Like many others, you have probably been attracted to Forex trading with this goal in mind: making (a lot of) money from home (quickly).
However, the picture you had of yourself at the time, calmly sipping a pina colada while cashing in from the markets might be very different from where you are now…
Spending long hours in front of the computer, stress level at its maximum and poor performances are all too common situations in our trader’s world.
In this article, I will be giving you some advices to help you overcome these issues and become a better, happier Forex trader from now on…
1. Rome wasn’t built in one day
The first thing you really need to grasp is that Forex trading is a skill you need to learn.
Like any other skill, the more you practice it, the better you become at it.
Like any other skill, it takes time to become good at it.
in other words, stay realistic!
Trading for a few months will give you the basis.
Trading for a few years will make you good at it.
Trading for a few decades will make you an expert at it.
Rome wasn’t built in one day. But bricks after bricks, wall after wall, houses after houses, the city was born.
Your expertise won’t fall from the sky. But trade after trade, week after week, year after year, you’ll become a pro trader.
2. Focus
This is SO important.
Sometimes people complain we, at http://SurfingThePips.com, only trade the EUR/USD.
However, there is a good reason for that: Only by focusing on one pair can you really become great at trading it.
How do great football players become the best of the best?
They focus on football and make it their top priority! They don’t mess about with basket-ball, volley-ball, handball or any other sport.
Choose a currency pair and just focus on it. There is absolutely no need to chase several pairs at the same time. There are plenty of opportunities with any of the major pairs to make you a very, very successful trader.
To become great at Forex trading, there is a need to only focus on one pair.
3. Keep a trading journal
You know there is no place for gambling in Forex trading.
In order to improve, you have got to know what you did right and what you did wrong.
Your journal will help you resolve these 2 main issues:
1) You don’t stick to your system.
This usually is the main issue.
The solution: learn to become mentally strong and stick to it, no matter what.
2) Your system is not profitable enough.
Once you have enough evidence that the system is not profitable enough (while you ARE ACTUALLY STICKING TO IT AT ALL TIME), tweak it and test another version of it.
Keeping a trading journal allows you to take the necessarily steps to reach your trading goals. Each small self-improvement and system improvement is a step closer to your final destination.
Not keeping a trading journal is just like gambling. Wandering about and never going very far in the right direction.
4. Enjoy the process
You WILL make mistakes.
Often, very often.
But every mistake is a lesson to be learnt allowing you to move forward.
Enjoy the challenge and understand it doesn’t have to be easy.
There is no great instant success. Furthermore, there is no pride achieving a goal without efforts and sacrifices.
Every now and then, you will even think about giving up. That’s ok. As long as you don’t!
Take on the challenge, keep a positive attitude and work at it.
Follow these advices and I can guarantee you’ll become the calm, successful trader cashing in from the markets on a regular basis…