Forex Trades Are Becoming Scarce? What Can You Do Next?
|Don’t panic! That’s the first thing to do – a clear head and a clear plan are always the best ways to go forward at a time like this, when forex trades are becoming scarce and you’re not sure what to do for the best. It’s time to step back and reassess, and never, ever panic!
I’m Not Panicking… But…
No. No buts. Just relax. If forex trades are becoming scarce for you, the answer is to do pretty much nothing. For now. Don’t try to force a trade by thinking that your pattern is close enough to the real thing to work because it won’t. You’ll end up losing money and losing trades and losing patience with the whole thing. And patience really is the key to all of this in the end. And of course, there must be other things you can do while you’re waiting for the real deal to come up? Things like checking out your currency watch list, working out what the current trends are in trading,scanning the markets… the list goes on and it’s a good idea to have some extra tricks up your sleeve for when you’re having a bit of a dry spell.
And If It’s A Really Long Dry Spell?
Okay, we know you can’t wait forever,otherwise what’s the point in trading in the first place – you may as well not be bothering. But when forex trades are becoming scarce, it could be time to look further afield. What do we mean by that? We mean, literally, broadening your search requirements. Only trade at a certain time of day? Why not checkout a window of time either side of that. You might come up with more usable information. The best tip to give for this is to look further away first, and then come back in otherwise you’re not really broadening your search enough.
Anything Else?
Of course! There’s always something else! When forex trades are becoming scarce, why not try a different type of trade? The patterns and pure-action trading strategy that you have put in place in the past will work as well on futures, indices, and individual stocks as it does on forex trades. But ensure that whatever you do you don’t rush headlong into a trade that doesn’t match your pattern – you’ll only regret it if you do. Wait,be patient, and know that something will happen soon.
It All Depends on How Much Work You Want To Do!
If you are happy to keep to the 10 minute a day trading strategy, even if that means that sometimes, such as when forex trades are becoming scarce, there will be days at a time when you don’t trade at all, then brilliant. Being good at trading doesn’t mean constantly trading.It doesn’t mean your position needs to be open all the time. It means you find your pattern, work out your figures, and stick to them. That’s how to be successful, even if it feels counter-intuitive to have days on end with no trades!
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.