If you are looking for a way how to succeed in life, you need to have the habit of being a successful person. Habits are something you do every day until it becomes automatic without forcing yourself to do it. When something becomes a habit, it will stick within.
Similarly in forex trading, you need to find habits that can lead you towards success in this field. Study how successful forex traders go about their daily lives, and what they do every day in terms of the process of analysis, money management, and emotional control. After that, take what you feel is necessary and try to make it a habit in your life.
We've listed three habits you can start doing starting today.
Add trading knowledge every day
Successful traders all start out as ‘newbies’, they also like you feel the loss at first. What sets them apart from the other 95% is that they continue to strive to be closer to success in this field.
In particular, successful traders are always looking for trading knowledge on a daily basis, regardless of technical, fundamental, or emotional control analysis. There are also those who do backtesting every day to master the patterns in the forex chart and no less also analyze the setups in the chart. All this is done every day will not harm you and it will only bring you closer to success.
Ask yourself
Some inexperienced traders often trade using emotions. When that feeling of depression, anger, and fear comes, they let this feeling decide for them in trading.
This all happens because we do not focus enough on ourselves and all we have to do is ask ourselves first, "will I be satisfied with what I trade"?
You need to ask this question every time before entering a position so that you do not regret any loss because you have done your best.
Planning and Review
We can trade thousands of times though, but if the trade is not reviewed, it is less effective and will slow down the improvement as a forex trader.
Try to take 30 minutes every weekend to review the trade position that has been made. List the profit and loss trades, and why they can cause the trade to be profitable or vice versa.
