What Are These Trades and Are They Worth Waiting?
There are a few things you should know about the “low-hanging fruit” trades:
- Their positive outcome is obvious
- You won’t see too many of these trades in the market
- No matter how long you need to wait for this trade, it is worth it
Your success in Forex depends on your ability to tame your emotions and gain patience. A talent to find and benefit from “low-hanging fruit” trades is the most reliable way to get consistent profits.
How to Use This Strategy?
A good trader is the one who is able to concentrate on the quality of trades, not their quantity. People spending round the clock in the market often lose more than those who patiently wait for trades with an obvious outcome.
If you want to master this strategy and succeed in Forex, you should remember a few rules:
- In the currency market, less is better. You’d rather open one trades with an obvious positive outcome then dozens of doubtful deals.
- Stop monitoring charts around the clock trying to find the right trades. Check the market couple times a day and if there are no obvious variants, walk away.
- You need to know which trades you’re looking for, then it will be easier to find them on charts.
- It should become a part of you. Forget about risky trades and trading too frequently. Let the easy trades do its magic.
How to Find the “Low-Hanging Fruit” Trades?
It’s pretty simple. If you look on the chart and don’t see an obvious variant to gain easy profits, then there is just no right trade there. At this moment it’s important to shut your computer and do something else. This way you will save yourself a bunch of money which you could lose on doubtful trades. Come back to trading in a few hours or even the next day. Most likely, the right trades will be waiting for your return.
When you find the “low-hanging fruit” trade, you should invest a considerable amount in it. This way a return will be more significant. At the same time remember the golden rules, that you can’t invest more than you can afford to lose. Nevertheless, when you are sure about the outcome, it is easier to trade with bigger amounts.
And One More Benefit of This Strategy
The “low-hanging fruit” deals don’t require constant monitoring and strict risk management. Their advantage is it will either work out or not. Once you set all required levels, such as Stop Loss, you can forget about the trade and wait for an outcome somewhere on the sidelines.
Remember, that not every trade is worth opening. When you learn how to patiently wait for the “low-hanging fruit” trades, you will come to understand how exactly you can get a consistent profit on Forex. Make this a part of your mindset and success will come to you.