How 1 Daily Task Can Change Your Entire Forex Trading Experience
Forex trading has the power to make or break you if you allow it to. On average $6 trillion worth of transaction take place through forex trades per day. This volume allows you the opportunity to profit.
Most new traders however fail to grasp what it takes to succeed and give themselves enough time. In the previous article about 3 mistakes all new traders should avoid, you learn about common mistakes new traders make.
New traders are relatively consistent in the way they behave. They learn about Forex. Learn some basics then trade a whole lot, winning and losing along the way with no consistency.
By this point most new traders never fully understand why they are losing or winning. Which is extremely dangerous.
One daily habit has allowed me to find a level of consistency. It is one thing which all pro traders do.
It is one task when done correctly will allow you to start trading more consistently.
Give Yourself 5 Minutes
The one task which has changed the way in which I trade takes only 5 minutes.
My task is visit https://www.forexfactory.com/ and review what the expected news on the markets I trade.
This task should take no more than 5 minutes to review and make a solid call on how you need to trade.
ForexFactory is a tool you need to come to grips with.
With news stories rated from red, amber and green. This give you a quick indication on whether the market is expected to be volatile because of the news.
Markets of course can be volatile for other reasons but if big news is expected it is going to have a big impact.
You need to avoid big impact news stories, because we cannot predict how the market is going to react.
To help get into the routine of checking the markets, set yourself a reminder in your phone. This needs to be done before you even set eyes on a chart.