Whether you are an experienced trader or a beginner, a good tip can be always to have a measurable impact on your results.
Here are 8 tips from traders chevronés that are extremely easy to implement to highly develop your skills as a trader. We will publish next week a new similar article with 9 tips from traders elite.
1 — have A trading plan
As they say in the middle : «Fail to plan and you plan to fail «…
If you do not follow a systematic plan, you will not.
«You won’t have a business trading without a trading plan» KATHY lien
2 — Follow a strategy
Adopt a strategy. Test there a sufficient number of times. Make the necessary adjustment. Repeat the procedure.
«A trader may use a combination of strategies in its trading portfolio, according to his personality. There is no » one » strategy better than another. MARIO SINGH
3 — Manage your risk
Money management is crucial to your success on the forex. You will in the long run if you do not manage your leverage wisely.
«Never invest money that you cannot afford to lose because the pressure will prevent you from having the necessary patience to make a profit. «
4 — Keep a liberated mind
Your failure or your success will largely depend on our state of mind. In trading, psychology is the queen because you need to control the strong emotions generated by the investment on the financial markets.
«Over the last 14 years, every day,before you do anything, I practice yoga/meditation. Before trading, I always make sure to have a brain to be optimal. «CHRIS CAPRE
5 — Discipline
A trader must be disciplined. This is a very important aspect of trading. A lack of discipline will lead to errors. And if you make too many mistakes…
«You must have the discipline to follow the markets and cut down the work necessary. «JAMIE SAETTELE
6 — Do your research
Prior to the opening of markets (where before the volatility increases, for the forex), ask yourself what is happening in the world ? Foreign markets are they increasing or decreasing ? When st-what the statistics will be published ?
Decide if you want to enter before or after publication. For many, it is better to wait for the statistics. Not speculation…
«Every morning, before looking at the opportunities of trading, I do my own analysis and I am trying to select the pair which offer the best trading conditions. «
7 — Maintain a logbook
The traders are smart to take note of everything. If a trade is a winner, they want to know why. And most importantly, they want to know why they have lost a trade. It is necessary to insulate thoroughly the event that destroyed your strategy to remember and not to repeat the error.
Keep a file folder with each trade, the purpose, the strength, the support, the timing, the closure and the end of the day, the range daily, the reason for the failure and the lesson learned etc…
«Also review your trade winners in order to know if your strategy went as planned or if you have had the chance. «YOHAY ELAM
8 — Study the evolution of prices
This allows you to take intuitive decisions based on the speed of price change.
«Don’t listen to the noise (indicators), focus on the prize, hold a position slight. «@50PIPS