Have you ever felt “blind” with your forex trading strategy? You are not one of the traders who have questions like this, because many other traders have experienced the same thing considering there are quite a several strategies in forex trading. Uncertain market situations make you as a forex trader must always develop the right strategy for trading and adapt it to every market condition. However, smart traders tend to use special tricks to find the right timing to trade, and some of them even use buy sell bands indicators for maximum trading efficiency.
Several traders are suitable for a price action strategy. However, not all traders are suitable because they require more trading hours. When trading, most traders think hard about opening a position but forget to decide when to close the position. Closing a position is as important as the moment in which you open a position.
Not even a few use the holy grail strategy to reap profits in forex trading. Many define the holy grail as an indicator, method, or strategy that can generate a 100% probability of profit without the risk. So, this is considered to be a shortcut to the “get rich quick” of forex trading.
But, is it true that the existence of a holy grail in forex trading is real?
Many traders agree that there is no such thing as a holy grail in forex trading. Why is that? Trading is a business where losses cannot be 0%. Losses are part of business activity, just like trading.
In forex trading, you will find that price patterns tend to repeat themselves. This is because price movements are influenced by various factors making it almost impossible for a trader to control prices in the forex market.
It does not rule out the possibility for certain conditions, the price will change into another pattern so that traders cannot continue to use it as the same price pattern.
Therefore, even if you use a holy grail of trading with a signal that is said to have an accuracy level of 90% or 100%, there will always be a chance to miss. Even though the holy grail does not exist, it does not mean that traders cannot achieve consistent profit.