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During the New Year usually most of us would do resolutions for the year to come in order to improve our life, some would go for traditional resolutions like quit smoking or work smarter whilst some would try to be more creative in their thoughts like learn how to fly an airplane. I would like to pose in front of you a challenge however, I am not the kind of person myself to do any New Year resolutions but let me pose this challenge on the table for you, and why not, even for myself.
Remove at least one bad habit from your forex trading! Yes, you read it right, get rid of the most harmful bad habit that is harming your trading profits. Do not tell me that you do not have bad habits cause if you don’t it is either that you are a millionaire already by now from trading or you are using an automated Forex trading software and you do not take any decisions. Possibly you are not noticing the bad habits but you sure have some, try to be honest with yourself on this.
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Do not forget that if you are trading, you want to make money so let us help each other to make money from trading.
What are the possible bad habits, the most common is overtrading, this is when you just jump into trades too fast or when you want to always be in a trade. This might sound not a bad habit but it is very dangerous actually. You are easily swiped out when you do this. So often people keep on opening trades one after the other because they are just chasing the ultimate profitable trade or better they hope to get into that special trade that will make the profit flow.
Another common bad habit is over leverage your account. Keep your equity in shape, do not trade all your account on a single trade if you do not want to end up stopping before starting! This could lead to constantly adding money to your account which generates frustration and distress, something which is a definite killer for your correct state of mind that is required to trade. If you want to trade profitably you do need the correct frame of mind, focused on what you see.
Lack of trading plans, this is a classic. How can you drive a car without a steering? So often fellow newbie traders start their trading journey without developing a proper trading plan. Spend time researching the markets and prepare the blueprint to your success. Whichever your bad habit, just accept it and work hard to get rid of it before it is too late.
Happy Trading!
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Scalping is most definitely not a suitable trading method for the majority of Forex traders. The profits made from scalping are understandably much lower, and the scalper depends on many small profits as opposed to making it big with one specific position. The scalping technique lowers your risk as a trader, and on the flip side, lowers your potential for great profit. When all of a scalper's small profits are combined, is where they make their money.
Taking human nature and accepted trading psychology into account, the scalper has to be a patient and diligent individual who is willing to forego the desire for instant gratification, and wait patiently while their trading account grows. An excited and impulsive person will achieve nothing by scalping, in fact, their blood pressure and frustration are sure to increase.
Another characteristic that is necessary for successful scalping is a high level of concentration. While some day traders might open a position, go out to eat, then come back and close the position based on the latest market developments, the scalper must be concentrated on their open positions at all times, and have their finger on the trigger, in preparation for their next move. It requires a serious attention span as well as the ability to stay glued to one screen for an extended period of time.
If you are not a full time trader, and do your trading on the side, you must realize that scalping is a time consuming technique that might not be suitable for your schedule. There is always the automatic traders option, but that is a dangerous option, as we have discussed before. A trader that feels that scalping is the right method for them can also consider semi automatic scalping systems.
With such a tool, your scalping would not require you to stay glued to your screen full time, but would still require a high level of attention.