• Trade the higher time frames
Higher time frames are inherently more reliable and easier to trade than their lower time frame counter parts. This is because the higher up in time frame you go the more the random “market noise” of the lower time frames is smoothed out and clarified. Think of the forex market like a giant puzzle, and the lower in time frame you go the more the pieces of the puzzle get scattered and moved around, making it harder to see the complete picture of what price is trying to tell you. As you move up in time frame the overall price “picture”
becomes clearer and easier to trade. This means any forex strategies that you are trading on time frames under 1 hour, will be made more reliable and thus more accurate on the higher time frames. You will trade less often on the higher time frames, but this is a small price to pay for more consistent trading results and a smoother equity curve. Note; “higher time frames” are generally defined as the 4 hour chart and above.
• Obtain effective forex trading education
If you don’t know where you are going, how can you ever get to your destination? You need to actually obtain training and working knowledge of a specific forex trading strategy before you begin interacting with the market, whether it’s on a demo account or on a live account. Many traders begin trading with no real trading strategy education behind them; they basically are just trading randomly. You can put yourself ahead of all of these traders by obtaining quality forex trading education in a proven trading strategy and from a reputable and trusted source.
• Be realistic
This point might seem a little vague, but it is very important that you are realistic with yourself about all aspects of your forex trading. For example, if you are trading with $500 in your trading account, you simply cannot expect to make $2,000 a month. Many traders begin trading and they have unrealistic expectations about how much money they can make given the amount of money they have available to trade with. While it is possible to get lucky and hit a few big winners while you are over-leveraged, this habit will always come back to bite you many times harder than you expect. If you want to improve your forex trading right now, you need to pull your head out of the clouds and come back down to reality and realize that if you are effectively managing your risk on every single trade, you simply are not going to make a lot of money really fast unless you have a lot of money to start with.
• Eliminate emotion
Probably the most important thing you can do right now to instantly improve your forex trading is to make a conscious effort to eliminate emotional trading mistakes from interfering with your forex trading progress. There really is no simple way to do this; it takes mastery of your own mind in essence. One thing you can do is work on pre-defining every single interaction you have with the market, if you do this there will be no way you can operate from an emotional mindset, but you have to make sure that you actually follow through with your pre-defined trading interactions, and this can often be the toughest part. Make sure you are trading with forex strategies that give you a realistic chance at remaining calm and collected as you trade, this means using forex trading strategies that are simple yet effective.
Higher time frames are inherently more reliable and easier to trade than their lower time frame counter parts. This is because the higher up in time frame you go the more the random “market noise” of the lower time frames is smoothed out and clarified. Think of the forex market like a giant puzzle, and the lower in time frame you go the more the pieces of the puzzle get scattered and moved around, making it harder to see the complete picture of what price is trying to tell you. As you move up in time frame the overall price “picture”
becomes clearer and easier to trade. This means any forex strategies that you are trading on time frames under 1 hour, will be made more reliable and thus more accurate on the higher time frames. You will trade less often on the higher time frames, but this is a small price to pay for more consistent trading results and a smoother equity curve. Note; “higher time frames” are generally defined as the 4 hour chart and above.
• Obtain effective forex trading education
If you don’t know where you are going, how can you ever get to your destination? You need to actually obtain training and working knowledge of a specific forex trading strategy before you begin interacting with the market, whether it’s on a demo account or on a live account. Many traders begin trading with no real trading strategy education behind them; they basically are just trading randomly. You can put yourself ahead of all of these traders by obtaining quality forex trading education in a proven trading strategy and from a reputable and trusted source.
• Be realistic
This point might seem a little vague, but it is very important that you are realistic with yourself about all aspects of your forex trading. For example, if you are trading with $500 in your trading account, you simply cannot expect to make $2,000 a month. Many traders begin trading and they have unrealistic expectations about how much money they can make given the amount of money they have available to trade with. While it is possible to get lucky and hit a few big winners while you are over-leveraged, this habit will always come back to bite you many times harder than you expect. If you want to improve your forex trading right now, you need to pull your head out of the clouds and come back down to reality and realize that if you are effectively managing your risk on every single trade, you simply are not going to make a lot of money really fast unless you have a lot of money to start with.
• Eliminate emotion
Probably the most important thing you can do right now to instantly improve your forex trading is to make a conscious effort to eliminate emotional trading mistakes from interfering with your forex trading progress. There really is no simple way to do this; it takes mastery of your own mind in essence. One thing you can do is work on pre-defining every single interaction you have with the market, if you do this there will be no way you can operate from an emotional mindset, but you have to make sure that you actually follow through with your pre-defined trading interactions, and this can often be the toughest part. Make sure you are trading with forex strategies that give you a realistic chance at remaining calm and collected as you trade, this means using forex trading strategies that are simple yet effective.
