So the first thing notepar need to grade in order to become a full-time trader is to get your expectations in-line with reality, and this means making sure you are managing your risk properly on every trade you take and never getting upset when you hit a losing trade. Religiously using your trading plan and trading journal is paramount to your longevity in the markets and to your ultimate success or failure as a trader. Doing this at the start of each week will give you a weekly guide to follow each day as you do your chart analysis.
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You should also make a daily commentary before you enter any trades; go notepax your favorite markets to trade and mark the key levels, market conditions and any price action setups you see. Depending nktepad where you live in the world, you will trade during the best forex trading hours for your location, which tend to be during the London and New York trading sessions. Remember, plan ahead…be anticipatory instead of reactive, full-time traders essentially know what they are going to do in the markets before they enter any trades…they make as few decisions as possible in the heat of a live trading moment.
Habits — The end result of a consistent daily trading routine is proper trading habits. Habits are formed after doing something over and over, until it becomes almost a part of your personality. You do not get to the point of full time forex trading from being an unorganized and out-of-control impulsive trader; indeed, being organized is a trait that is one that comes from forging the proper trading habits like we discussed above. If you do not fully understand and believe in your trading strategy, you clearly will not do very well in the markets.
Full-time Forex traders obviously believe in their trading method and they do not doubt themselves or any trade that they take. If you want to learn more about removing the doubt and fear from your trading, checkout this article: Full-time Forex traders trade their edge with confidence; they do not chicken-out and then sit there looking at the market take off in their favor without them on-board. Steven Levitt takes economic principles, breaks them down to their core and explains them with funny and entertaining real life examples. Why We Make Bad Decisions Dan Gilberts shows, based on a variety of different tests and real life examples, that people do really badly when it comes to estimating odds or the likelihood of an outcome and when comparing two similar events based on statistical expectations.
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Sheena Iyengar: The Art Of Choosing Which market do you want to trade? Which instruments should you specialize in? OsMa, Stochastics or no indicator at all? Do you use candlestick patterns to gain more information about market behavior? Which settings for your moving average are the most reliable? How to set a Stop Loss, what is the best money management technique and what should you do about News events?
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Those tradw just a few examples of choices you have to make as a trader. It is therefore obvious why system hopping and experimenting with different things is inevitable in the life of a trader. The value of a choice depends on the ability to perceive differences between the options.