When you open up your trading charts each day, do you feel calm and confident or do you feel uncertain and nervous? Many traders often find themselves feeling the latter.
To be a successful trader, you'll need to constantly feel confident about the happenings in the market. Good traders are certain about whether it's a bull market, a bear market or a ranging market. They either understand what they're seeing in the trading charts today, or they don't. They're confident about their opinions, and aren't afraid to say that they're uncertain when they are.
Gaining Confidence
One of the best ways to start each trading day with confidence is to keep to a concise, carefully-considered 'plan of action' just before you begin bring up your trading charts. Here are 3 aspects you should consider to include in your 'plan of action'!
Aspect #1: Monitor the market with a check list
Have a list of news websites and analyst reports where you can find out the latest happenings all over the world. This is helpful in alerting you of world events that occurred while you were sleeping. The Forex market runs around the clock and doesn't go to sleep at all, except on weekends. You'll thus need to have a handy list of news sites to update you on the events that you've missed out on.
Aspect #2: Be an expert of few setups
Most new traders spend too much time trying to learn all the different trade setups in the hopes that they can have the most money-making opportunities. Unfortunately, they usually get mixed signals and mess up their trades. You should instead strive to master two or three types of trade setups and become an expert on them. Don't worry about the lack of trading opportunities; the market is large enough and you'll find usually be able to find good trade entries at least once every week.
Aspect #3: Money Management
It's almost impossible to over-stress the importance of this aspect. A reliable money management system will make it almost impossible for a trader to feel scared and uncertain. It's your safety net. Never trade without one.
Hi,
ReplyDeleteTrading recognizes that regardless of the trading system or the trading software used, the trader does not have the right mindset, his chances of consistently making money is very low. The number one priority from these home study programs is to enable the investor trader to change his trading psychology and the way he looks at the markets. Thanks a lot...
Day Trading Secrets
Hello Everybody,
ReplyDelete"Which Forex pair and time frame is best to trade" is the frequently asked question and I want do give you the EXPLICIT ANSWER in this comment.
Are you expecting that I am going to say something like EUR/USD on 15-minute time frame or GBP/USD on weekly...? No, it is not so simple, but SIMPLE ENOUGH we can figure it out!
The "DIFFICULTY" is that markets change over time. If EUR/USD was a well trending currency pair a few years ago, today it is another one.
I actually want to let you know about a SPECIAL INSTRUMENT that I use to find the BEST TRENDING PAIRS among all the Forex pairs.
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The instrument inspects 34 Forex pairs on all time frames from minute to monthly. This way you choose the best trending pair and time frame at the current time.
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