1. Define your method of transaction and style
The biggest problem for part-time traders is the amount of time used for trading. If you can only spend one hour per day for trading, it will be very difficult to make actual profits. You must have a clear plan. What would you do in an hour? Will you trade in scalping or long-term or mid-term? Asking yourself these question, having a detailed plan for trading, then choose the best method.
2. Maximize your transaction time
As mentioned, time is the key. Time management is an important skill for traders, especially in the early stages. In addition, you must have a specific plan to improve your trading skills such as review charts, backtest tools, and tracking basic economic information to make a critical analysis. Even in the bear market, maybe all it needed is to sit down and do those things above because you would not trading anyway. Be patience and chances will come.
3. Improve your specialized knowledge
Because your transaction time is limited, you need to gaining trading knowledge and experiences by reading a book or consult an expert analysis.You need to build scripts for your strategies from different perspectives and always control your emotions when making forecast.
4. Keep your head cool
You are not a robot and you cannot follow the price chart 24/7. If you miss a chance, lets it be and move on. Trading is long-term and opportunity is one thing that market never lack of.
5. Join the professional Forex community
Due to the popularity of Forex forums, you will not be alone in trading. Take time to participate in forums and learn from professional traders. They may point out things that have yet known. TraderViet.com is a great community. Definitely check that out!
6. Clear trading plan
A trading plan can maintain a relaxed and prepared state in trading. As planning ahead, you will likely to have a wider and further vision of the market, wasting less time on monitor price charts. It helps keep you calm and abides by the rules you set. A complete trading plan will help you accumulate more profitable and faster on the way to becoming a professional trader.
That’s all of my secrets, what do you think?
I agree with all of these methods..self-studying and learning from others are the greatest way to find good strategy to use when trading..but one problem most of the traders encounter is,how to apply it when they are doing actual trading?all those knowledge and strategies will be overtaken by emotions,fear or greed will be the one taking over our minds and this is what i see the big reason why many of us suffering big losses in trading..
So,i think learning to control our emotions would be a good addition to these methods to help us become a good or even a succesful trader one day.
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This one relax me somehow. And what do you do during dumps? Do you continue to trade or take pause?
