Instead of an introduction
Traders think about how to make a profit on Forex from the first seconds spent on the market. And few people think about what he can do in order to start earning and grow professionally. Despite the fact that the articles from the “Useful Forex Tips” series are very popular, few people apply the read recommendations in real life.
A little about habits
You can call something a habit only when it has become an integral part of your life, you do not choose whether to do it or not. The habit of doing something takes over. From the foregoing, we can conclude that purposeful action is not a habit, because the element of effort, intention is excluded from it. This is the advantage of good habits. Because over time, you won’t need to use willpower to follow a series of rules, which means you’ll save as much energy as possible for other purposes, such as trading itself. In this case, everything is clear with old habits, but how then are habits acquired?
Forming New Habits
When forming a new habit, a person is faced with the task of automating the performance of an action. One of the main methods in achieving this goal is repetition. In order to repeat the necessary action from time to time, you will need self-discipline. This feature is in principle very useful in any kind of activity. The second component of the process of forming a new habit is emotion. If you repeat some action to get rid of it without being emotionally involved in the process, the habit will form for a very, very long time.
The optimal emotional background for fixing a habit can be set by practice in trading. The process of trading in the Forex market is accompanied by a lot of emotions, which in this case will be beneficial.
So, self-discipline, repetition, and emotional engagement are your true friends in the development of ten useful habits of successful traders.
10 useful habits of a successful trader
#1 The habit of learning
Set aside time, at least an hour a day, for reading books, watching webinars, and other educational activities. Studying, learning something new within the framework of your profession is one of the most important habits of a successful trader.
#2 Habit of sticking to a plan
Every trader should have a trading strategy that controls the entire trading process as much as possible. It should contain a comprehensive plan of action that you must follow in the process of trading.
#3 The habit of admitting your mistakes
This habit is very important because there can be no development until you learn to take responsibility for the results of your trading in the market. After all, if you are responsible, then failure is a consequence of your mistake.
#4 The Habit of Analyzing
It is not enough to admit your mistakes, you must also be able to find them. To do this, you must constantly analyze your trading, answer the question “Why?”. Get into the habit of keeping a journal and meticulously write down in it all the reasons for your actions within the framework of trading. So you can find errors, and analyze them and improve your trading strategy.
#5 The Habit of Doubting
In trading, as a high-risk activity, there should always be room for doubt. No matter how clear the situation on the market may seem to you, doubt the correctness of your forecast to the last. Just do not understand this as a reason for refraining from entering the market, this is a reason, rather, for more competent money management.
#6 The Habit of Improvement
Bringing your trading system to perfection, improving your trading decision-making – you must have the desire to find flaws and eliminate them in your activities in the foreign exchange market.
#7 Habit of trading with the trend
Whatever one may say, this method of trading has proven to be the most reliable. Don’t argue with the luminaries.
#8 Habit of always placing stop orders
So much has been written about neglecting pending stop orders that it makes no sense to explain why they should be placed. Just make it a rule for yourself not to neglect it under any circumstances.
#9 The Habit of Playing Two Ways Out
The price can always go up or down, only the probability of these events is different. But the Forex market is so complex and so influenced by a huge number of factors that a successful trader must always lose two scenarios and be ready for both.
No. 10 Habit “Not gods burn pots”
The habit of thinking according to this saying is a very valuable thought pattern. If you learn to think this way, if you believe in it with all your heart (and this is true), you will certainly achieve your success in the foreign exchange market or in any other kind of activity that you choose to own.
I wish you productive work on yourself, dear friends!