A forex trading routing ties in perfectly with how a professional trader would execute his entries and exits. This blog post discusses the two concepts, trying to make you think that little bit more about what it takes to make money trading forex by tying them in together.
Forex Trading Routine
If you want to be a consistently profitable forex trader then it’s imperative that you have a forex trading routine. If you are going to be successful then you must have a clearly defined plan of attack from the time you first sit down at your forex trading desk, to the time you log off.
It’s a well known fact in the forex trading industry that the biggest difference between an amateur and a professional forex trader, is the way that they approach their trading day to day. The amateurs lack routine and rely on luck to get by. Luck that of course doesn’t last forever and when it runs out, they lack the planning to overcome the adversity with the level head required.
Professional forex traders who make consistent money on the other hand, follow a strict routine which allows them to perform at their peak mental capacity no matter the situation that the market throws at them. It’s easy to trade when things go your way as soon as you enter a forex trade, but it’s during adversity that a proper routine and plan elevates you above the pack of losing traders.
Trade forex when and how you want, just plan for it and have a set routine that you don’t stray from. This is how you make it in the forex trading world.
Forex Trade Executions
Professional traders who consistently make money trading forex just simply don’t make mistakes. We’ve spoken about the planning and routine required above, but planning can only get you so far. A good trader still has to execute to the plan.
If you want to get your forex trading executions right, then you have to act like a professional. Your attitude can’t get lazy or the market will destroy you. Whenever you have your money exposed, if you aren’t executing the plan to a tee, then you are just flushing your account down the toiler.
When the time comes to execute according to your forex trading plan, you can’t hesitate or delay. You’ve put the work in during the planning phase so the trade execution phase should just about be done on autopilot. Nothing should come as a shock as all scenarios have been accounted for.
While your mind may think you’re battling other traders in the market, forex trading executions are nothing more than a mental battle with yourself. The forex market doesn’t care about your orders or what you’re thinking. It is all in your head and if you’re able to execute calmly then you’re going to give yourself the best chance of making money.
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Source: Vantage FX Blog