Foreign Exchange Trading Coaching: 6 Rules For Sticking To Your Method
One of the most vital things you could learn in any foreign exchange trading education is how to keep to your selected method in a consistent way.
Hopping from one plan to another will kill any chance you have of making profits, but we are all tempted from time to time. If you find it difficult to keep to one trading system, here are some tips that can help you to learn to be consistent.
1. Analyze carefully before you decide to adopt any strategy. One famous businessman has said that the key to his accomplishments was comprehensive due diligence before a decision, and then sticking to it like iron. You need to be certain that your strategy is profitable ... not necessarily the very best. And you have to be relaxed with all the actions that it will demand you to make, whether things are going well or badly.
2. If you have problems with self discipline in other areas of your life, use those to develop yourself in the skill before you get involved in live trading. Do not pick the thing that you have most difficulties with, but something that you can relatively easily master. It could be be something like getting up at the same time every day,
3. Allow yourself a small 'fun' budget or have a separate mini account for transactions that look so tempting that you cannot pass them up even though they do not fit your requirements. You will almost obviously lose this money over a period of time, so make sure you can afford it. If not, avoid the temptation and make these trades on paper instead or use a simulation account. Be sure to track them all because we have a habit to recall the few that would have made us money and disregard the majority that would have lost.
4. Do not discuss your trades or your system with anybody else. It is fine to ask around on forums before you have made up your mind on your method, but do not be drawn into debate concerning the merits of a system after you start applying it. You will quickly be overwhelmed by negativity from people who want to believe that their own system is better. Equally, do not discuss it with non trading friends or family members. They will often be negative simply because they do not understand.
5. Do not lean only on your own judgement! Look for professional assistance, coaching, advisory service, etc instead. But the best approach is using forex signals. Find a reliable forex signals provider and subscribe for the service. Using accurate forex signals you will be able to identify trend turning points more exactly.
6. Do not drink alcohol while you are trading. In fact, it is better not to even look at the markets when you have had a couple of beers. If you see a tempting trade that breaks your normal rules it will be much harder to stay disciplined when you are under the influence of alcohol.
So even though we all love the idea of working from home in our pajamas with a beer at one elbow and the cookie jar at the other, reality is that relaxing to this extent does not comply with successful forex trading. A brain that is even slightly fuzzed by alcohol will not be able to stick to a consistent trading plan.
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