is an invaluable asset for a forex trader. It allows you to calmly assess the
ebb and flow of the market, without the nerves that often afflict beginners. It
means you can feel confident about your decisions – knowing you have made the
right calls plenty of times in the past. However, the forex market is
constantly in flux, nothing is certain and no one is exempt from losses. A
veteran trader can quite easily fall into the same traps as the beginner.
Here are five things you should remember every time you use an online Forex
trading platform.
1. Make a trading plan – and stick to it
For the more experienced trader, it’s tempting to bypass the trading plan. You
know the market and how it works, so you feel like you can adjust as you trade.
However, any trader can get caught up in the process, or can miscalculate in
the heat of the moment, which is why trading plans are so important. If you are
really eager to save time, you can work from quite a basic trading plan, just
as long as you are aware of how much risk you can safely take on.
2. Keep in touch with the market
Veteran traders can get absorbed in their own trading world, to the exclusion
of observing broader patterns in the market. This can lead to a skewed view of
various trends. All regular traders should track the market news every day in
newspapers or online, as well as watching online videos to keep in touch with
the top players in the industry.
3. Keep up with trading technology
The internet, along with smart phone technology, has made UK trading platforms
more widely accessible than ever, and has streamlined the trading process in
many ways. However, for older traders who learned to trade using more
traditional methods, it can be difficult to keep abreast of new developments.
Read up on what technological advances are being made in trading, and consider
trying out demo accounts on new online forex trading platforms. Though it may
seem challenging at first, it will probably improve your trading experience
overall. And these days you don’t even need a PC to trade – many vendors offer
live or demo forex trading accounts on Mac or iPad.
4. Use your weekends
When the market is open, traders are usually driven to stay active and make
money. However, when the markets close at the weekend consider taking some time
to review your trading over the course of the week, plan for the week ahead. It
could also be a time to develop a longer-term trading strategy, so that rather
than simply trying to make money day-by-day, you start to work towards some
broader trading goals.
5. Monitor the time you spend trading
As with any other form of investment or gambling, trading on the forex market
can become addictive, particularly for veteran traders for whom forex has long
been an important part of their lives. The best way to avoid problems is to
ensure that you’re always trading for a reason, not just for the thrill.