Friday, 3 February 2017

How to Turn Your Forex Trading Rules into Good Habits

Babypips guide to good Forex (FX) habits provides tips for developing healthy rules for foreign exchange trading. The article serves as a guide to reduce stress and anxiety associated with trading by engaging in the market. Tips include making a list of rules, utilizing visualization, and making sure to habitually review your trades.

Key Takeaways:

  • In forex trading, greed can sometimes get the best of you. In your journey to be a consistently profitable trader, the urge to bag those extra pips can be too irresistible. As a result, you sometimes force your trades.
  • The first thing you should do is to make a list of trading rules. These rules will govern how you trade, where you will enter, exit, and how much you will risk.
  • Imagine that you have an open position. Think of all the different price action scenarios you could encounter and imagine how you would adjust your position in these situations. Visualize yourself following your rules.

"Just like how your mom made you put your dirty clothes in the laundry basket to keep your room clean, you start forming good habits by consciously repeating an action."

Originally published at How to Turn Your Forex Trading Rules into Good Habits

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