The typical newbie trader is one that works a full-time job and wanting out of the 9-5 lifestyle. Learning how to trade on the forex market may be the way out of this lifestyle but one comes to realize that it is not that easy.
This industry actually requires a lot of hours to learn everything from the basics to advanced concepts of forex.
But when one does learn to create his own trading system and setups,
they still realize that it’s not at all that easy.
Just because you now understand the concept of trading doesn’t make you profitable immediately.
It will take a lot of back testing and re-evaluation of your past trades that either win or lose. Doing all of this while having a full-time job can be truly hectic.
So, how can we fix that problem?
Through this blog post, I will be giving some of my tips and tricks that worked for me. Hoping that it will also work for you or help you to develop and adapt your own solutions from it.
Tip 1: “You do not have to do what everyone is doing”
Just because you see other traders on social media living their lives more luxuriously
or see some that even quit their jobs to focus on studying charts all day, doesn’t mean you have to as well.
even a person with a full-time job can have a successful trading system.
Do what needs to be done but in your full capability.
Don't try to mimic other traders.
Create a system that works for you at the moment and develop it as time goes by.
There is no such thing as overnight success.
If you bother with what others are doing, then you are not focusing on yourself.
Doing so could just make you emotional and depressed.
Which brings us to our next tip…
Tip 2: “Remove all emotions”
If you have taken the Full Volume Training Course like me,
then you will understand that emotions can ruin your judgment and your trading system.
We must practice the act of removing our emotions while trading for us to have a better trading environment.
Sometimes one gets emotional for a number of reasons:
One either misses a trade while at work,
or the trade doesn’t have a stop loss and the trade is going downhill,
or that person needs to move their stop loss to break even but misses the chance.
These are just some of the situations that could happen to you,
worse is when you go all-in but end up blowing your account.
If you want to be able to avoid these situations in the future and prepare yourself on how to handle it when the time comes then let me tell you what worked for me…
Tip 3: “Create a schedule and system then stick to it religiously”
If you work all day and have no time in between or even forget to check the markets other than on your breaks, then create a schedule for trading and follow it like your life depends on it.
Mark down on your calendar what days are best for you to do some chart work.
I personally do this on Saturday evenings on all the forex pairs I manage.
Then on Sundays I do some re-evaluating and tweaking if needed.
After that, I mark down the days that have news with huge impacts on the markets.
I prefer to write this down on a physical calendar beside my desk.
Because doing so on the phone may actually do the opposite of helping to remind me as I am always on the go. Even better though if you work while using a computer all day, then you can create an online spreadsheet and create a calendar there.
Then you can keep that tab open on your browser and when you go home you don’t have to worry because you can still open it on your laptop or desktop since it is accessible anytime on the internet.
Throughout the week, I follow this system of mine and it’s great.
I am able to make my trading system feel like a job as well!
Tip 4: “Create alerts on your mobile device”
There are a number of applications that a trader can use to help him create alerts for when a certain pair reaches a certain price point.
This can be helpful for many because it can be part of one’s trading system.
Let’s say your bias is bearish on a particular pair and your waiting for it to go to a price point you believe will give you confirmation on your trade setup and input a sell/short trade on that pair.
Then these applications will certainly be of help for you to be able to achieve that.
Here are some that you can use:
*TradingView (Website or Mobile)
*Thinkorswim mobile by TD Ameritrade
(We are not sponsored by any of these applications, these are mainly recommendations)
Or you could also use this:
*Alarm application on your phone for the most important sessions of the day (ex. London Session) or for candle closes on different time frames (ex. 4 hour time frame).
I personally use the latter.
Since my phone is around me 24/7, I might as well take advantage of it’s uses.
Also, this helps me develop my patience. Instead of having to stare at the charts all day.
I set certain times of the day wherein I have the luxury to do so.
When you reach the time where chart work is getting too easy.
Then you’re wasting your time staring at your pc screen instead of waiting for your trades to play out.
Tip 5: “Let your winners run and cut your losses”
But how do you know if the market is going to the same direction as your bias?
One simple answer to that question is that there is no way to know.
How do you get better at trading if you don’t try?
We all have to understand that this is all part of trading.
Not one entity, organization, company or person control the markets!
If you understand this basic concept then you are going to enhance those skills of yours.
Just have faith and let it go~
Final Tip: “Application and Re-evaluation”
Follow all the tips said above, apply and re-evaluate.
Try to develop your own systems that fit your lifestyle from all the tips I have given.
Focus on making alerts or manually input alarms and make notes of your trades.
Re-evaluate your system every end of the week to see what worked for you and what didn’t. Be honest to yourself and see if you truly followed your system.
The path to being a successful forex trader is a long one but it’s definitely worth it.
I hope this helps a lot of you out there!
If it does then please share this to people you think would absolutely need it.
Again, stay tuned for more content!
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Thank you and have a great trading day!