BagbySattler998
An itemized software system or agenda to start forex currency trading is the best reaction you can have.
When you spot a potential trade set-up, calculate the risk/reward, review your support and resistances levels, look at your indicators, study the chart, determine if you would enter a long or short-term trade. If all signals align and you feel comfortable placing the trade - then get the exact entry price and stop-loss and put the transaction.
Some may think why should I jot down my entries and stops? Well, studies have shown that individuals who jot down their goals accomplish more in life compared to those who mentally set their set goals. The same occur in trading. From general observations - whenever a trade wasn't running smoothly, I would mentally move the stop-loss. Whereas after i wrote my stop-loss on paper as well as on my order, it had been executed. This can help build and maintain trading discipline. FYI - I use a yellow legal pad to create my trading entries. Research indicates that the color yellow promotes better thinking. Just a thought.
Be careful about your trade closely, if necessary tighten the stop or take profits. If the market is going the right path as well as your trade makes new highs, keep your position. You may choose to supplment your winning trade.
Day trading is great! You can trade forex everywhere. To trade forex live, you need to maintain a positive mind and attitude. Let's review some things you might have not considered which can help you adhere to your trading plan.
Concentration - make sure your trading space or office is private and quiet. Office - preferably with a window to match sun light which is easier around the eyes. Desk - ought to be neat clear of clutter. You simply need your trading pad. Do not answer the telephone - that goes for email, cell phone, chat, etc. Do not leave trades without your stops.
The important thing to accumulating profits would be to protect your trading capital all the time. Make sure your stops are always in. When trading don't over leverage, use small positions. Never do business with money you can't afford to lose. At the end of your trading day, go over your charts and plan for the next day.
Another points to consider is joining a forex currency trading room, chatting with other traders, and/or follow an experienced forex coach who can offer you some strategies.
