5 Ways to Enhance Your Forex Trading Routine
With the advent of mobile trading and the increasing popularity of tablets and smartphones, Forex trading has become less rigid and more flexible, at least in the way trades can be implemented. The advantage of these advances is that traders should no longer miss critical entry or exit triggers simply because they’ve stepped away from their desks. The disadvantage, however, is that trading from anywhere erodes the discipline that comes with sitting at your desktop and monitoring the markets. If you’re looking to improve upon your trading results, it may be a good idea to adjust your lifestyle and your trading routine before you adjust your trading strategy. It could be that a few small changes will bring big results to your Forex trading. Here a few suggestions that will improve not only your trading, but your entire life.
With the advent of mobile trading and the increasing popularity of tablets and smartphones, Forex trading has become less rigid and more flexible, at least in the way trades can be implemented. The advantage of these advances is that traders should no longer miss critical entry or exit triggers simply because they’ve stepped away from their desks. The disadvantage, however, is that trading from anywhere erodes the discipline that comes with sitting at your desktop and monitoring the markets. If you’re looking to improve upon your trading results, it may be a good idea to adjust your lifestyle and your trading routine before you adjust your trading strategy. It could be that a few small changes will bring big results to your Forex trading. Here a few suggestions that will improve not only your trading, but your entire life.
1 – Get more sleep
Because the Forex market is open 24/5, many traders can’t resist the urge to check the markets before bed (or even while in bed!), or to get an update in the middle of the night. This thirst for knowledge has caused traders worldwide to lose many hours of sleep, causing fatigue, health problems and compromised decision-making abilities. Though it may be tempting to check your account or tweak your positions during hours that are generally used for sleep, this obsession can be dangerous for your physical health and your financial health. Make sure that you get at least seven hours of sleep per night (if you can get eight, even better), and you should see instant results in all aspects of your life.
2 – Get moving
Hundreds of studies have proven how exercise can improve your mental acuity, your physical health and your mood – three things that are also important if you want to be a successful trader. If you’re a full-time trader, you may feel angst or guilt if you step away from your computer. If you’re a part-time trader, you may feel like you don’t have enough hours in the day to balance work, kids, trading and any other aspect of your day, while fitting in time for exercise. There is no question, however, that incorporating exercise into your daily routine will improve your health, your mind and be extension, your Forex trading.
3 – Plan in advance
While it’s impossible to predict the market’s direction with certainty, keeping your eye on weekly key chart levels will help you keep perspective as the week progresses. Keep notes about interesting trends, potential trade setups that you’d like to keep an eye on, or any small hints that may develop in the coming trading sessions. Forex trading is not an activity that can be done in a vacuum, and only following the charts will exclude your gut feelings from your trades. Keep a journal of your instincts and check to see if they’re correct; there could be potentially profitable trades just around the corner.
4 – Keep practicing
Even the most experienced professionals need professional development once in a while. Doctors need to recertify, drivers need to renew their licenses and lawyers need to go to professional development seminars annually. Shouldn’t traders also continue to develop their skills and knowledge? Take some time to practice new strategies on a demo account and to see if there are new avenues to pursue or profitable opportunities to develop. It may also help to practice your current strategies as well, to see if there are any ways you can improve your practices to enjoy more of the upside.
5 – Ask for help
Forex trading is generally an individual ‘sport’. Many traders don’t know other traders, and they are trading in the vacuum of their own home office. Taking time to meet other traders and to share ideas and ask for help can be extremely encouraging and can give you an outlet to confirm the validity of your strategy or to highlight the shortcomings of your approach. Many forums offer the ability to post questions and to reply to other traders’ questions. Social trading platforms also allow traders to follow other traders and to see what other traders are doing, which can provide a great place for you to get ideas and inspiration for your own trading. Then, once you get new ideas, practice, practice, practice (see #4).
It’s easy to keep going once you’ve started trading, but the best way to improve your Forex trading is to make small changes to your life and your trading techniques. Good luck!
