These are the skills any forex trader should practice.
Define Goals and Trading Style
Before you set out on any journey, it is imperative to have some idea of your destination and how you will get there. Consequently, it is imperative to have clear goals in mind, then ensure your trading method is capable of achieving these goals. Each trading style has a different risk profile, which requires a certain attitude and approach to trade successfully.
The Broker and Trading Platform
Choosing a reputable broker is of paramount importance and spending time researching the differences between brokers will be very helpful. You must know each broker's policies and how they go about making a market. For example, trading in the over-the-counter market or spot market is different from trading the exchange-driven markets.
A Consistent Methodology
Before you enter any market as a trader, you need to have some idea of how you will make decisions to execute your trades. You must know what information you will need to make the appropriate decision on entering or exiting a trade. Some people choose to look at the underlying fundamentals of the economy as well as a chart to determine the best time to execute the trade. Others use only technical analysis.
Determine Entry and Exit Points
Many traders get confused by conflicting information that occurs when looking at charts in different timeframes. What shows up as a buying opportunity on a weekly chart could, in fact, show up as a sell signal on an intraday chart.
Positive Feedback Loops
A positive feedback loop is created as a result of a well-executed trade in accordance with your plan. When you plan a trade and execute it well, you form a positive feedback pattern. Success breeds success, which in turn breeds confidence, especially if the trade is profitable.
Perform Weekend Analysis
On the weekend, when the markets are closed, study weekly charts to look for patterns or news that could affect your trade. Perhaps a pattern is making a double top and the pundits and the news are suggesting a market reversal. This is a kind of reflexivity where the pattern could be prompting the pundits, who then reinforce the pattern. In the cool light of objectivity, you will make your best plans. Wait for your setups and learn to be patient.
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