Be Picky

In the foreign exchange market, there are times to trade but there are more times to not trade.

In order to achieve success as a trader, you must be alert, selective, and not chase every single pip.

Don’t chase price. Be patient.

When you go to the grocery store, you usually don’t buy the first apple you pick up. Instead you look at several apples, comparing their shape, color, smell, etc. In other words, you’re picky.

You should apply the same approach to trading. Be picky with your trades. Take only the ones with high probability setups.

Only trade when there is a good setup which means it meets all the rules in your trading system.

Stay out of the market when if it doesn’t.

You do have a system right?

If you don’t see any good trade setups or the current market conditions don’t fit with your trading system, stay out!

Trade only when you see something. Don’t trade when you don’t see anything.

Simple.

Never trade just to be in the market.

  • fed

    Excellent thanks for the reminder ;)

  • fed

    Excellent thanks for the reminder ;)

  • GREAT

    Thanks for the advice, and the reminder, because today i succeeded in my first two trades, there comes this trade which am in now. and it seems it is against me. may be a losing one. so thanks 4 this post

  • GREAT

    Thanks for the advice, and the reminder, because today i succeeded in my first two trades, there comes this trade which am in now. and it seems it is against me. may be a losing one. so thanks 4 this post