How to be a Disciplined Trader *Special Edition
In a volatile and fickle market, it is difficult to develop tactics to increase profits, and especially those which last over time.
It's difficult however, but not impossible. The first thing to do, to get a strategy with successful results, is the number one rule in forex - create your own trading system. Disciplined and practical trade operators develop their own systems that allow them to consistently generate cash money.
To achieve success and to develop your plan, it is necessary to follow this series of steps:
- Identify the type of fluctuations, ranges or market trends.
- Establish a period of time that the operation will take. In case it is long term, you will need to make use of time frames that adapt to this temporality.
- The entry and exit points of your positions should be marked as perfectly as possible.
- Finally, the parameters that evaluate the risk / reward ratio must be established.
DEVELOPMENT OF THE WORK PLAN
Ideally, focus on the plan and develop responsibly, as simple as it may seem. It is said that to achieve success, you need 5% intelligence that allows you to know the best plan to choose, and another 95% will be the discipline you need to really test it and carry it through to the end.
You need to be clear about a few things, such as what you are specifically looking for. Also what you are physically doing to bring you closer to your objective on a day by day basis. It is also equally important to be clear about what your objective is, what you are trying to get out of it, what you want to do and what you don't. Finally, it is necessary to deduce what I need to achieve all the objectives that you have set myself.
DISCIPLINE AS BASE
Discipline is essential to achieve any goal. Nobody was born with discipline built-in; we have been developing it throughout our lives, through experience and learning. Discipline promotes concentration and training that leads to success.
Discipline can be developed with simple exercises. For example, you can set a goal to go for a run every day. At the beginning it will be difficult, however, slowly, it becomes part of the daily routine. It will become more and more normal until the time will come when, eventually if you do not go running, you will feel that something is missing, the body itself because used to a cycle of habit whereby going out to run every day is the norm.
Forex can be the same. Discipline almost always evolves into habit and routine, making it more difficult to change. Use this in trading strategies, apply character traits to stop loss, moving averages, using various tools in your LVM Trade MT4 platform and together with different asset trading and general experience over time, this leads to concentrated and persevering dedication, with the subsequent achievement of the objectives that were set. Once the path has been set, your currency pairs or preferred assets are chosen and used wisely in a routine manner, discipline in trading leads you to be in the money with your financial goals.
What should your forex strategy include?
Since currency exchange has existed, many people have considered putting into practice a successful forex strategy – with an end goal in mind to becoming a disciplined trader.Read more