Keeping Your Technology Up To Speed
Even if you have your trading strategy and discipline down pat, it will all count for nothing if the technology that you are using is not up to speed. A slow internet connection means delays, and delays usually mean that your trades aren’t executed at the price you thought they were going to be executed at. That’s why it’s worth paying a little extra to get the fastest internet connection that you can afford, as the difference in terms of live trading profits and/or losses will be much bigger than the line rental costs. Similarly, it’s important to keep your computer running as smoothly as possible, in order to avoid potentially costly crashes or operating system freezes while trades are open. This means keeping your computer free of viruses, spyware, and malware using detection and removal software, and otherwise keeping your computer as well maintained as possible. In most cases, the actual power of your computer isn’t a major consideration, but if things are running slowly it could be worth re-installing the operating system or even upgrading to a new computer.
Sticking To a Routine
One of the biggest dangers for forex traders is that of overtrading. This usually means getting too wrapped up in the markets, and making more trades than you really have the time or mental energy to thoroughly research. One way to combat this common tendency is to set down a routine, such as a regular time period every day or every week that you assign for your trading activities, and sticking to it rigidly. This will also ensure that other aspects of your life – such as your job, your family etc – don’t get pushed aside in your quest for more pips, which will keep you more emotionally centred and better able to deal with the markets in an objective, rational way.
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