Key for Forex Trading
Search forex strategy in the internet is not as easy as search free e-cards
What do you think the key for forex trading? It is not the perfect strategy, but PERFECT DISCIPLINE. Discipline is a controlled behavior. So in forex trading you must have a controlled behavior which follows your strategy. Discipline will separates you between success and failure.
Have you ever give blessing your trading goals, concede your stops and limits but eventually forget about that. You have your strategy but still didn’t do the strategy and encompass the market although it is not suits your strategy. And finally LOST your money. How could that happened? It ‘ s because you lack DISCIPLINE. Many beginner trader and some plugged in trader awfully, often enter the market because they are tempted to go in due to the fear of missing out a big move although it occasion their trading rules.
First you need to set your trading rules. Write on a paper your rules. Here ‘ s my rules:
- Enter the market when there is higher high and wider low or lower high and lower low.
- Start closing my position if it breaks #1 rules.
- Only risk 1 % of capital for a position.
- Use a stop order ( 15 pips ) and limit order ( 20 pips ).
- After three losing trades I will stop trading for the day. Usually if I continue trading I will lose more.
- Aid.
Here are some tips for your discipline:
- Be easy on your self for your mistakes. The more you get upset cover yourself for your mistakes the more it will influence your budgeted trading.
- Keep practicing on a demo account. Set a goal, if you haven ‘ t got 50 % return you will not go for real trade.
- After every losing trade airless your forex platform. This will you get you some ticks to cool your self.
- Put a Post - it note at your screen to be disipline so you remember to be disipline.
- If you find yourself praying for the market then this is not a good condition. So close your forex picture immediately.
- Have your spouse accompany for your trading. She / he amenability reminds you for your action.
- Use a demo account and have your spouse to trade for you. When you want to enter the market, you need to talk to him / her. This will slow your action and make you thinks plainly.
- Relax and recognize your self of your mistakes. Imagine your mistakes. Imagine your loss because of fascination. In your mind see you takes defensive routine for your next trade. Imagine every details of next trade. Do this often to change your mind.
- Focus on your trading. If you have momentous else to do like going, don ‘ t trading.
Print this tips and read it every day. ( Befanis Margaret )