What is a consistently profitable forex trader?
Direct from the desk of Dane Williams.
One concept I talk a lot about but have never really explained is the ultimate goal of becoming a consistently profitable forex trader.
A consistently profitable forex trader is someone who makes money from the markets over the long term.
No matter what the market throws at you, no matter the ups and downs or volatility on each specific day, your account keeps growing.
You will have down days, weeks and even months, but over the long term you are profitable.
This is what it means to be a consistently profitable forex trader.
What does it mean to be consistently profitable?
So, what's the real deal with being a consistently profitable forex trader?
Well, a consistently profitable forex trader is the polar opposite to someone who occasionally strikes gold in the market.
They’re someone who makes gains on their account week in and week out, standing up to whatever conditions that the market throws your way.
Regardless of the market's daily swings and roundabouts, the goal is simple – to keep your trading account on a long term steady upward ascent.
Sure, there'll be days when it feels like you're in a bit of a slump, but as we spoke about the other day, losses are actually wins in forex, just as long as you stick to your processes.
I’m even talking weeks or months that seem to challenge your progress.
This is all a part of the game.
But the real measure of success is found in the long-term picture of staying in the game to consistently turn a profit over the long term.
Down days?
Weeks that make you question your choices?
Once again, this is all part of the journey that you’ve chosen to undertake as a trader.
The key now is to trust in your thoroughly tested forex strategy and not to get bogged down by any temporary setbacks.
I say temporary because if you have in fact thoroughly tested your strategy, you know this is exactly what they are.
It's a marathon, not a sprint, so trust in your processes and you will fight your way out.
How to remain consistently profitable
As forex traders, we all encounter those absolutely heart wrenchingly challenging days and weeks from time to time.
The key is not to get caught up in momentary setbacks and understand that there is a bigger picture at play here.
Being consistently profitable means trusting in your process and exploiting your forex trading edge over and over.
In the grand scheme of things, it's not winning a single trade or taking a loss in the next.
It's about playing the probabilities by having a well thought out trading plan, trusting in your processes and staying committed to the overarching goal of long term profitability.
As George Soros famously said: It's not whether you're right or wrong, but how much money you make when you're right and how much you lose when you're wrong.
Stay in the game long term and remain consistently profitable!
Best of probabilities to you.
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