How to Be Disciplined in Forex Trading

What do you think the key for forex trading? It is not the perfect strategy, but PERFECT DISCIPLINE. Discipline is a controlled behavior. So in forex trading you must have a controlled behavior which follows your strategy. Discipline will separates you between success and failure.
Have you ever set your trading goals, set your stops and limits but eventually forget about that. You have your strategy but still didn't do the strategy and enter the market although it is not suits your strategy. And finally LOST your money. How could that happened? It's because you lack DISCIPLINE. Many beginner trader and some experienced trader too, often enter the market because they are tempted to go in due to the fear of missing out a big move although it breaks their trading rules.

Steps

1. Be easy on yourself for your mistakes. The more you get upset with yourself for your mistakes the more it will influence your future trading.
   
2. Keep practicing on a demo account. Set a goal, if you haven't got 50% return you will not go for real trade.
   
3. After every losing trade close your forex platform. This will you get you some time to cool off.
   
4. Put a Post-it note at your screen to be disciplined, so you remember to be disciplined.
   
5. If you find yourself praying for the market, that is ominous. Close your forex platform immediately.
   
6. Have your spouse accompany for your trading. She/he can reminds you for your action.
   
7. Use a demo account and have your spouse to trade for you. When you want to enter the market, you need to talk to him/her. This will slow your action and make you thinks clearly.
   
8. Relax and visualize yourself of your mistakes. Imagine your mistakes. Imagine your loss because of greed. In your mind see you takes defensive position for your next trade. Imagine every details of next trade. Do this often to change your mind.
   
9. Focus on your trading. If you have something else to do like working, don't trade.
   

Tips

• The key is making money in any financial market, including forex, is buy low and sell high. Study the charts to see where the support is (a price level the currency pair never seems to go lower) and aim to buy at that level; likewise, see where the resistance is (a price level the currency pair never seems to go higher), and aim to sell at that level. More likely than not, you will make money by so doing.
  

Warnings

• Don't risk any money you cannot afford to lose. Risk money is money that if lost will not change your lifestyle the slightest. Consider ALL money deposited into a forex account as lost.
  
• Don't risk too much on any single trade. Keep a comfortable margin.
  
• Don't trade too many different currency pairs simultaneously. This will endanger your margin requirement.
  
• Don't be too greedy. Aim for 20-100 pips at a time to take profit.
  
• Don't use stop-loss. If you don't risk too much at each trade, and follow "buying low and selling high," the price will almost invariably come back, even if it goes against you -200 pips, -300 pips, or even -400 pips. Forex is volatile so if you use stop-loss, your stops will very likely be taken out and you will lose money.
  

A forextrader will only make money if and only if he uses bigger timeframe, and and dont have a stop loss. what counts is not your profit, it is better to endure -200pips and latter have +300pips profit, WHAT REALLY MATTERS IS your achievement

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