Most successful traders I’ve met and read about – including myself – do not spend hundreds of hours behind monitors entering and exiting trades. Trading shouldn’t be that difficult, or should it?
One of the biggest advantages of being a trader is the time and freedom it provides. But how do you, as a trader, achieve this supposed freedom if you still spend several hours in front of your screen? Doesn’t make sense, right?
Of course, it does not. And that is where the set and forget trading “strategy” comes in. In this article, you will learn what exactly set and forget trading means, how it works, its benefits, and many more!
What is Set and Forget Trading?
As the name suggests, set and forget trading involves creating your trading setup before trading and leaving the trade to pan out on its own. It’s very similar to creating an automated system for your business.
Do not mistake set and forget trading as a strategy. Actually, it is an approach – a way of life that helps you achieve a lot as a trader with the most minimal time possible behind monitors.
This trading approach is also pretty similar to stock trading. You buy a stock after carefully examining the market and leave the market to follow your prediction.
While set and forget trading may sound exciting, understand that it is not for everyone. You must first thoroughly familiarize yourself with the market, correctly set your parameters – including but not limited to your profit target and stop losses, and trust your setup before becoming a set and forget forex trader.
These parameters help you guide your trade from going outside your plan. So whether you are looking or not, you can trust your trades to go as you want exactly.
Why Choose The Set and Forget Trading Approach?
The set and forget trading approach precisely does what creating a structure for your business brick and mortar business does. Apart from helping you track your trading setups and identifying what is working and what is not, it also helps you as a trader to enjoy the freedom you crave – both financially and time-wise.
1. You Can Now Profit More with Less Effort
“Less effort” in this context does not mean the set and forget strategy is for lazy traders. Factually, you need to have a considerable amount of trading experience, discipline, and an airtight risk management strategy to thrive as a set and forget trader. You have to be prepared to put in more work ahead of time.
If you get it right in all these aspects, you can trust to earn more while spending less time in front of the screen. This is something similar to the famous “let your money work for you” proverb!
2. Eliminate Stress and Emotional Trading
Many traders use the set and forget trading approach to tame their emotions. Sometimes, monitoring the market as it pans out can cause emotional instability, making you make spontaneous trading decisions, such as revenge trading. But when you are not there when it’s happening, you’ve saved yourself from a lot of emotional baggage.
Set and forget trading requires you to trust your instincts. Once you do, you’ll find yourself spending lesser time overthinking your trades, ultimately reducing your stress hormones and ensuring your mind is stable. I cannot overemphasize the importance of sound mental health for traders. Most traders that blew their trading accounts began to lose balance when their state of mind “crashed.”
What Do I Advise?
The students at my Forex trading academy can testify to how much I recommend this trading approach. Many traders believe the amount of time you spend behind monitors translates directly to how much money you will make in the market. This is false.
You will soon discover that the set and forget trading approach is easier than you thought. Know your onions, trust your strategy and setup, identify the best market opportunity, and shoot!
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