You know what they say; trading Forex is 80% mental and that
only 5% of all currency traders make money consistently. If
this is so, then we are all in an extremely competitive
environment. This means that when we trade, we must always
be on our "A" game, our peak performance period.
Here are 3 simple tips to prepare you each day for the
competitive playing field that is the Forex market:
1. REST
Before we turn on the computer and look at the currency
pairs, it is imperative that we have had adequate rest.
Proper sleep allows us to recharge our batteries and extend
our period of maximum focus. Sometimes we all wake up and
things are just not in balance. Issues outside of our
trading environment or our physical conditions, or lack
thereof, are ruling the roost. This is when all successful
online Forex traders pull out their Ultimate Weapon of
Successful Currency Trading.
We simple don't trade the Forex!
Use this time to review, read or play golf! It's all about
probabilities, and the probability of success in Forex
trading multiplies when we are at our best.
2. PLAN and REVIEW
Forex Trading is a business and should be treated
accordingly. In the business of trading currencies we all
should have a plan, a business trading plan. This plan
should consist of 2 components: A Mission Statement which
should explain your personal "Why?" Why are you trading
Forex? Your mission statement must be compelling enough to
overcome the inevitable challenges all online Forex traders
face.
The second component is your Forex trading plan. The
component of the overall plan covers the execution of Forex
trading. Your Forex plan should cover the what, how, when
and risk components of your currency trading. Before each
Forex trading session review your entire plan and trade it!
Make this a habit. Another trick of successful Forex
traders is after losing some focus during the trading
period, take a break and before returning refocus by
reviewing your plan.
3. RELAX
You must sharpen your mental saw before each and every Forex
trading session. There are a variety of methods for helping
you relax and focus. You can listen to your favorite music,
meditate in a quiet place, recite positive wealth building
affirmations, or listening to a Confidence for Traders CD.
When it comes to developing a mental edge, play every ace.
The correct method is the one that works for you!
After all of your preparation you still find yourself not on
top of your game you can once again consider the ultimate
weapon of great online Forex traders.
Walk away! You do not have to trade the Forex today.
Preparing for your trading session is all about placing
yourself is the best position possible to take advantage of
the myriad of opportunities that makes the Forex market
great. When you incorporate mental preparations into your
daily Forex trading ritual you have set the stage for
handling whatever the currency market can throw at you with
confidence, determination and clarity. Remember, above all
the hype, strategies and methodologies lies common sense.
Use it and you too will find success, because it's always
the little things that make all the difference in the world!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment