9 Tricks Of The Successful Forex Trader (3)

Let’s continue….

Step Seven. Build positive feedback loops.
A confident feedback loop is done because of a well-executed trade relative to your plan. Once you plan a trade and then execute it well, you form a confident feedback pattern. Success breeds success, which in turn breeds confidence – particularly if the trade is profitable. Even although you take a little loss but do this relative to a well planned trade, you will then be building a positive feedback loop.

Step Eight. Perform weekend analysis.
It is always good to prepare in advance. On the weekend, as soon as the markets are closed, study weekly charts to look for patterns or news that could affect your trade. Perhaps a pattern is making a double top and the pundits together with news are suggesting a market reversal. This is certainly a kind of reflexivity in which the pattern might be prompting the pundits although the pundits are reinforcing the pattern. Or even the pundits can be letting you know that the market is mostly about to explode. Perhaps these are pundits looking to lure you to the market in order to sell their positions on increased liquidity. These are the kinds of actions to find to help you formulate your upcoming trading week. In the cool light of objectivity, you will create your best plans. Wait for your setups and learn to have patience.

If the market does not achieve your point of entry, learn to lay on both hands. You have to wait patiently when it comes to opportunity longer than you anticipated. If you miss a trade, keep in mind that there may often be another. If you have discipline and patience you can become a great trader.

Step Nine. Keep a printed record.
Keeping a printed record is among the best learning tools a trader might have. Print out a chart and list all the known reasons for the trade, including the fundamentals that sway your decisions. Mark the chart together with your entry as well as your exit points. Make any relevant comments regarding the chart. File this record so you can make reference to it over and over again. Note the emotional known reasons for taking action. Do you panic? Were you too greedy? Were you filled with anxiety? Note all these feelings on your own record. It really is only when you can objectify your trades that you’ll develop the mental control and discipline to execute in accordance with the body in place of your habits.
Bottom Line
The steps above will lead you to an organized way of trading plus in return should allow you to become a more refined trader. Trading is a skill as well as the best way to be increasingly proficient is by consistent and disciplined practice. Remember the expression: the harder you practice the luckier you’ll receive.

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