I've heard it said, "If you can make 6 winning trades in a row, followed by no more than 3 losing trades, you're a guru of Forex."
In the past seven years, I've crashed so many Demo Forex accounts that I can write a book on this topic, having reviewed every Fx (Forex) broker who is out there. After learning to see through the promises made by new brokers and trial accounts, I was almost convinced Forex trading and making profits from Forex was a big hype and nothing more. So, I stopped trading Forex for a few months … only to return ready to take on the markets once again.
In the break I took, I had mulled over the reasons for my past success with demo accounts, which had inspired me into opening live ones with registered brokers. On introspecting my past trades and analyzing the charts, I found that during the first few years of my Forex trading, I had made quite a few winning trades because I got plain lucky. Yes, it was more instinct and luck that had helped me make profits trading Forex.
However, four winning trades in a row were all I had recorded in the past, until the big crash, which left me wishing the market would improve – and with it, my dwindling profit scores. But, I learned soon enough, the Forex markets don't work that way. If you are hoping the market will move in favor of your trade, or if you are praying that the market will change directions because you are in a bad trade, then you don't know what you're doing and you're going to lose…