Today I’m about to unveil 6 things that will definitely help you become a much more profitable forex trader, these 6 BIG secrets are set to only improve your trading, and if you’re someone who’s never traded before, you won’t really understand much of this article since it’ll involve the actual charts, and psychological feelings traders experience when trading the financial markets.
So note down these secrets, and don’t just read and brush them off your shoulder, as these are methods that professional and successful traders abide by,
Now let’s set this off, here’s the top 6 secrets you should know about to become a much more successful and profitable trader.
1. Keep it very simple.
Yes, keeping it simple is a secret to successful trading. Don’t overwhelm yourself with so many indicators on the charts, or trying to trade a gazillion pairs, but instead keep it very simple and clean for yourself, a clean chart is more reliable because you’re able to see what’s occurring within the charts a lot more clearer, also I don’t rely on indicators or other robotics who claim they can ‘assist’ you in trading… Well why aren’t the people using these products millionaires yet? Simply because they don’t work… nothing beats the human mindset and nothing can understand the human emotions but only the human itself.
Also don’t overwhelm yourself by trying to trade so many pairs in a week, a structured routine I follow is that I scout all 29 major pairs on a Sunday, from those pairs I’ll hand pick the 4-5 best pairs to trade from and base my analysis around those pairs and focus on trading those pairs throughout the week, which always works out in my favour.
Also keep your thinking simple, plan your trade and trade your plan, it’s as simple as that – don’t overwhelm yourself by overthinking the charts, if you’re overthinking then you’re not confident with what’s occurring and that just means you have to improve your skills, become more confident with the charts, and actually have reasons to why you’re looking to take a specific trade.
2. Journal your trades.
This here is a no brainer.
The same way when you was in school you’d have to take notes on the subject so that you can improve upon it the next time, it works the same way around with trading. Journaling is able to filter out your mistakes, and make your decision making better.
If you took a trade and journaled it then that trade will be engraved into your mind, the pattern it formed and the reason why you took, and let’s say the trade worked in your favour. The next time you’re able to see a set-up like this you’ll easily be able to identify it and your confidence level will be a lot more better because you’ve experienced it before and you can remember the experience because you journaled it down.
So yes it’s a fact that journaling will polish you into a better trader, and a better decision maker.
3. Anticipation, being patient.
Successful traders never chase the markets because they know it’s not something you can catch, so instead they anticipate where the price could go to and set a trade plan around the price they’re expecting the market to go to.
This requires a lot of patience, and too many people come into the markets with the mindset of making a lot of money in such a short span of time, but that only leads to that individual being greedy and chasing needless trades that just never work out.
Anticipating the market and being ahead of it, while also being patient and allowing the market come to you is in fact a trait of a professional trader, we know price is always moving and it’ll never stop moving – so be patient and just let it flow back to you.
4. Stick to your strategy.
This here is one of the most important confluences of becoming a successful trader, and that’s sticking to one strategy and focusing on that strategy alone – if you’re finding yourself changing from strategy to strategy, then you’ll never find the right one for yourself.
Not everyone strategy works, and that’s a fact while some strategies work better than others, there are a few strategies that give you a high rate of success, but it comes with more than just knowing how to use the strategy, if you want to learn more about this then click here and fill out the application form, and a member of the team will contact you.
Sticking to a strategy will filter any greedy aspects about you, because you have a working strategy you know that all you have to do is wait for that strategy to activate and know what you’re doing.
So this one here is really important, stick to the strategy, plan your trade based around your strategy, and focus on that only.
5. Make sure you’re getting plenty of sleep
If you’re struggling to sleep at night because of trading, then that only means one thing – you’re not managing risk and you’re very unsure about your bias, which initially if felt like this you shouldn’t of taken the trade because now you’re within the gambler zone, worried about your trades and your money.
Getting a lot of sleep as a trader is vital and very important, don’t listen to that bullshit where people tell you traders don’t sleep and just constantly watch the charts, that shit isn’t true and every successful trader knows that, because health plays a big role to this, and sleeping replenishes your vitality and restarts your brain while your sleeping, which is crucial because when you jump on the charts you essentially want to have a clear mind, so you know what you’re looking at and what you’re searching for.
So remember guys, don’t fall asleep on your desks but have a very comfortable sleep, ideally you want to sleep for 6-8 hours everyday.
6. Reward yourself
Remember to always pay yourself after a successful trade, don’t think trading is all about compounding your account, in fact it’s about treating yourself and making yourself feel accomplished and satisfied, and when you withdraw money you get both of those feelings which will make you more disciplined and want to become an ever better trader because you enjoy the feeling of withdrawing money without having to do a 9-5.
Also if you don’t treat yourself then who will? So it’s fine if you’ve had a successful week banking in 10%, go ahead and withdraw 5% and go treat yourself, take your mum out, take your girlfriend out, go out and have fun with your friends. Don’t stay glued onto the charts!
