Things To Stick To When Trading Forex
When trading forex if you want to make money you should stick to a routine and if that routine is working then dont change it. Here is a list of things that I stick to daily when trading.
I have a goal of how much I want to make and how much I am willing to lose. Once I have reached my target earnings I finish trading even if I have an idea that I can make more. I never go below what I am prepared to loose daily even if I think I can reverse my fortunes.
Stick to your system strategy. I always stick to what I know. I spend quite a bit of time in forums and forex chat on my brokers platform and their are always people advising different things. I never follow these as I am already making money and trying to hit my target. If you have a strategy and it is working for you then stick to it.
Decide to what time frame you are going to use. Once you have chose a time frame, study it and stick to it. There is no point wasting your time studying a 24 hour time frame then switching to a 1 hour time frame.
Control your emotions, When winning trades do not get overwhelmed, and starting making many trades, remember you can lose all your opened position at once.
Be patient and stick to your plan.
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