The numerological significance of the title of this post was inspired by the viewing of Killuminati’s latest installment of his video series, vortex maths and the significance of 9.
And so here’s the top 9 habits I need to inculcate into my being to become a professional forex trader.
1) Treat forex trading as a business and not a visit to the casino
To be a successful trader, in the long term, you must have a plan in place, and one that you religiously stick to. The first habit that all successful traders have is that they treat their trading as a real business, especially when it comes to risk. Knowing exactly what your risk is on every trade, and not just the potential reward, is at the heart of what makes a person successful in trading.
2) Follow a Price Action Trading Plan
As mentioned in the first essential habit, having a plan is critical. I can’t stress enough having a forex trading plan that you write out yourself and ideally keep in front of you where you can look at it often. Most traders who go bust will tell you that they didn’t follow a plan, or deviated from what they had set out to do. Don’t be one of these people. Write your plan and stick to it.
In the resources section below, I link out to a few of my favourite resources.
3) Keep a trading journal
The other cornerstone in this initial trilogy of essentials is keeping a trading a journal, and meticulously recording every single trade you make and why you make it. Every single resource online you find will tell you to have a forex trading journal to keep you disciplined. See the resources section below for links to journals.
4) Limit screen time to a certain period of time and time of day
Looking at the charts all day is no way to trade, you’re liable to over trade and take undue risks on signals that aren’t solid. Limit trading to a certain part of the day when your mind is fresh, clear and you can follow your plan without any deviations from fatigue.
The other essential habits are:
- Cleanse your mind and body rather than putting extra time into market analysis
- Make the market movements work for you
- Trade with High Speed Internet Connection
- Use Regulated Forex Brokers
- Join an online forex trading community to learn forex trading and support each other in trading.
- Successful Price Action Habits
- Get Forex trading plans from: a) Nial Fuller, b) Baby Pips, c) an example plan.
- Get Trading journals from: a) LTTTM, b) Baby Pips, c) Daily Fx.
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