More Forex Tips

Separate Yourself from the Traders That Don’t Make Money in Forex
1. Education – You have to learn to earn, the best traders work obsessively to refine their edge further to stay ahead of the curve.
2 Think for yourself – Successful traders blinker themselves from the opinions of others; they focus on their own analysis of fundamental and technical information.
3. Adapt to Market Conditions – Market conditions change and technology advances, thus the conditions for trading are always evolving, the rise in mechanical trading is testament to that.
4. Have a Trading Plan – The best traders have a well documented plan; they know exactly what they are looking for and follow that plan to the letter. Their preparation for a trade starts long before the market open.
5 Keep your emotions in check – As human beings emotions pay a key role in our existence, for a trader emotions can be a source of great pain. Trading psychology and the management of your emotions in a trade play a key role in overall success.
6 Understand your tool set – Every trader has a set of tools they use, Charts, News feeds etc. These tools are a traders bread and butter; they are the most vital part of a traders arsenal, without which it would be impossible to trade.
7 Know Yourself – Behind all the egos and excess, the best traders know their limitations; they focus on what can go wrong in a trade, and expend a lot of energy in limiting and controlling their risk before thinking about profits.
8. Consider Losses – The best traders focus on the trade itself rather than the P&L; they view each trade as a technical exercise and focus on getting the most out of the market in accordance with their plan. They do not think in terms of the grocery payment, the electric bill and the desire to make X amount to cover a mortgage payment. Focusing on the money behind a trade can cloud technical objectivity
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