What I will be sharing with you in this article are the best tips you need to become a better forex trader today. The internet is filled with “do this, do that” trading tips. But which ones are useful? Which ones make you a better trader? The trading tips in this article will make you a better trader.
At the end of reading this article you are 1 step closer to consistent profitability.
Stick till the end, because the most valuable ones are at the end.
Why do you need these trading tips?
These trading tips are things I have learned from 6 years of trading. They are the things that impacted my trading the most. These trading tips that I’m about to share with you can make big changes in your trading, if you take them seriously and if you take action on them. As always, no change happens without taking action.
Now, without further a due, let’s get into the first trading tip that can transform your trading forever.
Trading tip #1: Get a trading journal or keep losing money
Jesus Cas, again that boring trading journal thing? Yes, because people just don’t get it. Look, you are competing against hedge funds, private funds, banks, people with way more knowledge and money than you. Do you think they just show up and place some trades and head to the beach? Of course not. They are organized and they spend hours each day improving. So should you if you want any chance at winning this game.
A trading journal allows you to keep track of what you do. A forex trading journal allows you to keep improving and to keep learning from your mistakes.
Does it sound boring?
I have been trading for around 6 years at the time of writing this article. Even though I have been profitable for years, I still spend a minimum of 2 hours per day at finding ways to improve my trading edge.
That’s a minimum of 10 hours a week. That’s a minimum of 520 hours per year. Are you putting in the same amount of work? The professionals are. The people that are profitable and that are taking your money are.
Step up your game and use a trading journal. A trading journal is a must for serious forex traders. Without a trading journal, you might as well quit right now.
Trading tip #2: Get a forex trading mentor
Yes, there are way too many scammers out there. Yes, the forex industry is filled with scammers that claim to become profitable. I’m not talking about those weirdos. I’m talking about getting a REAL trading mentor. Someone with a proven track record. It can be me or it can be another professional. It doesn’t matter. The point is: a trading mentor will improve your trading.
Big changes in my trading performance happened when I got a trading mentor. Before that I tried to do everything on my own. I did have a little success, but no consistency. Everything changed when I got a real forex trading mentor, with a track record, that had been doing this for many, many years.
How to find a good trading mentor?
Step 1: check if he has a track record
Step 2: send him a message and get to know him
Step 3: see what he offers, see if it fits with you
It’s that simple. Find a real forex trading mentor as it will really increase your odds of succeeding.
Do you want to know more about my COMPLETE forex trading mentorship? Click here.
Now, what’s the next thing you can do to become a consistently profitable forex trader?
Trading tip #3: Have a trading plan
Failing to prepare is preparing to fail. That’s how it is. Without a trading plan you are all over the place. Without a forex trading plan, you are open to all the emotions and uncertainty that comes from trading the markets. You need a plan, a framework, to attack these markets. It has to be written down.
Every professional I know that does this for a living has a complete trading plan. Everything is covered:
What if the internet goes down?
What if unexpected news comes out?
What if my edge goes away?
Everything is in there. Nothing is left out.
My question to you is: do you have a complete forex trading plan that covers everything?
If not, you have work to do. Like I wrote before: professionals plan everything. So should you. Make a concrete trading plan that you can follow, regardless of external factors.
A complete trading plan for beginners should include all the basics. Then, you build on top of that as you go. Build a trading plan for forex trading and succeed.
Alright, this next trading tip will be an eyeopener for most of you. Read on.
Trading tip #4: Build discipline outside of trading
Trading requires discipline and patience. Most people think that when they get to their trading desk, they can push a magic button to switch on their discipline and they will miraculously follow their trading plan. That’s BS. If you are not disciplined outside of trading, you won’t be disciplined with your trading.
So, what to do?
Become disciplined outside of trading. Train your discipline skill.
When you tell yourself you are going to the gym, go to the gym even if you don’t feel like it.
When you tell yourself you are going to stop smoking, stop smoking.
When you tell yourself you will be waking up at 7am for the next 30 days, do that.
Build that discipline, inside and outside of trading.
You will notice it will transfer directly into your trading and it will only make you a better trader, even if it doesn’t seem like it in the first place.
I work out 4 days a week, regardless of the circumstances. I eat healthy (80/20), regardless of the circumstances. I meditate daily, regardless of the circumstances. I follow my trading plan daily, regardless of the circumstances. I am disciplined, and so should you if you want to win at trading forex.
Alright, the last tip will be a gamechanger!
Trading tip #5: Develop a long-term trading mindset
This last tip is going to be a gamechanger for people that struggle with trading psychology and trading emotions. Trading is all about following your trading edge and keeping your head cool. This can be done by achieving a long-term mindset.
Look, the next trade doesn’t matter at all. And, the other one doesn’t matter at all either.
Trading is about finding an edge. An edge means that if you take the same setup 100 times, after those 100 trades you have more money than when you started. Before taking a trade you never know which ones will work. You only know that in the long term you make money if you have tested your edge properly. Then you can develop a forex trading mindset.
So, stop focusing on the outcome of a single trade. It’s not useful, it’s harmful. See it as just a trade out of 100 trades.
Keep that long term view, because that’s how you stay calm during a drawdown. And yes, drawdowns will happen, no matter how good you are at this. This is the forex trading mindset.
Take a look at the equity curve below. In the long term in clearly makes money. In the short-term, it can have bad periods. Those are normal. After 100 trades the strategy will be up. After 10 trades, it can be down. That’s how forex trading works. That’s why you need a forex trading mindset.
This will change everything
Alright, I gave you the best 5 trading tips to improve your trading right now. But, remember point 2 about getting a forex trading mentor? What if you could have a free call with me to discuss your current trading problems and get some free 1-on-1 mentoring? That’s exactly what I offer.
I hope you learned what you wanted to learn from this forex trading article. I hope you will take action and use the trading tips I gave in this article to your advantage. Leave a comment if you have questions. I’m here to help. Good luck on your trading journey and become a consistently profitable forex trader like you deserve to be.