| |
![]() | |
Currency Trading Information Channel |
|
![]() |
|
|
![]() |
6 Critical Factors For Successful TradingSuccess in any profession can be broken down into a number of critical factors. Trading is no different. Does your trading tick all 6 boxes or are there any areas you need to work on: 1. Do you have an edge? Trading futures is a zero sum game - you must have an identifiable edge over the other market participants. Have you identified a high probability pattern that can be exploited time after time? Remember though, the only constant in trading is change - you will have to constantly evolve your trading edge to stay ahead of the crowd. 2. Disciplined Execution. There is no point in identifying an edge if you can't execute the trade. Measure your trading success against your trading plan not the actual outcome of the trade. If you make a loss but you executed your trade exactly according to your plan than pat yourself on the back, don't beat yourself up over it. 3. Money Management. If your risk per trade is too aggressive then you run too high a risk of blowing your account, too conservative and you will not optimize returns from your system. It is essential to establish the maximum expected draw down of any system and set money management rules accordingly. 4. Have a Trading Plan. A trading plan will dictate what you will do in any given situation during the trading day. When the market is open you do not want to have to think - just concentrate on executing your plan. When the market is closed you need to be preparing for the next session to ensure you have a clear plan prepared. 5. Accountability. You are responsible for every trade. Ultimately the decision to put on a trade is yours. If your stop is hit and the market immediately reverses then you are responsible, not the 'big boys' gunning for stops - it happens, move on. If you get huge slippage on your trades then does your trading plan account for it or is your plan unrealistic for the market you are trading? 6. Commitment. Trading is not like a regular job, you don't pick up a pay check at the end of the month even though you did no work and spent the whole month surfing the web and emailing your friends. You must be committed to placing every trade according to your plan, even through the losing periods where every trade seems to end up a loser. Trading seems to throw up extremes of good times and bad times, you must not get over confident during the good times and you must not give up in the bad times - remember it is all part of the plan. You must set aside adequate time every day to compare your actual performance against your trading plan. You must be committed to continuous testing of new ideas and regular monitoring of your existing plan. Research into future ideas is essential - remember the only constant in trading is change. Tim Wreford runs Online Futures Trading, a website that provides information and resources for traders. Tim also provides a free day trading system, the results of which are updated daily on the site.
The Best Forex Brokers and FX Trading Platforms in 2022 ABC Action News Tampa Bay Proposed regs. would define Sec. 1256 foreign currency contracts Journal of Accountancy What are the Benefits of Currency Trading for Corporate Leaders? Analytics Insight 4 Ways COVID Boosted Currency Trading Yonkers Tribune. The US Dollar's Global Roles: Revisiting Where Things Stand - Liberty Street Economics Liberty Street Economics - Why the yen is down but not necessarily cheap Financial Times TakeProfit, a community-driven stock-trading platform, aims to make retail trading easier VentureBeat Articles by Alexandria Bitcoin Magazine Canada shares lower at close of trade; S&P/TSX Composite down 0.55% Investing.com India BXH CeFi Exchange to Officially Start Trial Operation on July 7 CoinQuora - Live Crypto News USD/TRY Forex Signal: Losing Monthly Gains DailyForex.com Gamestop Announces 4-for-1 Stock Split; Shares Jump Investing.com India How to Choose Crypto Exchange Coinspeaker Why the U.S. dollar will be replaced as the dominant global currency — sooner than you think Toronto Star How trading and investing is on the rise in Africa african markets Form 424B2 ROYAL BANK OF CANADA StreetInsider.com U.K. shares higher at close of trade; Investing.com United Kingdom 100 up 1.30% Investing.com India CaixaBank Introduces Online Real-Time Currency Trading Platform, FXNow In Morocco - Crowdfund Insider Crowdfund Insider Chinese directors of firm associated with Vivo flee as ED continues raids (Ld) - Investing.com India Chinese directors of firm associated with Vivo flee as ED continues raids (Ld) Investing.com India Court remands forex trader over N20m fraud Punch Newspapers Gold 'Too Early to Buy' as Silver Price Sets 2-Year Low Amid Recession Warnings | Gold News BullionVault Local man indicted in $40 million fraud scheme - Washington Daily News thewashingtondailynews.com Forex Forecast: Pairs in Focus DailyForex.com Market Rebounds: Sensex Jumps 617 Pts as Oil Softens & FMCG Boosts Investing.com India USD/BRL: Higher Move to be Challenged Today by Speculators DailyForex.com GBP/USD Technical Analysis: Sterling Price Set for Collapse DailyForex.com When Is The Best Time To Buy Crypto? AskTraders Indian Crypto Exchange Being Investigation under Enforcement Directorate Investing.com India Cryptolists.com: Industry Best Technical Analysis With Latest News and In-depth Reviews Investing.com India Basics of Forex Trading - Part 1 FX Empire What Is Forex Trading? Bankrate.com StoneX Executes First Bitcoin Cash-Settled Swap GuruFocus.com What are the Pros and Cons of Forex Trading? RealtyBizNews Moscow Limits Foreign-Currency Trading to Shore Up Struggling Ruble The Wall Street Journal What is forex trading and how does it work? The European Sting 10 Best Forex Brokers for July 2022 - Trading Business 2 Community Forex (Foreign Exchange) Explained | US News U.S News & World Report Money Currency Definition | US News U.S News & World Report Money USD/CAD Forecast: USD Surges Against Canadian Counterpart DailyForex.com Mastering Forex Trading Psychology Finance Magnates Is forex trading a way to make a living? Nairametrics BC: Tips for Success in Forex Trading Punch Newspapers The Most Common Warning Signs of a Forex Scam Finance Monthly Trading Forex vs Futures: Key Differences IG International Currency trading in overdrive with dollar at highest level in two decades (NYSEARCA:UUP) Seeking Alpha What is Hedging and how can it be used in Forex Trading? Deccan Herald CEO Of Cryptocurrency And Forex Trading Platform Charged With Fraudulent Scheme Involving Over $59 Million Department of Justice 4 Reasons Environmentalists Care About Forex Trading Green Prophet Forex Trading Hours: Limitless Trading in an Endless Market The Coin Republic FX trading: A loser's game? ETF Stream How to Trade Forex TD Ameritrade Best books to learn Forex Trading from scratch Free Press Journal Forex Trading TD Ameritrade Even the Foreign-Exchange Market Is Getting Kind of Crazy The Wall Street Journal What Every Australian Forex Trader Needs to Know Analytics Insight Why forex trading is not gambling Nairametrics How To Compare The Relative Strength Of Currencies Finance Monthly Russian Authorities Crack Down on Illegal Currency Trading The Moscow Times Is forex trading halal or haram? The Armchair Trader
|