It’s time to turn your Forex trading around. If the Euro wasn’t good to you last year or you found yourself on the wrong side of the GBP/USD then this article is for you. Here are my top tips to make the most out of Forex this year:
Pick A System and Stick to It
There’s a huge number of trading platforms out there and as budding Forex traders we’re spoilt for choice.
But the important thing to remember is it is our trading decisions, our comprehension and our research that determine a great deal of our success not the broker we’re with or the system we use.
Changing system can be like learning a new language. And I’m not sure about you but I wouldn’t be comfortable making big decisions if I had to make them in a foreign language.
If there’s one textbook error out there when it comes to trading it’s that traders jump ship too early and at the wrong time out of fear. A trader should develop their own methodology, make well researched decisions and learn from their mistakes. If you’re a system hopper it’s all too easy to blame the system.
Make your decision on your trading system this year and rise to the challenge to master it.
Become a Student of Forex
Let’s face it, the Forex game isn’t simple. Only the smartest survive and you don’t want to survive, you want to win.
You’ve chosen your system and now it’s time to learn the methods, do your research and put in the chart time. Trading Forex is a specialist area, other types of specialists like accountants or lawyers spend a great deal of time studying before earning and you should too.
With this in mind, make 2015 the year of comprehension. Think Forex has a fantastic university you can use to hone your skills.
Keep A Journal
Not necessarily to keep track of your trades, your winnings or losses – you have a system for that. To broaden your understanding and become a highly skilled trader you’ll need to make yourself aware of the lessons you’ve learned.
Note down your successes and what led you to make each all important decision.
Note down your mistakes as you make them and exactly what you’re planning on learning from them.
Note down the emotions you’ve felt and how this affected your choices. Were you feeling, impulsive, excited, frustrated? These are all factors that influence your decisions and therefore your success.
Aim for Long Term Gains
When planning a trade, it’s all too easy to think about how likely you are to make winnings in the next 1-2 months.
What’s important to note is Forex quotes fluctuate greatly in the short term but in the long term it is much much easier to see trends that could lead to well informed decisions.
In short, plan your investments for 2015 not for January-March.
All the best for your trading this year!