During the weekend, I decided to trim down my Forex and Forum feeds because they were bringing me a lot of noise and distractions. So I felt the need to trim them down so that I can have some sanity and keep myself well-focused.
I agree. I firmly believe in the old saying that one should learn something new every day. As long as we live we should grow and develop, learning more about Forex is part of that process.
I am pleased to say that I had closed my positions on Friday so the gap with which all the EUR currency pairs opened after the elections in France had no effect on my trading. I have learned that it’s better to wait out such events.
I definitely consider my avoidance of trading news to be an improvement of my strategy, yes. I only trade news when I am very certain of the outcome, and that doesn’t happen often.
Learning is the key to become successful and not the book knowledge, we need to learn through Demo and later through small investments, it could change our trades.
I have always thought Forex trading was difficult until very much recently. Forex trading is very easy; what is difficult is succeeding in Forex trading. And here’s why:
It takes a load of hard work and mental effort to plan and prepare for consistent profitability; and much more mental and emotional effort to wait for the right time, price and location. Only very few traders can do this.
Trading is an intellectual exercise to me. I don’t really regard is as easy or difficult. It requires my focus and my attention, as well as for me to be calm and disciplined.
Focus and attention, being calm and disciplined! Important concepts to employ in the trading business. Nevertheless, they are not easy to apply. Any body thinks differently? How important is staying focused (not being distracted by noises and other ‘gurus’ opinions, for example), together with being calm, patient and disciplined, central to consistent trading success?
We all need to improve on our trading discipline and work at long-term, consistent trading success. Any trader who remains undisciplined leaves themselves open to failure.
Improve on my market analysis, identify levels/zones to trade from, develop key rules for trade entry/setup and wait for the market to come to my levels/zones.
Demo accounts have their place in trading success. For success in live accounts, demo accounts should be used for developing and mastering one or two functional trading systems/strategies and learning solid risk and capital management. What have you being doing to master one or two trading systems/strategies rather than system-jumping?