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Thread: 3 Simple Tips for Setting the Stage

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    Default 3 Simple Tips for Setting the Stage

    You know what they say; trading Forex is 80% mental and that only 5% of all currency traders make money consistently. If this is so, then we are all in an extremely competitive environment. This means that when we trade, we must always be on our "A" game, our peak performance period. Here are 3 simple tips to prepare you each day for the competitive playing field that is the Forex market:

    1. REST

    Before we turn on the computer and look at the currency pairs, it is imperative that we have had adequate rest. Proper sleep allows us to recharge our batteries and extend our period of maximum focus. Sometimes we all wake up and things are just not in balance. Issues outside of our trading environment or our physical conditions, or lack thereof, are ruling the roost. This is when all successful online Forex traders pull out their Ultimate Weapon of Successful Currency Trading.

    We simple don't trade the Forex!

    Use this time to review, read or play golf! It's all about probabilities, and the probability of success in Forex trading multiplies when we are at our best.

    2. PLAN and REVIEW

    Forex Trading is a business and should be treated accordingly. In the business of trading currencies we all should have a plan, a business trading plan. This plan should consist of 2 components: A Mission Statement which should explain your personal "Why?" Why are you trading Forex? Your mission statement must be compelling enough to overcome the inevitable challenges all online Forex traders face. The second component is your Forex trading plan. The component of the overall plan covers the execution of Forex trading. Your Forex plan should cover the what, how, when and risk components of your currency trading. Before each Forex trading session review your entire plan and trade it! Make this a habit. Another trick of successful Forex traders is after losing some focus during the trading period, take a break and before returning refocus by reviewing your plan.

    3. RELAX

    You must sharpen your mental saw before each and every Forex trading session. There are a variety of methods for helping you relax and focus. You can listen to your favorite music, meditate in a quiet place, recite positive wealth building affirmations, or listening to a Confidence for Traders CD. When it comes to developing a mental edge, play every ace. The correct method is the one that works for you!

    After all of your preparation you still find yourself not on top of your game you can once again consider the ultimate weapon of great online Forex traders. Walk away! You do not have to trade the Forex today. Preparing for your trading session is all about placing yourself is the best position possible to take advantage of the myriad of opportunities that makes the Forex market great. When you incorporate mental preparations into your daily Forex trading ritual you have set the stage for handling whatever the currency market can throw at you with confidence, determination and clarity. Remember, above all the hype, strategies and methodologies lies common sense.

    Use it and you too will find success, because it's always the little things that make all the difference in the world!

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    Nice suggestion,thanks a lot,I will remember it.

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    thnks for the stages

    I will remember it too

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    Really useful.... BUT, i think that that`s not it.... Knowledge is power....

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    thanks

  6. #6
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    Quote Originally Posted by youngmam View Post
    You know what they say; trading Forex is 80% mental and that only 5% of all currency traders make money consistently. If this is so, then we are all in an extremely competitive environment. This means that when we trade, we must always be on our "A" game, our peak performance period. Here are 3 simple tips to prepare you each day for the competitive playing field that is the Forex market:

    1. REST

    Before we turn on the computer and look at the currency pairs, it is imperative that we have had adequate rest. Proper sleep allows us to recharge our batteries and extend our period of maximum focus. Sometimes we all wake up and things are just not in balance. Issues outside of our trading environment or our physical conditions, or lack thereof, are ruling the roost. This is when all successful online Forex traders pull out their Ultimate Weapon of Successful Currency Trading.

    We simple don't trade the Forex!

    Use this time to review, read or play golf! It's all about probabilities, and the probability of success in Forex trading multiplies when we are at our best.

    2. PLAN and REVIEW

    Forex Trading is a business and should be treated accordingly. In the business of trading currencies we all should have a plan, a business trading plan. This plan should consist of 2 components: A Mission Statement which should explain your personal "Why?" Why are you trading Forex? Your mission statement must be compelling enough to overcome the inevitable challenges all online Forex traders face. The second component is your Forex trading plan. The component of the overall plan covers the execution of Forex trading. Your Forex plan should cover the what, how, when and risk components of your currency trading. Before each Forex trading session review your entire plan and trade it! Make this a habit. Another trick of successful Forex traders is after losing some focus during the trading period, take a break and before returning refocus by reviewing your plan.

    3. RELAX

    You must sharpen your mental saw before each and every Forex trading session. There are a variety of methods for helping you relax and focus. You can listen to your favorite music, meditate in a quiet place, recite positive wealth building affirmations, or listening to a Confidence for Traders CD. When it comes to developing a mental edge, play every ace. The correct method is the one that works for you!

    After all of your preparation you still find yourself not on top of your game you can once again consider the ultimate weapon of great online Forex traders. Walk away! You do not have to trade the Forex today. Preparing for your trading session is all about placing yourself is the best position possible to take advantage of the myriad of opportunities that makes the Forex market great. When you incorporate mental preparations into your daily Forex trading ritual you have set the stage for handling whatever the currency market can throw at you with confidence, determination and clarity. Remember, above all the hype, strategies and methodologies lies common sense.

    Use it and you too will find success, because it's always the little things that make all the difference in the world!
    trade with your plan.

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    Default

    thank for input
    i try to implement this stage
    Remember.
    Trading is not a sprint but a marathon. Compounding money is a powerful thing.
    Be patient and persistent
    Exercise discipline
    Always, Always use stops loss
    Protect your profits at all times.
    Accept your losses like a man. If you cant accept your losses you will become a nerverous trader.
    When in doubt stay out.

  8. #8
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    Default

    Before setting the stage.. make sure that you are ready to trade, leave your emotions at the door..

    Quote Originally Posted by pkkmmm View Post
    trade with your plan.
    trade your plan.. plan your trade!

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