In the Forex market, if we really want to prove yourself, then the first thing you need to have control on is, yourself. The market will keep moving this way and that. Sometimes you are going to win and sometimes lose. But, the one thing which is only under your control is you yourself. For avoiding unnecessary risk, you can improve your habits. In fact, it’s fruitful for the beginners as well.
Now, as I said that the market keeps moving up and down but the result of your trade is still under your control as it just depends on the way you perform in your trades. Your performance is going to tell whether you’ll win or lose.
A proper research analysis helps in getting new and intelligent trade ideas but sometimes out of the blue some events in the market tend to happen.
Thus, this is the point where you need to prepare well for your trades and execute them in a proper way.
Now, in order to do well in the trade the first thing you need to do is have a favorable risk and reward ratio. The next thing you need to have is place good stops. Also, you need to determine your position size and that will be bases on your stop loss and risk. At last, stick to the plan.
“The will to succeed is important, but what’s more important is the will to prepare.” - Bobby Knight.
Now, though there are many habits which one should bring in their trades, but I have narrowed down all those habits into three:
1. Maintain a journal for your trades
It’s a very good habit to keep records of each and every trades of yours till now. This can help you in the future as well. If you are in a dilemma, then you can look over your past trades, the strategy you followed over there, and so on and so forth.
Also, you can avoid the mistakes easily which you did in your past and it didn’t work out! As, you’ll have a proper record of everything.
2. Pay attention on each and every detail:
You need to be highly attentive whenever you trade or even when you build a strategy for the next trade. Even a small or minor mistake can strongly affect your trade. Thus, just pay attention to your performance, to your strategy and try not to create a mistake.
3. Prepare a proper schedule
Preparing a proper schedule or should I say a proper routine can help you more with performing well in the Forex trades. Just give a few hours from your daily routine to reading news and preparing charts.
Just bear this in mind that the market get tricky by going out of the blue and is not going to go your way. Moreover, by preparing yourself well, you’ll be able to reduce the unnecessary risk and do well in the coming trades!
Best Forex Signals