Discover Your Forex Trading Niche

Forex Trading Niche Someone once said “It’s not whether you can be a good trader, it’s whether you can find the trading that’s good for you”

Give a bunch of traders a proven successful system, you can bet that not everyone will make money from it. We know the system is not wrong. So what is it that makes a person successful at trading? Lets find out.

In my opinion success comes when there a perfect fit between the person and his/her trading strategy. If you are still struggling at making profits from trading then it is not because you are lazy but perhaps you are simply trading in a way which is not in sync with your personality.

Points below will help you to find your own Forex Trading Niche:

Trade Different Time Frames

Have you tried trading intra-day, swing and position trading? If not, then how you know that the current timeframe you are using the best one which fits you.

From experimenting I found that I mentally handle swing trades better than trades that last for months or few seconds like in case of News trading.

Trade Different Styles

Most people dive straight into technical analysis based on indicators. How about fundamental based trading, or even news trading (not that I recommend news trading).

I’ve played around with more indicators than you can imagine. Bottom line, I was getting no where; there is no end at finding the best combination of indicators that would work. I stopped once I found my peace in Price Action and it is where everything came together.

Trade Different Markets

Why trade Forex only and not Stocks, Commodities and Futures? Unless you attempt to trade all these markets how would know which one is best for you.

I am guilty of this myself. I’ve never traded any other market. I may be not performing at my best and I would never know until I try all other markets. The good thing about Price Action strategy that I currently use is that I can apply it on any other market. I’ll save this one for 2011 New year resolution.

Make changes to your trading method

One would think that once they have found the best strategy then there would be no need to make any changes ever. That’s just not true. On the contrary most professional traders constantly tweak their systems to match current market conditions.

I’ve modified the current strategy several times in the past, and I’ll continue to do so as I seem fit. On the other hand I keep working on variations of the same strategy to see if there is more I can get out of it.

Trade Long Enough

This point brings everything together. It would take time to try all the combination above. If you just got started in trading then it can take some time before you discover your trading niche.

I did not succeed for the first two years, I was barely able to keep my account above par. I think I was too adamant to follow any gurus at the time, now looking back I think I should have followed someone which could have shorten my learning curve.

In Summary of discovering Forex trading niche, one would naturally excel when they find the right market, the right strategy and the right fit with their personality. On the side note, remember it is the journey that matters so don’t forget people you meet on the way :)

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16 Responses to “Discover Your Forex Trading Niche”

  1. GFdL2012 3 March 2010 at 9:17 am #

    Thank you very much FirePips for offering this great helpful comunity to us.
    I am very impressed of the beautyful and clear style of your work and your blog.
    Its really very useful and helpful for beginners like me on the way of becoming a succesful trader. Be blessed.

  2. ajay saini 3 March 2010 at 8:43 am #

    very informative article………………………….we should try different instruments to get better………..

    "From error to error , one discovers the entire truth"

  3. Andy M 3 March 2010 at 8:52 am #

    Another interesting article – this is turning into a good blog. Thanks again for the signals and these pearls of wisdom.

  4. roohi adnan 3 March 2010 at 10:52 am #

    thanks for the insight which i've never thought of 4 the last 2 struggling trading yrs.i guess i shall start finding my niche asap.this info is very much appreciated & thanks again.

  5. gurutrader 4 March 2010 at 2:08 am #

    very solid advice my brother…..keep up the excellent should try other markets, having traded options before, I am going to take your advice and apply it to that market also……stay blessed!

  6. okey 4 March 2010 at 8:12 am #

    one most important thang i have discovered in forex, don't come into forex cos of money forget about making tons of money let your mind guid you, if you fill your mind with making tons of money u are not gonna get an easy ride!

  7. Raj 4 March 2010 at 10:52 am #

    Cant agree more. Am still trying to find mine! Have been trading Fx and commodities for 2 yrs now. I make a lot of money and then loose part of it, when the market moved against me, like now, when Gold is up and Eur is back up!!! I still get punked by the market!!

  8. Eric 4 March 2010 at 2:35 pm #

    great article… good sound advice… I am really beginning to appreciate this site…
    Have traded futures, options and stocks… now focusing on FX looking for that "Niche"
    thanks again Firepips…

  9. ARDUINO 4 March 2010 at 6:58 pm #



    • FirePips 4 March 2010 at 10:13 pm #

      Welcome aboard Arduino, let me know if you have any questions.

      • paul 5 March 2010 at 8:15 pm #

        thanks. i agree wit u as i have fallen thrice cos my mind was set on just making fast money and not mastering my strategy.but hope is not lost as i am presently developing my strategy which has so far been working for me. it actually takes time to understand the market trends and trade at a profit.

      • kumaran 6 March 2010 at 9:32 am #

        Why you not give signals for march 4,5….plz give me the reson sir……

        • liaueg 7 March 2010 at 8:29 am #

          Hi Kumaran,
          Are you refering to FirePips not giving any signal on 4 and 5 Mar?
          If yes, he had already explained that the market is going sideway and there are no good trades available. Plus the fact that it is a big news week (US Non Farm Payroll News release) there is extra caution in placing any trades.
          Remember, the key to trading is to preserve your capital as we can always live to trade another day. Let the market come to you and not the other way

  10. betutu 11 March 2010 at 4:20 pm #

    "now looking back I think I should have followed someone which could have shorten my learning curve",

    so would you help me to shorten my learning curve??

    • FirePips 15 March 2010 at 6:49 am #

      I am trying my best. Let me know what kind of help you seek?

  11. janeblakenship 18 June 2010 at 4:30 pm #

    Thanks for sharing these thoughts. This has been very helpful to me. Looking forward to read more about forex trading.


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