Day trading the currency market is a stressful business and traders need more than a good system to see them through it.
This is clear when you look around forex forums, especially if you happen to be a member of a private forum where everybody is following a particular system that you have all bought into.
Some of them make plenty of money, others make none at all. Why is this?
It seems crazy until you realize that success in forex trading has more to do with the person, their skills and their mindset than with the system they are nominally using.
So instead of focusing on systems, which all have their own rules as well as advantages and disadvantages, in this article we will take a look at what else you can do while you are day trading the currency market to improve the performance of the trader – that is, yourself.
1. Use forex forums
There are many things that a trader can learn from forums other than the obvious fact that some people do better in forex trading than others, and maybe some hints as to why. It is great to have support when things go wrong.
Other traders can give pointers to help you stop up the holes in your system. You will also find reviews of brokers, trading platforms, software etc in most forums.
There are also intangible benefits that come from being a regular visitor and participant at a forum. It gives you contact with others who understand what you are doing.
Since family and friends generally do not, that can be a big bonus. Sometimes it almost feels like having work contacts. You will also stay up to date with developments in the forex world through a forum.
Just be careful not to spend too much time there. It is easy to take your eye off the ball and spend hours browsing through old discussions.
2. Take breaks
Browsing a forum may be a break from trading, but we also need breaks from the computer. Most health sources recommend spending at least 5 minutes away from the screen.
In that time you should get your legs moving and have your eyes focus at different distances. Walk around the house, even if it’s just to the bathroom or to fix a coffee, or do some quick squats or situps.
If you often forget to take breaks you can have software remind you with a popup, or use a cooking timer or alarm clock. Or if you cannot leave the screen at set times because you are need to watch your trades, take a quick break after even trade that you close (profitable or not). This will help you to put it behind you so that you can fully concentrate on the next trade.
3. Check the forex calendar every day
As soon as you sit down to begin the day’s trading, spend 15 minutes checking an online forex calendar or news website to see what announcements are coming up that might affect your currency pairs.
Write them down with conversion to your time zone.
For important announcements where you know you want to be either in or out of the market at that time, set an alarm. Then you can plan your day’s trading around announcement times. This will take some of the stress out of your day and make it easier day trading the currency market successfully.
