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6 Habits of the Best Forex Traders

February 27, 2012 | Comments: 0 | Views: 162

Do you want a successful career in the forex market? Would you want to be part of the traders elite and make some money? Successful traders have no special talents or skills; but they think and do things differently. You can emulate their habits and become a successful trader. Try to incorporate this ideas into your life.

1.- Keep a journal.

Keeping a journal is a very good idea; even if your broker offers good quality reports. You need to know the effectiveness of your system, the consistency on your executions, and how many losses can you incur in a row before you see a profit. Good traders rely on their notes for feedback. To start your personal trading journal use a notebook or an excel sheet and take notes every time you close a trade. You will find it to be extremely helpful.

2.- Leave your trades on autopilot.

When you open a position in the market let it work alone; program your stop-loss and your take-profit points and walk away from the screen. Trading can be a very stressful occupation. If you care about your peace of mind and trading success, consider trusting your system.

3.- Don't watch the news.

Unless you have nerves of steel and can watch the news without letting them influence you, my advice is against watching them. You may argue: "but I need to be informed..." Remember, every piece of information that you need for taking a decision is contained in the price.

Professional traders are able to trade their systems consistently without letting external influences cloud their judgment. You need to avoid, at all cost, the traps of group thinking. Trust your system and let it work; it takes discipline but the rewards can be enormous.

4.- Don't make trading the center of your life.

Trading the forex market should never get in the way of you living your life. A career as a trader can be a rich and rewarding experience or your worst nightmare. The Forex market is an addictive occupation, and unless you are prepared it can easily suck your life away.

5. Never deviate

One of the main reasons 95% of the traders fail is their lack of consistency. If you did your homework then trust your system and let it work; never deviate. You should be able to take positions even if it hurts (obviously when your system tells you).

6.Watch your inner-dialogue.

Your inner dialogue could make you or break you. Successful traders are always reinforcing their confidence. Be positive and stop talking yourself down!!

I hope this is helpful. I know anyone can become a good trader if they just develop the right mindset and have the right kind of training.

Luis García - About the Author:

ABOUT THE AUTHOR Luis Garcia studied economics at Universidad Iberoamericana in Mexico City and has been involved in trading since 1998. Determined to see that beginners succeed and to help discouraged traders gain back their confidence, he developed the Shortcut Forex System at http://www.shortcutforexsystem.com and http://www.howtoinvestforprofit.com.

Source: EzineArticles
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