Trading Forex usually implies taking risk and losses. It is said that 95% of traders will lose their money. That is true , 95% of the traders will lose their money. I will present to you guys, today a simple example of how and why one word will save you a lot of bad nights and bad losses. The word is strategy. In my opinion, an Elliott wave trader should follow only the Elliott Wave Principle. Forget about news and fundamental events because the market always will follow the patterns.
Lets say you are a trader trying to make a decision which side of the market will take. Here is a simple strategy. You always will seat in your office and look through the window at 10:00 am everyday , lets said you will pick a red car as a buy signal and a blue car as a sell signal. whatever color pass first you will executed the order with the 50 pips limit , 30 pips stops. guess I warranties to you that after 10 trades you are making money. why because the strategy will kill the speculation. So been a EWP trader choose you pattern wait for it and then executed the order , you can lose two trades , sometimes the count can be wrong , but at the end you will make money. because having a Strategy is the key to make money in the Forex market.