Dani Oh, Here and how are you doing so far as a Forex market trader ad Investor?
I believe you have been getting tons and tons of value from your visit to my Forex market trading website.
Have you been making any profitable progress?
More importantly, are you making profitable profit withdrawals and tracking them?
If you’re like many traders out there and the only thing you remember about your start of your year goals list is that it’s buried deep in your desk drawer, then it’s probably time to revisit those goals, if not make new ones altogether.
Let’s take a look at some pretty easy (but necessary) trading habits that have helped many traders but might have missed your resolutions radar.
Hopefully, you will give these trading habits a better chance (if you haven’t already) over the next few weeks and someday you’ll look back and be thankful that you did!
1. USING PROVEN CALCULATED STOP LOSSES:
Losing trades are inevitable in the financial market trading and investing.
Even the best of Forex market traders have losing days.
Unfortunately, many newbie traders would rather be right than be profitable and using stops would confirm that they are wrong. (Get CashForex Non-Repaint Bullbear Indicator Here)
This could lead to uncontrollable losses and ultimately, blown accounts.
While you can’t control market behavior, you can control how much you lose per trade as a financial market trader.
You can widen, tighten, or adjust your stop losses, but make sure that you always have them.
2. MAKING PRE-TRADE PREPARATIONS:
If you plan to win, you don’t go into a match without a game plan, which means you also don’t start trading without some kind of strategy or play in mind.
Those who don’t have any plan in mind unnecessarily expose themselves to psychological mistakes that could cost them avoidable losses.
Making pre-trade preparations can be as simple as marking important economic events and chart levels, or it could be as detailed as considering different setups and contingency plans for a single event.
3. JOURNALING HABITS DURING FINANCIAL MARKET TRADES:
Keeping a journal is a crucial task in any performance or goal-oriented endeavor.
Remember that your broker logs only give you the raw data of what happened, not WHY it happened.
Also, you can’t improve what you don’t measure.
The key is to have some way to track and stay focused on improving your performance.
Whether it includes just your basic journal statistics or even the overlooked ones, a trading journal is a must-have for consistent profitable financial market trading.
4. ALLOTTING A SPECIFIC TIME FOR YOUR MARKET TRADING:
Just because Forex trading is a 24-hour party doesn’t mean that you should be around the charts all day.
The fact is a lot of you are part-time traders.
This means limited trading time and even less time for other trading activities.
You can still make the most of your trading time though by avoiding distractions and focusing only on trading-related activities during a specific part of the day.
5. FINDING YOUR PERFECT PROFITABLE TRADING STRATEGY NICHE:
I have met a lot of newbie traders who have been trading for months but have yet to determine strategies that suit them.
I always recommend specializing when it comes to Forex market trading.
While it’s always good to try out new methods and systems, it’s also great to be able to pin down which currency pairs, time frames, and indicators generally work for you.
This way you’ll at least have someplace to start when you’re ready to improve your Forex trading performance.
Wish you success ahead
Talk To You Soon And See You Inside,
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