There are many things a forex trader can do to become a successful currency trader. These include using automated forex charts and taking online day trading classes. After talking to many forex brokers and traders, four specific habits of successful forex traders really stand out.
The first thing that a trader should do is create a structured business plan. This plan should include the steps necessary to earn and retain profits, allow the trader to see real-time results and provide him with the ability to set realistic goals and track performance.
Be disciplined and stick with the business plan, taking time every day to learn about current market forces and as much information on a currency pair as possible. A dedicated trader that is disciplined in following his plan will be successful on the forex market, even if that means other things must be sacrificed.
The trader should always think in percentages instead of focusing on dollar figures. A new trader typically wants to double his account overnight, only to get frustrated at his actual account balance. When a trader thinks in terms of percentages, it will not seem like profits are small.
Have a selective memory and only focus on the positives. If a new trader sees his account balance continue to plummet, he will be more inclined to take bigger risks to earn the money back quickly. This can be detrimental. Instead, focus on the positive, stay disciplined, and reap the benefits of being a successful forex trader.