9 Essential Habits of Successful Forex Traders

9 essential habits of a successful forex trader

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.

Resources

  • Forex Trading Course This course will be a cost effective version of Nial Fuller’s price action forex trading course as he’s inspired me to to read what the charts are actually saying, and not learning some mechanical and complicated system. This course will give you a concrete set of strategies, a real plan of action, powerful entry strategies in hand, ready to…

  • Amateurs VS Professional Traders You might be wondering what professional traders “have” that you don’t, or what it is that they know that you don’t. In today’s lesson, I am going to explain to you that whilst professional traders are doing things differently than…

  • Price Action Forex Trading Resources Price Action trading is one of the most powerful and simplest way to trade the market with success. It uses the “clean” or “naked” charts, without any (or only minimal) indicators and if you master this skill it will help you in your forex trading career forever.

  • Forex Trading as a Home Business Opportunity The idea for this article came from Madelein, my then Account Manager at ACMgold, who, after watching a particular episode of Carte Blanche, suggested this as a possible title for an article. The daily turnover in the forex market is about $4.3 trillion and considering the huge opportunities that are in the market, the question is: how can an…

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9 Essential Habits of Successful Forex Traders

One Response

  1. You said it all. Truly, one that this advice is always good to do the following in the Forex market.

    Forex No Deposit Bonus December 13, 2014 at 8:00 am #

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