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.
- 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.
- 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.
- 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.
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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.
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