The best and most successful traders in the field are those who perfected their skills by being relentless in trying out different strategies and being discipline with what they do. In addition to that, they are performing self-evaluation in order to see what is driving their trades and figuring out how to keep greed and fear out of the equation. These are some of the skills that a FOREX trader must practice.
Prior to Trading
Before setting out on your journey, it is critical to have idea of where you are heading and on how you’d get there. At the same time, it is important to be clear with the goals you want to achieve and make sure that your trading approach is designed to meet these goals. Remember that every style of trading is associated with different risk profile. These risk profiles are requiring firm attitude and good approach to trading.
Trading and Broker Platform
Finding and working with experienced broker is crucial. You ought to know the policies of every broker and on how they work on every market. For instance, trading over the counter market or perhaps, spot market is completely different when making trades in exchange-driven markets.
Keep it Sync
There are numerous traders who sometimes confused by mixing data that occurs when looking at charts in varying timeframe. What showed up as buy opportunity on weekly chart may actually mean a sell indication when on an intraday trade.
Having said that, if you’re taking basic trades following a weekly chart and is using daily chart for your time entry, then make it a point to sync the two. Simply speaking, if weekly chart gives you signal to make a purchase, wait until your daily chart confirms the buy signal. Always keep the timing synchronize.
Expectancy is basically the formula used in determining how reliable the system is. You have to check the history and measure your winning trades compared to the loses. After that, you have to find out how profitable the winning trades were compared to the trades you’ve lost.
Have a Journal
It is great to have a journal or a printed record of your trade. This is in fact an awesome learning tool. Print out the chart and list down the reasons for your trades, including the factors why you have made such decisions. Think of it as why you are choosing The Property Buying Company for managing your property assets. Look at each of your trade as another opportunity for investment.