Forex Trading For A Living - 6 Cardinal Rules to Sustain Your Forex Trading Career
Learning how to trade forex successfully and being a full time forex
trader is a lot more than analyzing forex charts, then jumping in on
your forex investment. There are plenty of currency traders that are
successful for a short period of time and then fall apart and lose
1. Don't forget to check your economic calendar
It sounds like something that should be obvious, but you would be surprised at the number of currency traders who forget to simply check the economic calendar each and every morning to make sure that they don't miss out economic data releases. If you want to avoid a situation where you spend all day trying to find a good investment opportunity and then have it fall by the wayside because of this, go to a site like the Forex Factory each and every day before you jump into the action.
2. Use economic forums to your advantage
When you are trading, forex forums can serve two purposes for you. First, they're going to provide you with a productive way take a break during slow periods of business. The life of a full time trader can be very boring. Second, you're going to have a way to discuss forex trading intelligently with other like-minded individuals as you're rarely going to be in a situation where someone else in your household could even care what you are talking about.
3. Enjoy your life
After spending all day in a high paced environment and staring on the monitors while you're doing forex trading online, you need to get out and interact with some human beings again. Crunching numbers all day and being exposed to the level of stress you're going to have in the forex market demands a little release. Make some time to get out and enjoy yourself and you won't regret it.
4. Don't allow yourself to get lazy
If you are successful currency trader or just learning to trade forex, one of the best forex tips I can give you abouts something other than forex is to not fall into the trap of getting sedentary and spending all your time worrying about the forex market. In order to keep your body in shape and your mind fresh, you're going to have to get your fair share of exercise. This is not a job is going to create a lot of movement. You be sitting down all day at a computer and exercise will help in keeping you sharp.
5. Get off your computer a couple of times a day
You are going to learn very quickly that the more you sit at your computer, the less focused you become. This is extremely dangerous in the forex trading. There is nothing wrong with treating yourself to a quick 15 minute break so you can go out and get some fresh air a couple times a day. It's a quick way to recharge your batteries and regain your focus to take a successful trade.
6. You work hard for that money, now make it work for you
Forex trading is not the only place where your money can grow. Once you have established yourself as a successful trader, pull some of that money out and put it to work in other areas. You may decide to buy some investment properties or dive into a separate market and allow your money to grow in other ways. It also serves to diversify your portfolio.
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR
To learn how to trade forex successfully using a simple, proven forex trading system, download my FREE 56-page ebook at http://www.forextradingpower.com now.
The author, Daniel Su, is the founder of http://www.ForexTradingPower.com where you can get free premium forex trading tips and resources.