TiltonSkelton196
A written software system or agenda to start forex trading is the best reaction you can have.
Whenever you spot a possible trade set-up, calculate the risk/reward, look at your support and resistances levels, look at your indicators, study the chart, determine if you would enter into an extended or short-term trade. If all signals align and you feel comfortable placing the trade - then write down the entry price and stop-loss and put your order.
Some might think why must I write down my entries and stops? Well, studies have shown that individuals who jot down their set goals accomplish more in everyday life compared to those who mentally set their goals. Exactly the same happens in trading. From personal experience - when a trade wasn't going well, I would mentally slowly move the stop-loss. Whereas after i wrote my stop-loss in writing as well as on my order, it had been executed. This helps build and maintain trading discipline. FYI - I use a yellow legal pad to create my trading entries. Research indicates the color yellow promotes better thinking. Just a thought.
Be careful about your trade closely, if need be tighten the stop or take profits. If the marketplace is going your way and your trade makes new highs, keep the position. You may decide to add to your winning trade.
Daytrading is excellent! You can trade forex everywhere. To trade forex live, you need to conserve a positive mind and attitude. Let's go over some things you may have not considered which can help you stick to your trading plan.
Concentration - make certain your trading space or office is private and quiet. Office - preferably with a window to allow for sun light that is easier on the eyes. Desk - ought to be neat free from clutter. You simply need your trading pad. Do not answer the telephone - which goes for email, cell phone, chat, etc. Do not leave trades without your stops.
The important thing to accumulating profits is to protect your trading capital all the time. Make certain your stops are always in. When trading do not over leverage, use small positions. Never trade with money you cannot manage to lose. At the end of your trading day, review your charts and arrange for the following day.
Some other things to consider is joining a forex trading room, communicating with other traders, and/or follow a skilled forex coach who are able to offer you some strategies.
