Understand and constantly remind yourself that emotions should never be brought to the trading table ever! This is one of the key rules when trading. This has been emphasised by many top traders and professional finance managers. Many fail in the forex industry because they get emotionally attached to their trades. When you bring emotions to the table, you are not making informed decisions based on facts and logic, so this increases the likelihood of losing the trade. Learn to leave your emotions at the door (so to speak); so this means not getting angry, shocked, upset, overexcited and not falling in love with any charts or currency pairs. Even though you may have favourite pairs that you enjoy trading, try your best not to get attached as they can break your heart ‘in a heartbeat’ - if you’re not careful.
A habit that was very helpful - making prediction trades or paper trades (not real trades). Helps with your mind frame on the industry because the more you do this the better you get, the more you learn and the more confident you are. When a person is confident, good things usually happen to them and in this case your trading improves and that equates to more success.
When starting out, it’s crucial to understand that the money will not come straight away but it will eventually. It’s easy to get carried away because of the excitement of starting this new forex journey and wanting to be profitable right away - it cannot work like that - you have to start slow and steady. One way this was achieved was to prove to myself that I could gain pips and percentages - not the money. Understanding that pips make the money, you’ll also know that if you can consistently accumulate the pips then the money will follow. Do not get greedy; learn your craft before you focus on the money.
One important habit in forex and life in general is exercising self-control and having patience. These are key factors and major characteristics that are needed to be a great trader - it’s like waiting for a bus; another setup will come in five minutes (well probably longer but you get the drift). Sitting on our hands a lot of the time is part of package.
Do tests and exercises to stimulate the brain every now and then. This is a great tactic to put you in the frame of mind of knowing that this is serious and that you need to revise, research and train for forex. An example of a test would be to set yourself 10 questions to answer weekly, almost like an exam when you were in college. This will help keep the mind fresh on key aspects of the industry.
These were a snippet of the tips shared in forex route for investors book, simplified hacks from guys that studied markets for years.
What other points would you add?
Submitted September 14, 2021 at 06:45AM by MiracleMagnet https://ift.tt/39aruNe
