Trading Like a Turtle

Filed under: Learn Forex Trading |

 

Picture 6It is a commonly used metaphor in trading circles, but one that is very appropriate – trading like a turtle is the way to profitability. The hare and the tortoise is a famous story that almost everyone should know. It is the story of a hare and a tortoise that have a race. The hare sets off quickly but then become complacent and lazy. Meanwhile, the tortoise takes a slow and steady approach. The hare eventually falls asleep, and the tortoise passes him and wins the race. It is a story about endurance, dedication, and being consistent.

 

In the world of forex trading, many new traders go off at an astounding rate, making a plethora of trades every day. In their first few weeks, they will be extremely dedicated and do all of the right things. However, after a while they will begin to get lazy. They will stop doing the good things that they started doing, and they will pick up bad habits. They will start making trades that are not really there, and they will become disenchanted by their results and start to ‘ease off the gas’ for a while. Then, when they realize that they are not where they want to be, profits-wise, they will again go off like a rocket, making trade after trade until they are exhausted and need to take another break.

 

Meanwhile, the professional, the ‘turtle trader’, has been steadily going along. They have been patient, and have kept a watchful eye on the markets, and have only taken the very best looking setups. They have been patient and consistent in their trading style and routine. They have easily passed the ‘rabbit’ traders out there, and are making slow and steady profits with minimal drawdowns. The turtle once again wins the race!

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