The 10 best practices forex traders do to build good trading habits and once done, how they have to strive to keep them.
You might think these ten best practices for forex trading are something not necessary. If you have been a Forex market trader for a long time, You have to understand that professional traders are regular human beings and must develop skills, regardless of experience.
Following, the Top 10 Best Practices Forex habits:
- 1. Clear targets
You must start writing your best daily forex trading routine. Create a trading strategy to protect your trading account, of course, and keep a record of the results of all positions. Once you have written a method, it will be easier to perform the technical/fundamental analysis of your positions, identify mistakes and fix the strategies.
- 2. Commit to 30 days trading.
The habits are literally the activities we repeat each day trading. If you can get past the first 30 days, which is the hardest, it all gets
easier from there. Once you identify a successful routine, you must be disciplined to make that routine a habit.
- 3. Find a Partner
Among these top 10 best practices forex, it is essential to include having a friend, a partner or even a co-worker to have the best forex trading experience.
That is done in order to have someone to motivate each other, to do the analyses and plan together the strategies; To help on some trading decisions and to remind each other of commitments, discipline and dedication. Even, to alternate trading hours.
- 4. Ignore Temptations
The changes are difficult. However, they are even more, if you are surrounded by temptations. Risk management is a must
For example, if you use an indicator on the chart that makes you make mistakes, you should better remove that indicator.
Or if you are a technical trader and you spend a lot of time reading the economic calendar (fundamental), which make you hesitate in your decisions of forex trading, then you should also stop doing that.
- 5. Embrace that you will always have losing positions
Before you start, understand that you must expect to have some losing positions in the midst of the trading, and other will be winners.
Don’t be one of those selfish, arrogant traders who think they can be always right, and win every time. Even if you can plan it, set a margin of your positions that will be successful and others that will not and then compare your results.
when using these 10 best practices forex, it may not always turn out as you expect, but don’t be discouraged by it, and start analysing failures and correcting your strategies.
- 6. Use the “but” in your plans
Always be optimistic, acquire these 10 best practices forex and try to always use positive statements in your dialog including them into your trading forex strategies.
But, even if your best forex trading strategy includes doing a certain number of open positions, if there is no enter signal in your technical analysis with a good chance of winning, just stay calm and do nothing, sometimes it’s better to hunt an position which is more likely to be successful, so you have to wait some hours or even days, rather than to open positions that end up in losses , just to follow the strategy.
- 7. Keep everything in one place
One of the most important step in these 10 Best Practices Forex, is to write down your strategy, your results on each one of your positions on a single Excel sheet. Very often, traders write their strategies and daily routines in different notebooks or papers.
And when they go to look for something, they take forever to finally find it.
If you keep everything on a single sheet, you can avoid duplication, see more easily the changes obtained by the fixing to the strategies, and more easily identify some new ideas or changes that can be useful to implement together with your risk management.
- 8. Visualise and stay motivated
Visualise your new habits. How are you feeling? At ease? Comfortable? Rested? Happy? Now, take note of positive emotions and always remember your goals and targets.
Now, do you feel motivated to move on? I hope is an affirmative answer. And be sure to apply the same technique frequently to keep in your mind what you want to achieve and the will to stand stocked to your plans and strategies.
- 9. Recognising the benefits of setting routines
When you go to your fifth, sixth or your
Remember that all your effort and pain are worth it once the new habit is in place.
- 10. Baby steps
These 10 best practices forex looks like tiny things to care about. But this step by step stage is the most critical part of this exercise, and many traders often overlook it.
Small activities which continuously get repeated, will create small habits that soon will become long term behaviors. It is crucial because small habits, over time, will lead to higher and a best forex trading habit.
On the other hand, even if small, but bad habits can also lead to higher and worse habits, but if they are detected and corrected on time, they will be eliminated or fixed in a timely manner.