Consider a precision approach to the forex market
It’s true that the forex markets are constantly changing. Paying attention to that is one of the crucial components of a successful career in trading. But you don’t necessarily have to do a trade every day in order to be considered a legit trader. Not only is this approach to the markets stressful, it may not even lead to the kind of financial gains you want.
Successful forex trader Ben Barker explains: “There is a huge difference between being busy and actually being productive.”
This knowledge came to Ben the hard way. His early days in forex trading were marked by a £20,000 loss and a serious dent in his confidence. Friends and family encouraged him to cut his losses and walk away, but the market still called to him. So, after taking a couple of weeks to regroup, Ben threw himself into learning as much as he possibly could about forex trading.
Over the next couple of years, Ben meticulously journaled everything he did in the markets. What he learned from his training and from conducting countless experiments was a surprise.
“Overtrading and feeling like they have to be doing something in the market every day is one of the most common reasons that traders fail,” Ben reveals. “Actually, 90% of trading is just patiently waiting. You have to let the market do the work for you.”
Ben’s strategy has led to significant personal wealth, but also to something more. Finding great satisfaction in mentoring others, Ben developed a training course called BsappsFX to share his techniques with as many people as possible.
In just over a year, 1,500 people have already taken the course, and a large percentage of them have gone on to find their own success in trading. Ben regularly interacts with his community through BsappsFX and Instagram, revealing useful tips and encouragement.
Just one of those tips is to find something rewarding to do with your spare time between trades. Downtime is an excellent time to absorb new knowledge or give your loved ones some undivided attention. After all, the goal of achieving financial freedom through forex trading is to be able to design the life you really want, not one spent beholden to a boss.
Let go of the idea that you need to be trading all the time in order to be successful. If you can spend half as much time trading and actually earn more, why wouldn’t you?
That’s not to say that you don’t need to put significant time and energy into your forex career. “But,” says Ben, “it’s just not healthy to spend all day, every day, staring at the charts. It’s not even necessary.”
If you’re not sure whether you are overtrading, Ben recommends journaling everything you do in the markets. This makes it much easier to course correct when necessary and avoid making the same mistakes repeatedly. Success in the markets ultimately comes down to precision, not volume.
To learn more about this idea and all things related to the forex market, check out Ben’s Instagram and give some thought to taking BsappsFX. We all do best when we work smarter, not harder!