14 – Developing Good Trading Habits
Most expert traders credit their success to good trading habits, which can be developed over time through a solid daily routine. Once these habits are ingrained in your processes, discipline and proper decision-making can become second nature.
As mentioned, habits take quite some time to develop. For instance, becoming a...
13 – How to Recover after Blowing Up Your Account
It's not unusual for beginner Forex traders to wind up completely wiping out an account through a series of losses or poor risk management. While this unfortunate scenario can be avoided with the right amount of trading knowledge and discipline, it would also help to have a battle plan...
12 – Keeping Your Focus with Volatility and Uncertainty
Some say that the only thing certain in the forex market is uncertainty. While there are ways to predict more probable price movements, there will always be that element of surprise from time to time, as unforeseen events or shifting market dynamics could play a larger role in determining...
11 – How to Deal with Forex Trading Stress
Given the fast-paced nature of the forex market and its potential to result in monetary losses, it is not surprising that a lot of traders suffer from stress. After all, the idea of losing real money in a forex trade can lead to frustration and in some cases, anger...
10 – How to Learn from Your Winning Trades
While the previous section focused on how you can learn from your losing trades, this article breaks down how you can learn from winning ones. More often than not, winning trades contain valuable lessons that a trader can build on to get more profits later on.
While losing traders offer...
09 – How to Learn from Your Losses
As discussed in the previous section, it is very important to have a thorough review of your trade in order to determine what you did wrong or what you did right. In case the trade turns out to be a losing one, you can still benefit from it by...
08 – Components of a Complete Trading Journal
Much has been said about the importance of having a trade journal but it is also necessary to emphasize that its efficiency hinges on its completeness. Not only must it have the pertinent trade details such as entry and exit prices, but it should also have notes on your...
07 – The Importance of Keeping a Trade Journal
While the idea of keeping track of every single trade idea, decision, and outcome seems tedious, it could hold the key for forex trading consistency and long-term profitability. Here's why it is important to develop the habit of maintaining a trade journal and its benefits for your trading psychology.
A...
06 – Are You Ready to Be a Full-time Trader?
While the prospect of making money on the forex market full-time seems like a very enticing career for many, it is not for everyone. It takes a specific kind of individual with certain must-have traits in order to succeed in this battlefield.
Of course this is not to discourage those...
05 – Tips for Part-Time Forex Traders
Since forex is a 24-hour market, trading can be done part-time on top of a full-time job. However, it is also important to be psychologically prepared for this trading approach as it requires some lifestyle considerations and adjustments. Without making these, you might be setting yourself up to fail...
04 – Psychological Differences of Demo and Live Trading
Some beginner traders in their first few months of live trading end up surprised that they are having difficulties replicating their success in demo trading to a real account. This is perhaps a result of underestimating the psychological differences between demo and live trading and not being able to...
03 – Are You Ready to Trade Real Money?
If you think you are finally ready to make the transition from demo trading to having a live account, then you should also be psychologically prepared for it. Not only will you have real money on the line, your emotions might also have a bigger impact on your trading...
02 – How to Make the Most of Your Demo Trading
Beginner traders are often recommended to start with a demo trading account before risking real money on a live account. However, there are also many who question whether this step is necessary as demo trading has several stark differences with live trading, particularly in the trading psychology aspect.
Despite that,...
01 – Trading Psychology Tips for Beginners
If you're a new trader trying to make sense of forex market movements and making money while you're at it, the whole experience can be exciting and overwhelming at the same time. This is why it is important to work on your trading psychology from the very start of...
00 – Trading Psychology 101
Now that you've studied the basics of technical and fundamental analysis, as well as the importance of proper risk management techniques, it's about time to take a look at another crucial component of forex success: trading psychology.
While the basic forex concepts allow you to spot profitable trade setups and...