1.Have a good sleep
Everything starts with a high quality sleep. It absolutely doesn't matter which trading session you trade at- getting at least 8 hours sleep should be a priority for all traders.
There is no need to explain the fundamental benefits of a good sleep, especially if you are an active trader and know the importance of being constantly focused, motivated and ready to make quick decisions.
The lack of sleep usually leads to incorrect calculations, compromised decisions and poor reaction to stressful situation.
2.Find a good mentor
Finding a good and reliable mentor with a proven track record can speed up your educational process drastically.
Find a person or a community that will help you to grow as a professional. Please do not confuse a mentor with fishy signal providers, which don't bear any responsibility for their trades. Your mentor/community should help you to find your own trading style, help you develop your own trading strategy and implement it.
The main thing you should ultimately get from talking to other traders is surrounding yourself with like-minded people.
3.Invest in your education
Forex is not a get rich quick scheme. You won't become a millionaire overnight.
It is important to remember that everything takes time.
-Can you become rich and make a living by trading forex?
Absolutely! But, we strongly suggest our clients to take one step at a time. As a new and aspiring trader you should first learn how to walk before you start running.
Take your time and get a grasp of the basics. MTrading has an exceptional trading material, which is free of charge. It starts with fundamentals and gives you a solid understanding of how financial markets operate.
Dedication and patience are key elements for your success here. Keep it in mind while you learn and the results will be extremely rewarding.
4.Control your emotions
Those who have previous trading experience know how volatile financial markets can be.
When you see the price going the opposite direction of your trade- emotions simply overwhelm you. It may be especially difficult for new traders to cope with it.
This is the reason why there are so many cases when profitable demo traders cannot make any money on their live account. When you are trading on a demo account- you don't risk anything, thus you don't often feel anger, greed, excitement, despair or elation, which play essential part of your everyday trading routine.
Our advice would be to use demo account only for practice purposes. Don't sit on a demo for too long. As soon as you feel yourself more or less confident with the chosen trading strategy- start considering going Live.
Managing emotions is difficult, but practice makes perfect.
5.Create a trading plan
"A goal without a plan is just a wish" - Antoine de Saint - Exupery
In order to be successful on financial markets you have to treat it as any other business in the world.
-Can you imagine a company like Ebay or Apple without a development plan for at least a year ahead? Of course, not...Why should then Forex be any different?
You put your own money on the table when you open a trade. Seems quite logical to do your due diligence and come prepared.
The trading plan should contain all your weekly, monthly and yearly goals. It should be a personally written document that will clearly state what, when and how you will take your trades.
Implement these simple things in your trading routine and you will quickly see improvements in your winning/loosing trades' ratio.