4 simple ways to set yourself up for trading success

It is said that only 1% – 5% will make money consistently in forex trading.

You’ll need all the tricks in every book if you want to be included in the elite few.

Of course, it starts with NOT making the basic mistakes in forex trading.

Are you unintentionally sabotaging your chances before you even take your trades?

Here is a list of the bare minimum to avoid failure as a trader:

1. Make sure you get enough sleep

Don’t miss sleep. When you’re tired, it’s hard to focus.

Your emotions take control of you and you feel deep frustration, even when you face a minor setback.

Concentration takes energy, and when you’re tired you don’t have enough energy to trade, you’ll end up making unnecessary mistakes and losing money.

Get enough sleep so you can be alert and ready for action.

2. Don’t trade money you can’t afford to lose

Many new traders trade their milk money and wonder why they feel scared when they go in and watch their trade.

If you want to trade calmly and rationally, you should only trade with money you can afford to lose.

If you don’t have to worry about losing, you can focus on building a system which would bring more consistent profits.

3. Make a trading plan and stick to it

Don’t trade by the seat of your pants. Map your transactions in detail. Learn where to enter, where to exit and when to adjust these levels.

When you execute the trade, stick with your trading plan. Be aware of when you need to do what you said you would do in the planning stage.

Amateur traders do the opposite. They have no idea where to get in and out. If they have a plan, it’s probably unclear and difficult to follow. They don’t know what to do, so they finally panic.

Creating a plan and sticking to it will help you avoid costly trading mistakes.

4. Check your orders

Don’t waste all your research and patience waiting for an opportunity by entering incorrect information when it’s time to execute.

Make sure you have a stable internet connection. Familiarize yourself with your broker platform.

Check that you are trading the right asset, the decimals are where they should be and that you don’t have open orders that should have been canceled a long time ago.

Remember that making consistent profits from trading is quite difficult. You don’t have to sabotage yourself.

By trading with money you can afford to lose, checking your orders, sticking to a trading plan, and making sure you get enough sleep, you give yourself the best chance of consistently picking up some pips from the market.