I agree on that. Some of the most important rules to follow while trading
Good to be reminded of that.
I also feel like having patience is another good rule
Well, that’s a must. Impatient traders are the first ones to leave trading unsuccessful.
A harmful object in emotion trading. Emotions are a part of psychology. I have seen many traders who have been in the Forex market for many years but have not been able to make a profit. After a lot of research on this topic, I realized that emotion is their main problem. So if a trader can control his emotions then he can succeed in Forex. And if you want to control, you have to do regular meditation. Meditation helps to overcome negative mindsets.
all the point you have mentioned really good , i like most number 3 which is consistency. its the most tough and valuable habit in all sections even real life. anyone can make sure good result 1 or two times , but only real human can maintain consistency which is the core to any success.
Skills. consistency and knowledge.
I agree with you. Forex needs patience and knowledge both to have a successful trading.
Out of these 3 tips, trading journals and consistency are of much importance. Trading journals help a trader to track and review their trades. This helps us to improve our performance for future. Consistency in trading is much required at every stage. One more important tip I believe is proper risk management - it helps to identify the potential risks in advance and curb the risks.
- Yes it’s true but b4 u follow, find out proper and useful strategy is important. Be consist means controlling emotions.
A Positive mind
Right strategy and risk management
You have mentioned quite valid points. Definitely I would like to add on the factor of emotion. Involving emotions in trading can get you in real trouble and it would hamper your decision-making skills and would restrict you from talking a positive measure.
1.Find a properly regulated broker
2. Have a trading plan.
3. Follow it with iron discipline.
These rules are equitable. I just want to add that one needs to control the emotions while trading.
Meditate if you want to control your emotions.
Does that really help? I have never tried meditating
You are absolutely correct in stating these three important points. Apart from this I also think that controlling emotions is important. Many people focus on logic and strategy but in that process, they lose their calm. Patience is very important for any trader since trading is all about consistency and being patient. Fear of losing is another problem which many traders face.
I agree, I used to panic and take rash decisions.
But now that I went through the school of pipsology, I feel more confident and calm.
Open a position and set my plan and let it go. I obviously keep an eye on it but stick to it to the end.
End of the day I review it wether it was profitable or not.
I like the 3rd one it’s very important to strive for consistency when trading
Yes ofcorse it does. It calm your mind and brings in patience. Do give it a try.