Many traders after some time find their trading performance lacking. You no longer are able to make consistent profits and you find that almost every trade you do the very best you can accomplish is a break even. You need to supercharge your Forex Treading and here are 5 tips to help you do it.
1. Keep a trading Journal. While this may seem a little simplistic to the traders who have never kept a trading journal, I can honestly say that all professional traders keep a journal. I have not met a pro trader who did not keep a trading journal yet. You trading journal will help you to reflect on your past mistakes and in this way you build discipline and help you understand YOU! This is an important aspect that can’t be ignored. If you seek success in your Forex Trading keep a journal.
2. Proper money management. Sadly many traders ignore this part and much to their disadvantage. A proper money management system not only protects your account it will also help you to make more profits. When you are free of worries about your account, you can move into a state of detachment when you trade. This will enable you to trade with a clear state of mind. Adopt a money management plan into your trading and watch as your profits hit and break the roof.
3. Chat with other traders. No man or woman is an island. There will be times when you just can’t take the stress of trading anymore and you need to let if off your chest. Or when you are faced with an issue that you can’t solve. The best thing to do is to seek advice and comments from other traders. There are many resource and clubs that you can join and I recommend a few. Get to learn from other traders so that you will never have to suffer the need to go it alone!
4. Continuous learning. As the world changes the markets change with it. People change, the only thing constant in the world of Forex is that everything changes. Keep improving yourself, and know that theories and methods that used to work 4 or 5 years ago might not work as well in this present day and age. The only way that you will know this is when you keep upgrading your knowledge and resources.
5. K.I.S.S this means Keep It Simple Short. I believe that trading is a game best played by the sidelines. The longer you are in the market the higher the chance the market will turn against you. Keep your trading simple, do not use very fancy charts and indicators. These will only serve to distract you from the most important part of your trading, which is money management and psychology. Your focus must always be on making pips and defending your account. Having a fancy trading plan might not be the best thing for you. Decide and decide fast, but try to keep your mind on the important stuff.
In conclusion, you need to focus on these 5 tips to supercharge your Forex Trading and I hope you will make more money in time to come.