Be Organized in Your Approach to the Markets Synopsis.
The phrase “playing the market” may make it seem like you would
enjoy greater success by trusting your gut instincts, going with the
flow, and being a slave to trends. However, the truth is actually the
opposite. You have better chances of earning from Forex trading if
you adapt a more disciplined and organized method when trading.
Avoid letting your emotions and all the hype get the better of you with
the following tips.
Planning is still the key to success
If you remember your Management 101 lessons, then you should
know that Planning is the first step to success. Forex trading is no
exception. You need to come up with plans for your short-term and
long-term goals. These plans also have to be detailed. If possible,
include step-by-step guidelines for how you want your strategy to
work out.
Focus on a few high-potential currency pairs.
Don’t spread your resources thin. It’s hard to put your plan and
strategies to good use when you have a lot on your plate. Rather, it’s
better to take your time choosing a small number of currency pairs
that you can fully focus on and nurture until the very end.
The more time you spend studying how your pair works in the
market, the more chances you have of predicting its future trends.
Consequently, you’ll have a lesser need to rely on instincts alone
when making a decision. Instinct is not a bad thing at all, but instincts
powered by knowledge are even more trustworthy.
Use a timetable.
A timetable can be a more powerful tool than an ordinary calendar if
you know how to make good use of it. To start with, take note of all
the important events that are relevant to your trading plan and
strategies. These include but are not limited to the following:
Public holidays in both countries where your currency pairs
originate
Global and economic summits affecting your currency pairs
Economic releases
Scheduled key announcements from major market players
All the events above are sure to affect your currency pair in terms of
demand, supply, and liquidity – just to name a few. Every time you
add an event to your timetable, remember to review your plan and
strategies and adjust them accordingly if it proves necessary.
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