HABITS HIGHLY PROFITABLE FOREX TRADER EA METATRADER
May 11th, 2010
Do you wonder why with same set of strategies or same set of forex trading softwares, some forex traders are doing so exceptionally well yet some forex traders are always in trading disaster.
Highly effective forex traders have a few habits which trading losers do not have.
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Here are most crucial habits of Highly Effective Forex Trader:
- Always go into market with pre-planned Entry & Exit Strategy A lot of forex traders enter the market with NO strategy at all. Before you even go into a trade, you must have already clearly specified entry & exit strategy. Entry Strategy itself is not enough, you must have also your exit strategy even before you enter the trade but NOT after you enter the trade.
- Consistent with strategy you use There are too many forex strategies out there in the market. But people tends to jump from one forex strategy to another forex strategy. Highly effective trader always stick to one or two winning strategies that create profits for them.
- Aware of Big Economic Picture A lot of forex traders only look at charts or do only technical analysis. For high performance forex traders, on top of technical analysis, they are always keep themselves alert about movement of World Economic.
- Consistent with your Target Profit, DO NOT GREEDY! sometimes a trader after get a profit target, wanted always to get more than a predetermined. This makes for a trader to be greedy and use the emotions that make the trading strategy is not consistent anymore
- Use an appropriate strategy with the ability of your capital. Too often, a trader who does not impose a strategy accordance with capital adequacy. If you use a small capital, might not use the usual strategy used by large investors.
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I agree with you, there is the habits for manual and automated traders. Thanks.