13 Nov 2014

HOW TO HIT PROFITS BULLS-AYE




What does it take to become a successful trader. I can tell you one thing - it's not about fancy trading system or 5 monitors, or even a degree in economics. All of the successful traders share the same characteristics - here are some of them.

Number 1. characteristic trait of a successful trader is being disciplined.
Being able to follow your trading plan is essential to surviving another trading day. Have you been in a situation where you spot a trade that you think will get you rich, but it doesn't belong to your strategy? Don't take it. Another opportunity will come. Market will be there tomorrow and there will be trades after which you will be able to say - ''I did everything right today''If you see a trade and you are not sure whether you should take or not - you probably shouldn't.

Be patient.
Trust me - a good trade will come. Don't start trading just because you are bored. There will be days, when market's just standing still. In days like that it is common for traders to force their trades. Sometimes the only way to win in forex is to do nothing. After all - being flat is a also a position.

Learn from your losses.
Another mistake new traders usually make is - not keeping a journal. You should perceive forex as any other business. And all businesses keep records of their performance. If you haven't started a trading journal yet - then start now. You can't even imagine how valuable it is to take a look back to your trades for the last month/quarter/year if you have a detailed records for all of them. Sometimes all it takes to be profitable is to widen your stops for only 10 pips or to trade in certain times of the day.

Adapt to the ever changing market conditions.
Sometimes you're wrong. You can't run from the fact. And if you can't accept it - you'll lose money. Even when all the indicators say a currency is going to rise, even when your strategy says - BUY, market will always do what it wants and the currency may fall. Remember - market is never wrong. You have to be able to change your bias depending on what is going on in the market.

Think for yourself.
Don't ever just blindly copy a trade from some market guru. And don't let others influence you. First of all - no one can tell you where the market is going tomorrow. And no one can say that his analysis is better than yours. You have to be confident about yourself. You have to believe in YOUR strategy, because at the end of the day the only person you can hold accountable for your wins and losses is You.

2 comments :

  1. Thank you for sharing this piece of information with a Forex newbie like me!

    ReplyDelete
  2. Sometimes all it takes to be profitable is to widen your stops for only 10 pips or to trade in certain times of the day. learn more

    ReplyDelete