The forex market is a funny beast and it can’t be pushed around  like most things. It will give you the cash when it’s good and ready so be patient and wait for the good trade set ups. If you try and fight it and force your positions, when the good trade set up is not there, then you’ll more than likely come unstuck!

Your entire trading performance will obviously come down to how well you manage your cash but also just as important will be how well you manage your emotions. And I’m not just talking about when you’re losing as I’ve seen more carnage in traders accounts just after they’ve made ‘bucket loads’. There’s nothing worse than feeling invincible because you start trading without any stops.

One of the most important yet least thought about components of trading is “Trading Psychology”. As far as I’m concerned it’s second behind ‘capital management’ with regards importance for your overall longevity and success as a trader. Funnily enough both topics are largely ignored by most new traders until it’s too late and they have blown up their trading account for the 3rd time.

Trading is all about emotions and most importantly confidence. When you’re winning you’re on cloud nine and you feel invincible. But when you’re losing it can be soul destroying and downright depressing. So if you’re planning a career as a trader you need to think long and hard if this lifestyle is for you!

The forex market is a funny beast and it can’t be pushed around like most things. It will give you the cash when it’s good and ready so be patient and wait for the good trade set ups. If you try and fight it and force your positions, when the good trade set up is not there, then you’ll more than likely come unstuck!

Your entire trading performance will obviously come down to how well you manage your cash but also just as important will be how well you manage your emotions. And I’m not just talking about when you’re losing as I’ve seen more carnage in traders accounts just after they’ve made ‘bucket loads’. There’s nothing worse than feeling invincible because you start trading without any stops.

The less time you spend in front of the screens the better. Of course when you’re first stating out learning how to execute and read the market will take some time. But once you know how to efficiently analyse the market technically and fundamentally you shouldn’t be wasting your time ‘hoping’ something happens. It’s an extremely bad habit to get into and one that will be detrimental in the long run. When you’re in front of your trading screens its business not pleasure, so make sure you behave accordingly. Your analysis and attention needs to be sharp and the only way to maintain that is by being fresh.