I will answer this question in the most precise way without further ado.
The best way to trade Forex profitably is to adapt one trading strategy and stick to it as long as it is based on logic.
Applying logic is when you enter a trade when it ticks all the checkboxes. If it fails even one condition and you still go ahead and place that trade, you will be acting on emotions rather than logic.
This unhealthy habit is why many beginners are money losers. They have perfectly sound strategies but because they lost 5 trades in a row, they start adding or substracting checkboxes in their strategy to “improve it”.
This will often lead to combing the internet for new strategies on suspicion that there is still a secret magic strategy out there that works even if a pre-defined plan is not followed. Avoid this like the plague and you’ll be a guru.
The best way to trade Forex profitably is not to look at one or two trades and form an opinion
I trade price action with support and resistance levels within the structure of the market. This has worked for me, for many years. It is simple and straight to the point. I stick to it even when I occassionally lose or gain.
Success in trading is not measured based on the number of winners or losers over a short period of time. Rather, it is a metric of trading results that you have achieved over a certain period of time.
One trader can make money consistently with nearly half of his trades going wrong while another can be losing money even though most of his trades were in profit.
Ultimately, the one that makes money is the successful trader, even though he lost a half of his trades.
What am saying is that the best way to trade Forex profitably is to resist the temptation of looking at a few trading samples and making your judgement. It will give you a clouded perspective of your ability.
Hoping is the father of trading with greed and emotions
The best way to trade Forex profitably is to never enter any market while hoping that it will work in your favor.
The truth is that hope is the father of greed and emotions when it comes to trading the market. It causes people to make irrational decisions.
My advice is to always use a pre-defined plan on how you will enter and exit the market. Resist the temptation of making decisions based on what you think the market will do.
I used to make this mistake until I eventually realized that it was doing more harm than good to my trading account. Once I realized that the market is a no respector of feelings, I changed tack by doing the logical and not hoping to see the market going this or that way in my favor.
Trading like a robot
If you want to trade Forex profitably, resist the temptation of being attached to your trades. Place your trades and forget them.
This is exactly what trading robots are meant to do. Depending with the strategy that a robot is programmed to follow, it will execute it dilligently and effectively.
On the contrary, a human trader will sometimes feel like that one trade is a matter of life and death, and they cannot afford to live their lives without thinking about it.
If you are this kind of trader, you need to program your mindset in a certain way so that it does not get in the way of your trades.
I always tell my students to trade with money that they can afford to lose. This is the only way to train your mindset properly.
All of us have emotions but if we can risk 1% of our trading account for instance, we would sleep much better at night than risking 50% and worrying of that trade all night long.
This old adage is not just a saying but something that professional traders swear by.
Therefore, the best way to trade Forex profitably is not some fictional, unatainable strategy that only a few people have access to.
It is something that is real and applicable since I have been trading like this for years, and it improved my results tremendously.
What you need is the motivation to follow and stick to what I have told you in this article.
Thank you for reading