Daily Trading Habits of Successful Forex Traders:

Every Beginning Trader Should Learn and Apply These Habits to Start Earning Like the Pros

Speculators and investors alike have been trying to predict the markets since the “markets” were first created. Making predictions about where the markets will move, how they will react and respond to current events + news, trying to allocate their money as best as they possibly can to earn a profit. The goal of speculators is to try to get ahead of the curve and put their money somewhere before everyone else does to pump the price of their shares or ownership. This practice has made some people extremely wealthy and many more broke beyond repair.

Speculation is a dangerous activity. It’s a practice as old as time and man. Matter of fact, the act of predicting the future was used by kings, monarchs, emperors, rulers, and generals through history to predict the outcome of their own estates and territories. Through wars, famines, political turmoil and more. They would use people who could essentially predict the future with titles like, Prophets, Seers, Clairvoyants, Diviners, Stargazers, Oracles, Augurs and more.

Now, religion aside, it’s important to note that there’s value in predicting the future. I’ve always wondered what it would be like to travel to the future to see what things are like 20 years from now so I could come back and “speculate” myself. I would bet on games, I would bet on politics, I would bet on tech and companies. It would be the easiest way to make money. Period.

Still, that’s just not possible, right? At one point Harry Browne said, “Not only can no one predict the future, but we also don’t understand the present – and there isn’t even any certainty about the past.”

So I will tell you what’s on the forecast for tomorrow. Uncertainty. We simply don’t know what will happen tomorrow. Anything can happen and often does to catch us off guard with our hands in the cookie jar

How to Predict the Future

With all of that said, there is one way to predict what will happen in the future… A way that is widely used by successful leaders and people yet misunderstood by the rest. Its the way you rise up out of obscurity as a Beginning Forex Trader and become a full-fledged Pro, dangerous to the markets and highly profitable. Would you like to know?

Abraham Lincoln shared the secret during his lifetime when he said the following, “The Only Way To Predict Your Future Is To Create It”

In other words, you can’t predict all of the future in its entirety but you CAN predict your own future and that should be enough. How? By developing a set of routines and habits you abide by.

Rule your time so it doesn’t rule you. Own your activities so your inactive don’t ruin you. And it all starts with habits. In this article, I won’t dive too deep into the science of habits either. Let’s just sum it up. Habits make or break you, promote you or expose you.

What are the Daily HABITS of a Successful Forex Trader?

Quick, for reference or a bit of a starting point, the goal here is consistency. Can you honestly expect to get good at anything without staying consistent?

So when people ask me, “how much and how often should I do this stuff?” My answer is ALWAYS the same. “Well do you want to be good or great?” The more you practice, the better you become. So 3 days beats two and 7 days a week beats 5. But whatever your schedule can afford, commit to it and stay consistent. Don’t miss a day you said you’d show up and do these activities.

Activity 1: Education

The greatest success stories in this world between business folks and Forex Traders alike remain the same. If you ain’t learning, you ain’t growing and if you ain’t growing, you ain’t getting better.

In other words, You will earn income in direct proportion to the consistent attention you give to study. What’s that look like? Did you know that the majority of students who graduate from university with a degree, never read another educational book in their lives? Most of them would opt for tv over a book that helps them progress. As a Forex trader, your education should always be continuing till the day you die. That can be watching a YouTube video on indicators. That could be buying the course and going through it bit by bit. That could be reading a book on trading. Anything related to that nature. Your progress will be tremendous if you stay consistent for a year.

Daily Task: 30 Minutes – 1 Hour of Education

Activity 2: Keep Up On Current News

Could this one be any more straightforward? All it takes is one major political event in any one country you have open trades in, to completely trash any trade your currently in. Your technical analysis could be perfectly on point, your odds of making a winning trade could be through the roof and then all of sudden, crash. The market moves in the other direction. This happens all the time and the most seasoned veterans know that the fundamentals (news and current events) are just as important as technicals. Some people only trade on the fundamentals.

Anyways, here’s what You should do. Be smart and check for Red Folder events which can create Highly volatile movements in the markets, so most traders suggest you just stay our of trades involving those currencies during those times. Each piece of news is denoted with no folder (no impact on markets), a little yellow folder (which means an event that will have minor impact on markets) and a little red folder (which means highly likely to impact markets).

I recommend you just keep an eye out on the Red Folder stuff and you can do that here: https:// www.forexfactory.com/news

Daily Activity: 15 Minutes Daily keeping up on news and planning around events.

Activity 3: Start With a New Chart

If you do technical analysis of any sort, it’s likely that you will have an account where you start charting one currency pair, adding all sorts of indicators, tools, and lines of support and resistance to the chart. Then after a little while, things become messy and the chart becomes loaded down with lots of stuff. So you log in the next day and there it is, all of the same stuff from the day before or weeks prior. Don’t Do That!

The problem with keeping all of your same indicators and analysis on the charts is that it has an uncanny way of making you see the same stuff you saw before… but what if your current analysis is wrong? If you’ve ever traded, at some point or another you will be wrong, it’s just the nature of the biz. Matter of fact, most traders are wrong a lot of the time. So the simple practice of starting over will likely cause you to get creative and see things from a different angle. It will challenge your brain to see new things that will force you to grow and become a better trader.

Daily Task: Clear the pair you’re working on and start with a blank slate. Look for new set-ups you may not have seen before. Ongoing.

Activity 4: Keep a Journal

There’s an old saying that goes, “Those who fail to plan, plan to fail.” In other words, you’ve got to track things. Track your trades, Track what works and what doesn’t, track your numbers, track your progress and goals. If you just kind of skate on by, hoping you will get better, you won’t

Life just doesn’t work that way and neither will you. Plus, if you don’t track the number of trades you win or lose and how much, how will you know if you’ve gotten better or worse months from now? I can tell you this, there’s nothing more rewarding than seeing how you’ve improved over time based on data and not just because you “think” you did.

Write Down Goals For the Day, Write down trades you took and what indicators you used. Keep track of Total Trades and money won or lost. Track everything you can. You will start to see patterns and there you will improve. You will start to recognize whether you like to day trade, swing trade or hold onto long term trades. What works for you and what doesn’t work for you. Everything. Journaling is by far

Daily Task: Get a journal and track everything mentioned above for 15 – 30 minutes.

Activity 5: Master the Basics

The last and final task you must work to become a badass Forex Trader is that of the basics. This is the biggest step to getting good. Most people are always looking to add another piece to their puzzle, trying to get good at using another fancy technical indicator or strategy. How about you just focus on getting really damn good at ONE strategy.

As Bruce Lee once said, “I do not fear the man who has practices 10,000 kicks 1 time, I fear the man who has practiced 1 kick 10,000 times.” Get so damn good at just a few things, not all things and that will increase your probability of making winning trades exponentially.

Now, because trading Forex is so different for so many people, I can’t tell you anyone method is better than the other. I’ve met pro traders who trade solely on EMAs and Ichimoku, while others trade solely on RSI and Support/Resistance Lines. Each has the respective styles that work for them. What I would recommend you do, is find one trader who does really well, watch what they do and then commit to getting good at their strategy. Master that before moving onto another strategy

If you don’t know which strategy you want to master, try a lot until you start to like one more than the rest and then commit to mastering it. This stuff isn’t hard, it just requires focus, commitment, and discipline.

Daily task: Find a mentor. Copy their trading style and master it by practicing ONLY that every day.

I hope you enjoyed the daily tasks and learned something new, But more than that I hope you actually apply what I just shared. If you do, it’s virtually impossible to fail over the long term as a Forex Trader. You Will Go Pro. Long gone will be the days of being some amateur, who pays the pros. Also, if you want to Learn More about Forex and the stuff that’s required to get good as a trader, Click here to get a copy of my newly Released Book: In The Money: Million Dollar Forex Trading Secrets From a High School Dropout