Do You Need To Constantly Upgrade Your Strategy?
In the forex faq today, I have a very interesting questions to discuss with you guys here regarding whether a strategy has to be constantly upgraded in order to be profitable.
Below is the question from one of our fellow traders:
Thank you for your prompt reply, recently I attended a course preview by xxxxxx (I deleted the name as it is not good to list it here), which he said his strategy needs constant upgrading to cater for the future because the market evolves constantly, I beg to deter.
Thats why I did not join the $5k course which he will be teaching only 1 strategy on EURUSD.
How true is this? I hope after learning your 8 strategies I do not have to constantly to upgrade myself to learn more strategies. 🙂
You do not need to pay $5,000 to learn how to trade forex. When I am new, I went for a preview of a Forex Seminar and they wanted to charge me $4,000 for the course.
I actually know a few people at that preview and one of them later took the course and did not make a single cent from it.
If a strategy need constant upgrading, how can you be making a living from trading. You will have to change and change and experience a period where the strategy no longer works and how you are going to pay your family expenses when that period arises. Actually there are only a few types of market conditions to trade
If you want to use one strategy to trade on all market conditions, then it will be pretty hard as different market conditions require different strategy. That could be the reason why the person told you that you need to upgrade the strategy in order to work as market evolves. It sounds to me that it is a way to make more money out of you after you took the course from him (This is strictly my own personal opinion).
Actually there is no other way the market can evolves except the 3 listed above. That is why I need more than 1 strategies to make consistent income from trading. I have emails from people asking me why I need 8 strategies in my Forex Street University course? The answer is to cater to different market conditions. You must have strategies that can ride the trend and you must also have strategies that can deal with volatile market and quiet market conditions. This is purely from my own trading experience after trading for so many years.
If you only have a strategy that works for trending market, what should you be doing when the market is consolidating?
So picking a course to learn is very important for new traders especially at a time like this where there are a lot of marketers posing as traders creating courses and signal service to squeeze us traders. I remember getting several lousy courses that do not work and worst of all teaches very basic stuff that you can get anywhere.
Even when you are planning to take my forex course, I will suggest that you look through my forex blog to see if my teaching style suits you or not before you join. There is no point in getting into a course where the trainer teaching style is not what you like.
I will like to hear your opinion on this issue, for those of you who has something to share with us here, please feel free to give your comments below.