, there are more than 80% of retail traders make a loss in the Forex market. Among the 80% there a lot of people who have depth knowledge about the Forex market and even in the Forex trading strategy. The reason behind the failure to be successful might be a lack of consistency.
Forex market is not a place for gambling or becoming rich overnight. There are many traders who already made a good amount of profit but failed to keep the track. Therefore, they ended up the game with an extensive loss in their equity.
On the other hand, there a lot of successful traders who are earning a regular profit from the Forex market without having extensive knowledge about the overall market. Do you know why?
They can repeat their activity regularly. Being a successful trader does not mean that they do not make any loss. Rather they ensure an overall gain from the market.
Int the following section, we will see how the consistent profit can change your financial life. We will start with the basic concept of the Forex market.
Retail Traders in the Forex Market
Forex market is the world’s biggest financial market with a daily turnover above 5.3 trillion US dollars. The main market movers in the Forex market are central banks, hedge funds, financial institutes, and Forex broker.
The involvement in retail traders in the Forex market is very tiny. Therefore, it doesn’t matter what retail traders are thinking about the Forex market. Your analysis might go wrong if market movers do not follow your direction. Therefore, you should focus on what big players are doing in the Forex market. Retail traders can be successful by following market movers only.
Therefore, whatever trading strategy you use you should make sure that it includes the intervention of big players
What is Consistency in Forex Trading
Consistent profit-making in forex trading means making an average profit. According to Dow Theory, the forex market remains in three different stages- the beginning of the trend, impulsive continuation of the trend and the end of the trend. So the market reacts differently on these market stages.
A consistent trader changes his/ her reaction on the market with the market structure. For example, if the EURUSD price is going through consolidation for a month. Therefore any strategy that works well in the impulsive momentum would not work well here. So a trader who makes a profit with a strategy with impulsive pressure would not make a profit here. As a result, consistency failed.
Successful forex traders know well how to react on the market with the change in price structure.
Trading with Consistent Profit Can Make You a Better Trader
Forex trading is not rocket science. Everyone who makes a good study can understand the operation in the forex market with how they can make a profit from here. However, the main difference between successful and unsuccessful traders is consistency.
Let’s have a look at how consistency forex trading can change your life:
#1 Financial Freedom
By a consistent profit, you achieve financial freedom in your life. Can you imagine a life where you do not have to get tensed about your money? Because you know you are going to make money from the next time you sit in front of your computer. Yes, by forex trading as it an easy way to earn the hardest money.
Leading a life of financial freedom is a dream for every human being. As a trader, your dream might come true only when you can make a consistent profit from the forex market. Yes, as a trader you will make losses and profits but you should make sure that you are overall making a profit at the end of every month or week.
# 2 Investment Management
Imagine you have enough knowledge about the Forex market and a proven track record of making profit consistently. Therefore, when you try to apply to have an investment under you you will get because you have the assurance that you were making a consistent profit. It is a good opportunity for traders who do not have their own funds but have skills to make their profit. There are a lot of ways in the forex market like social trading and other investment generation tools. By using them people will see how much you are earning each month with how much return on investment you are giving. Therefore, they will research your performance and they will invest under you. It is a great tool for traders to boost earnings by managing the investment of other persons.
#3 Get Rid of Traditional Official Worktime
If you are an employee you have to work 9 to 5 every day or if you are a traditional businessman you wouldn't have any timetable for your work. Is this the life you look for being a forex trader? With a consistent profit, you can get rid of these official work times.
You don't have to wake up in the morning and get ready for the office and come back home at night and end the day like this. Being a consistently profitable forex trader you can spend less time in your earning but you can do much much then you'd on from a job or from a traditional business. So who doesn't want to get rid of potential tension and have plenty of time for their family and kids?
#4 Room for Self- Improvement
Self-improvement is a very important element for a forex trader. Ss we know the activity in the forex market is complicated as traders should beat Financial Institute, hedge farms and Central banks. Therefore, any big wrong decision can hamper your trading activity. So in order to get rid of it, you should have strong psychology that will allow it to be a consistent profit by improving yourself. Besides Forex trading you can use self-improvement in social family and National Life. So if you are a Forex trader you have enough plenty of space to give yourself for your self-improvement which is a very big opportunity that only traders can have.
In summary, we can say that Forex trading is an exciting method to earn money by working less. However, this is only possible when you are a consistently profitable trader. Remember one thing: consistency doesn't come in one day. To be consistent in this industry you should have enough knowledge about the market. You need to do some struggle about it. You need to learn much about it and practice it.