By Danielle Franklin – All beginners in forex trading search for an ultimate secret or special technique that will make the whole trading process much more simplified and turn $1 investment into millions with a simple click of a finger. Instead of waiting time and money desperately plowing the internet for useless promises and “holy grail”, let’s focus on the real thing – in order to make any profits, you have to follow the routine, plan and analyze every single trade you make.
Why you cannot adopt someone else’s trading strategy?
There is a simple explanation – every trader typically designs his/her trading strategy based on their trading style. Therefore their system will most likely not work for other traders.
It doesn’t mean, of course, that you cannot take a look at already successful strategy and remake it to fit your own trading style. With the right plan and daily discipline, you can soon build a profitable career among other forex professionals.
Analyze the Calendar and Focus on Priorities
Every day, before you start trading, you should take a look at the economic calendar. There you can find a list of economic events and announcements that effect currency market on daily basis. Make sure to find the announcements and events that will be taking place within the next 24 hours – this way you will be on top of things and have time to prepare and plan your actions.
While You Trade – There is Nothing Else!
In order to avoid unnecessary distraction, turn off your phone, tv, email, facebook and other social sites while you trade. The last thing you need is an interference, sound alerts and chat requests while you are trying to concentrate and make major decisions.
Take a Break (or Two!)
You cannot chain yourself in front of the computer for the whole week. You should take time out on a regular basis (that should be also included in your trading plan. Apart from that, you should take a break from trading every time you disobey your own discipline – give yourself a punishment time out for misbehaving.
Why breaks are so important? Do you remember high school and math problems? I personally could sat for hours next to the text book and a piece of paper, trying desperately to solve a stubborn problem. Sometimes, however, I would be smart enough to stand up and give myself a break – get some fresh air, take a shower or get a snack. Somehow, after taking a break, I would come back to that math problem full of new ideas and much clearer understanding.
Same with trading – it is important to stay awake, responsible and sharp in mind in order not to lose all the money in your account in one click.
Don’t Be Crazy!
It is important not to lose yourself in trading. Your family, friends and your dog deserve to see you from time to time, dressed in something rather than pajamas. Trading all day long will only make you obsessed, prone to overtrading and eventually a loser.
Interact with Other Traders
Forums are great source of different experiences and unique perspectives. You will soon notice that the same event can create absolutely unlike trades and interpretations. Forums can be great place to get some interaction with traders like you – share the joy of profits or complain about stupid mistakes.
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