Good habits help is in all walks of life, not just trading. Having good habits can bring you success in a vast array is areas. Furthermore, good habits can help you go from having a losing trading account, to a winning trading account. But the question is how do we create good habits? The answer is actually quite simple; good habits are created through routine.
I think we all agree that good trading is not some special skill that some are born with and other aren’t, nor does it just appear from nowhere. As with most things in life you have to dedicate time and patience and willingness to learn. By making a conscious effort to build a daily routine, you are in fact putting into motion a plan to bring about positive trading habits.
Becoming a successful forex trader can take years. Just as with any other profession, doctors, lawyers, athletes and professional trader, to rise to the top of your game requires dedication and a strict routine. Perhaps it is even possible to go as far as saying that the one thing that all successful professionals have in common, is that their daily routines have transformed in a habit that consistently offer them success whilst performing.
A typical routine:
You need your daily trading routine to become a natural part of your day. You need to put aside a period of time each day or even a few times a week, to ensure you sit down and carry out your trading routine, which among other things should include: Identifying daily trends for the markets you are watching and identifying key support and resistance levels that are worth noting. Then look for any price action signal which tie in with your trend analysis and support and resistance levels. depending on your time zone, do this again with the next major market opens eg if you are in London, try to carry out the analysis again when New York opens. If you identify a trade set up which agrees with you trading plan, then go ahead and set the trade up.
Make sure when you trade that you do so with a broker which provides you with the best spreads and execution in the industry, like Vantage FX. There is little point going to these lengths to fine tune your trading if your broker then fails to make timely executions. Vantage FX is an ECN award winning broker based in Australia.