subject: Forex Trading Habits, Every Trader Should Exhibit [print this page] In order to remain profitable trader in the currency market, there are specified habits that you constantly have to conform to. A lot of traders fail not because they are not knowledgeable enough concerning the workings of the fx market, but basically because their actions are not deliberately planned and carried out.
In this article, light will be shade on the three habits that if constantly observed; will sustain you as a profitable trader in the currency market. These habits are no riddle but little rules that most of us traders overlook due to their simplicity.
So! Devoid of any further delay lets quickly highlight and talk about what these rules are.
Discipline - seasoned traders are well disciplined. They stick to their trade strategy to the end. They have reasons for each single action they take. They are not greedy. They know exactly where to exit a trade with predetermined TP (take profit) without craving for further pips.
To be victorious too, you must learn to be discipline and adhere to your trading plan without letting your emotions interfere.
Trading plan - knowing at what time your trading period begins, pips to target and when to bring a day's trading activities to an end is very crucial for your overall success. Because professional traders are aware of this, they have a well drafted trading plan which states clearly at what time to start trading, how many pips to aim for, and when to close for a day's trading.
Having a trading plan helps to prevent them from over trading and taking casual decisions that may cause them their trading account
Well tested trading strategy - traders that are Profitable use ample time to try out and have a feel of a newly acquired system before committing it to their live account. This way, they get to discern the functioning of a specific trading strategy whether it will be profitable or not.
They make use of stop loss - trading with no stop lost is something you should try to evade at all cost. It is one of the most efficient risk management at the disposal of forex traders but unhappily, only few ones really make decent use of it.
Stop loss might be your only savior when your internet connection or pc goes bad in the middle of a trade. Never rush into a trade without properly placing your SL suitably.
by: forex trading digest
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