Good Habits

Beginner Questions
1

Hello everyone,

I just recently started looking into Forex. I feel I have still have much to learn before I can start trading, so while I am still learning using the demo and finishing the school, I would like to know, in your opinion, what are some good habits I should start developing now, so I can be a better trader by the time I start doing the real thing.

All types of advice and tips are welcome

2

Self-control
Emotional stability (Exercise, meditate, eat / sleep well)
Pick up other hobbies (To “get away from trading”)
Immense persistence
Immense humility

3

First of all, stop playing around with demo accounts because you are not trading there, and start trading on real account with your money so that way you can create and develop your trading strategy with your own money. About developing some habits; try not to do that because it is a bad idea. With forex trading always it’s going to be something new and unpredictable so you should be enough flexible to succeed through all the those changes.

4

Stick with your Strategy habit, if you can not stick with it on Demo, then you will not be able to stick with it on Live with all that Stress and Emotions :wink:

Good Luck !!

5

Good traders ask good questions, and your certainly on the right track!

In my opinion, great traders are forged through persistence and dedication. It’s what they do to better themselves everyday that makes them successful, not just getting lucky on a few trades. If you’re curious, Mario Singh tweeted this infographic yesterday - it has a few good quotes in it.

Top-10-Habits-of-Successful-Forex-Traders.jpg135×700 21 KB

6

Yeah I saw this yesterday. Most of them follow the major rules as habits.

Here is the link to have a better look at the infographic

Top Habits of 20 Highly Successful Forex Traders

7

Start developing the rules by which you will trade by No need to make it complicated or long. Example

  1. Trade the Trend
  2. No more than 2% of account balance
  3. Always place a fixed stop loss
    etc. etc. Then each time before you trade read them and if you’re smart you’ll print them out and place them on your in front of your computer screen. Hope that helps
    Gp
8
9

Interesting Infographic mate. Like to develop similar habits. :slight_smile:

10

Keep the demo until you are sure of your strategy and showing consistent profits. DO NOT risk real money too soon or you could get seriously burned

11

The REAL lessons will come when REAL money is on the line.

12

You are right, when a person trades in real account, only then his real nerves are tested. A great deal of patience is required to maintain a steady winning rate in forex market.

13

True, but you need a demo account to practice strategies on unless you have very deep pockets