Daily Forex #60 - 3 Daily Habits Of A Successful Trader

3년 전


A few weeks ago I shared about how I accidentally stumbled on Forex and made a career out of it. To read that blog post, you can go HERE.

Yesterday, (<-- Click this link to read yesterday's story) I shared about the 3 things I wish I knew when I started trading Forex 13 years ago.

Today, I would like to share the first 3 things I do every morning as a Forex trader. This can be applied to anyone who desires to become a profitable trader or investor.

  1. Getting In The Right Psychological Mindset

As a full time trader, I feel that morning routines are really important. It affects how you are going to take on the rest of the day. There is nothing worse than waking up in a negative state of mind and then dragging yourself through the rest of the day bumping into one obstacle after another.

Every morning, I make sure that I clear my mind before starting work for the day. My favorite way is to go for a morning run because exercise has been proven to reduce stress. It also helps me to clear my mind and come up with new ideas. Another way of getting in the right psychological mindset that top traders adopt is to meditate for a few minutes.

  1. Analyzing The Market

I always look at the overall big picture of each pair that I am trading. I will never base my trades on current running trades or yesterday's analysis. I treat its trade individually and this can sometimes lead to me buying and selling the same pair, but at different prices.

When looking at the charts at first, I will not place any trades immediately. Instead I will take a step back and ask myself a couple questions. "What is this currency pair doing?" and "What is the bias?". I always advice students to look at a higher timeframe to do this analysis and keep this big picture in mind when trading on your usual timeframe.

  1. Always Have A Game Plan

It doesn't matter what industry you are in, whether you are a trader or a sportsman or even a fireman. You must always have a game plan and you must know it by heart. A fireman has to analyse the situation before going in for the rescue and must also know what is the exit plan. Similarly, a sportsman before every game will have a deep understanding of his game and opponent, and also be prepared for any situations that will occur during the game. As a trader, I will have a trading game plan and I always go through and review it everyday to ensure I perform better.

Before entering any trade, I will have identified my entry and exits. I will have calculated the risk/reward factor and the position size of my trade. If you are not sure of all these, then you should not be entering any trades in the first place. After entering the trade, you should be ready for any situations, including a sudden surge in price positive or negative. Stick to your rules and stick to the plan. Consistency is the key here.

I hope today's post has given you a better idea of some of the basic habits that successful traders have cultivated over their years of trading.

If you enjoy reading my blog posts on my Forex trading then remember to follow me if you want to be notified once the next post is up. I post daily but at different times because my trading comes first. Blogging is done only during my free time, its not a job. I just enjoy writing sometimes.

Hope you enjoy today's blog post and if you have any questions please feel free to ask in the comments below and I will definitely respond to you.

fxstartshere profile small.png

Daily Forex is my way of sharing my personal thoughts on the Forex Industry with would-be traders as well as current traders.

I thank you in advance for following my daily blog post and of course an upvote would be a nice motivation for me. It will also be a sign that my content is relevant and have given you a bit of insight on what Forex Trading is all about.

Here are some interesting topics to start you off :

If you wish to get more FREE Forex Content, join my Facebook Group : The Winners Circle By FXStartsHere.

Sign up for a FREE Steemit account and you can thank me by coming back and upvoting this article. And guess what, you will earn Steem ($$$) too for doing that! That's will be #awesome!

Remember to FOLLOW me too!

For GUARANTEED UPVOTES, join steemfollower. You will get 2 times the value of your upvotes!

This is my referral link https://steemfollower.com/?r=15028 so that we can help upvote each other everyday and make money together!

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  trending

Yesterday's post is HERE