Home Beginners Forex Education Forex Basics How To Become a Better Forex Trader In Just 10 Minutes

How To Become a Better Forex Trader In Just 10 Minutes

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We all want to be better traders. We want to be more successful and we want to be or be profitable. Being a great trader takes time, a lot of time, it can take years to be in a position where you know exactly what you are doing and are able to adapt properly to the ever-changing markets. So while learning a new skill can take a long time, there are some things that you can do in a very short amount of time, little changes to your trading that can ultimately help to make you a much better trader. So we are going to be looking at some of the things that you can do that will only take you 10 minutes in order for you to become a much better trader.

Start Using Stop Losses

For those that are making the huge mistake of not using stop losses, simply using them will make you a far better trader and will help you to better protect your account. Stop losses are there to protect your account, they work by being a sort of block that will prevent your trade from going any more negative by automatically closing it. You need to use stop losses if you are going to have a proper risk management plan as it is the stop losses that let you maintain the correct risk to reward ratio, ensuring that you do not lose more than you have planned to. If You are trading without them, be sure that you start to implement them into your trading, you will feel far less stress about any losses and it will also help you to become far more profitable than you probably are now.

Keep a Trading Journal

You have probably heard about trading journals, these are records where you jot down everything that you are doing, each trade that you open, the trades that you close, how long they were open, the profit and loss, the reason for the trade, any influencers and more. You are basically writing down everything that you are doing. A trading journal is beneficial for a number of reasons, it can be used for justification for your tradies, it can be used to find out where you may be going a bit wrong and it can be a way that you can check to see whether or not you are following your trading plan. Using it to find your weaknesses will mean that you will be able to make adjustments to your trading based on our findings, ultimately making you a much more consistent trader. We admit that creating a trading journal may take a little more than 10 minutes, however, once you are up and running, it will take mere minutes or even seconds to fill it in before and after each trade.

Continue to Learn

Take 10 minutes a day to focus on learning a little more about forex and trading. You will be learning for the rest of your career, but this does not mean that you need to focus on your learning 5 or 6 hours a day. Instead, break it down into more bitesize chunks, this will make the information that you are taking in a lot easier to absorb and to understand. That 10 minutes a day will mean that you are constantly learning, but you’re also avoiding the possibility of burnout from too much info. Learning is great, but too much learning is not, break it down, learn one thing at a time in small chunks in order to ensure that you are taking it all in.

Take Breaks

Taking breaks can really benefit your trading. Trading can be a stressful thing to do, it has its ups and downs which can cause stress and even anxiety. No matter your experience levels, when you do it for a long time, you will start to feel tired or stressed, so we need to do something about that. Take a 10-minute break, it can be as simple as that. Stepping away from the trading terminal in order to clear your mind or to think about something else will mean that you are able to help your mind and body to destress. A small break can bring you back with a much clearer mind which will make your trading a lot better, with less stress you will be able to better follow your trading plan and ensure that the trades that you are placing are in line with your trading plan.

Review Your Goals

When you started trading you most likely would have set out some goals, some of these would have been long-term goals and others more short-term. It is important that you continue to review these goals throughout your trading career, you need to be able to look at what you are aiming for and to adjust it based on your own ability. This may seem quite trivial, but if your goals aren’t quite set right, it can affect not just your trading but your own motivation too. If you are achieving your goals and targets on a regular basis, it can help you to motivate yourself to put in more effort or to work a little harder to keep going and improving. If you have set them wrong and are not achieving anything, it can demotivate you as you may feel that you are not good enough and not being profitable. So ensure that you review them to keep them in line with your current ability in order to help yourself motivate yourself to continue trading.

Watch the News

The news and economic events can have a huge effect on the forex markets. In fact, any news event has the potential to change the direction or to cause a small jump in the markets so it is important that you are aware of what is coming up. There are a number of different economic calendars out there which detail different economic news events that are coming up. Take just 1 minute a day to look at one before you start your trading, it will give you an idea of how volatile the markets could be at those stages of the day, so it may even tell you to avoid trading a certain currency pair when those events are coming up, which could save you from some potential losses. It does not take long to do this and it should be something that you are doing at the start of every trading or analysis session that you are doing.

Speak With Others

Trading communities can be great, they can give you an outlet to vent some of your own frustrations, to give, and to receive some new trading ideas. Being part of a community can give you that social life when stuck in front of the computer. They are great places to get new ideas and to speak to like-minded people. These communities also give you a place to vent your frustrations which can help to reduce your stress levels, getting new ideas can give you new trades and potential new profits. It doesn’t take long to look through these forums or to place a post, so try and do it, when you have some downtime instead of sitting blankly in front of the charts, utilize your time, even if it is just 10 minutes.

Those are some of the things that you can do in just 10 minutes, it doesn’t have to take a long time to make changes to your trading or to work out what you may be doing wrong. Take a little time each day or week to look at your trading, there are always things that you can do to help improve yourself and your trading, it doesn’t have to take a long time, one small change at a time and you will ultimately become a much better and more successful trader.

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