Here are three tips that I learned from my Forex Mentor in his live forex room. These tips helped me and I would like to share with you to make consistent money in the markets. I cannot guarantee they will work for every trader, however, these are the most important when forex trading.
1) Focus On Your Trading - Not On Making Money!
One of the main reasons traders fail at money making is because their primary focus is on making money.
Most traders come to the markets with the dream of becoming rich overnight. However, their discipline, emotions and mental strength are going be tested.
Most traders will fall in the trap of over trading and over leveraging. These 2 combinations are the formula to account destruction. Account blowout. Why? Because the more energy you put on making money the faster money will leave.
So, if you want to become consistently profitable in Forex, one must master one Forex Trading Strategy they feel comfortable with. Forget about the money! Sounds contradictory because you may say "we are in the markets to make money, right?" If you are thinking about your trades often, checking quotes on the computer or Iphone and worst, losing sleep over them - you are risking too much or all your money. If you are among one of these examples - the need to make money - you will not make money. By incorporating a sound money management trading system you can trade and begin to forget about the money.
2) Having No Trade Is A Good Trade
There are times in Forex when the markets are €choppy€ or the markets are reacting to some uncertainty in the news or there is nothing going on. Best thing to do is NOT TRADE. Remember if you are not trading you are not losing money! You want to pick your trades wisely. Always remember protect your capital.
3) Day Traders Need To Be Organized And Disciplined
A forex trader must be organized and disciplined.
Study the forex market to get an idea on how it works. With time you will know what you are looking for and build a sound trading plan. For ex. I will set my target (profits) and stop loss and STICK TO IT! This will help you reinforce discipline.
You also need a Forex trading journal. Keeping track of your trades is essential to help you keep track on why you entered and exited the trade and how long you held them. Trading journals will show you what trades were good and what mistakes you made.
Forex Trading success really depends on developing good trading habits.
1) Focus On Your Trading - Not On Making Money!
One of the main reasons traders fail at money making is because their primary focus is on making money.
Most traders come to the markets with the dream of becoming rich overnight. However, their discipline, emotions and mental strength are going be tested.
Most traders will fall in the trap of over trading and over leveraging. These 2 combinations are the formula to account destruction. Account blowout. Why? Because the more energy you put on making money the faster money will leave.
So, if you want to become consistently profitable in Forex, one must master one Forex Trading Strategy they feel comfortable with. Forget about the money! Sounds contradictory because you may say "we are in the markets to make money, right?" If you are thinking about your trades often, checking quotes on the computer or Iphone and worst, losing sleep over them - you are risking too much or all your money. If you are among one of these examples - the need to make money - you will not make money. By incorporating a sound money management trading system you can trade and begin to forget about the money.
2) Having No Trade Is A Good Trade
There are times in Forex when the markets are €choppy€ or the markets are reacting to some uncertainty in the news or there is nothing going on. Best thing to do is NOT TRADE. Remember if you are not trading you are not losing money! You want to pick your trades wisely. Always remember protect your capital.
3) Day Traders Need To Be Organized And Disciplined
A forex trader must be organized and disciplined.
Study the forex market to get an idea on how it works. With time you will know what you are looking for and build a sound trading plan. For ex. I will set my target (profits) and stop loss and STICK TO IT! This will help you reinforce discipline.
You also need a Forex trading journal. Keeping track of your trades is essential to help you keep track on why you entered and exited the trade and how long you held them. Trading journals will show you what trades were good and what mistakes you made.
Forex Trading success really depends on developing good trading habits.