Monday, February 29, 2016

What Makes a Successful Price Action Trader

The price action trading strategy has become immensely popular in the past few years, with more and more traders adopting this approach. Success in the world of forex trading is not easy, and certainly not guaranteed. There are people who think that you can throw more money in the market in order to generate more money. It is very easy to fall off the track and end up making some serious emotional mistakes in your trading experience. However, the one thing that will lead to success in the forex trading market is discipline. The price action strategy is solely focused on technical analysis and study of past performance in order to make future calls. If you want to become a successful price action trader, there are a few things that you must do.

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Here they are:

Limit Screen Time

Many forex traders try to maximize their screen time as much as possible. Forex trading is extremely easy: all you have to do is log on to your brokerage account using your mobile phone or your computer in order to start trading. However, despite the fact that logging on is very easy, you need to minimize your screen time as much as possible. Many people make the foolish mistake of trading anytime during the day.
A successful price action trader always follows a defined strategy, they set up a routine and follow it closely. They don’t trade at random hours in the day, and stop trading regardless of whether they make a loss or profit that day. Establishing a daily trading routine is essential if you want to become a successful trader. So many people end up incurring huge losses just because they try to trade as much as possible. That’s not a very good approach to take.

Follow a Proper Trading Plan

In order to become a successful price action trader, you need to follow a defined price action trading plan. If you are in to price action trading, you will already have an idea about the setups you should be targeting. As a result, you should already have written down a clearly defined trading plan that you will follow day in and day out. If you do not have a trading plan at the moment, you need to get started in creating one as soon as possible. Following an objective trading plan is essential if you want to generate some decent profits in the market. It will help you develop laser like focus when trading, and will make it easy for you to become a structured and disciplined Forex trading specialist.


Maintain a Journal

Maintaining a daily trading journal is essential if you want to become a successful trader. You should write down the parameters of every trade you make so that you have an idea about what you are doing right and where you are going wrong. It will help you find information that you might be missing, and will allow you to improve your trades.



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