If you are still at the stage when you have not even picked up a trading strategy, then I recommend that you familiarize yourself with the TS Sniper X. The Sniper X system is based on the levels of support, resistance and graphic patterns that are formed when the chart approaches them. If you are not greedy and take only ideal models into work, then up to 80-90% of the total number of transactions will be closed with a profit.
Work, not play
The question lies rather in the field of psychology. Eliminate excitement, the desire for thrills, trading should be calm, measured, neither loss nor profit cause any special emotions in the pros. This is just a fait accompli and not a reason for euphoria or depression.
Trading should be systematic. Each time a trader enters the market, he must understand why he is doing this, have an idea of the goal, know how the position will be followed and what he will do if events begin to develop against an open deal.
You don’t need to take revenge on the market and try to recoup. If the strategy’s winrate starts to decline, this is a reason to take a break and revise the trading rules.
We equip a trading place
It is not necessary to buy 20 monitors from the very beginning and turn the cabinet into a kind of command center. If possible, use 2-3 monitors if your strategy requires it.
And here are the non-obvious factors that most ignore:
- a comfortable chair – if you spend several hours at the monitor, it is necessary;
- lighting – not too bright, but not dim;
- order on the table.
Forget the idea of normal operation on tablets or smartphones. Yes, almost all brokers offer trading from mobile devices, but this is a “crutch”, it will not replace work with a normal PC.
Even if we do not take into account the limited capabilities of mobile terminals – the impossibility of working with advisors, setting custom indicators, the problem of a small screen remains. It is simply impossible to work from a phone normally, mobile platforms are suitable only for checking already open transactions.
Working with a trading strategy
When selecting a vehicle from scratch, a trader must:
- study the strategy thoroughly, understand all the rules and nuances of its application;
- check it in the tester for history;
- trade for some time on a demo, or better on a cent account;
- only then go to a real account. Trade with the minimum lot, only if the capital is growing steadily for 2-3 months, switch to a larger lot.
The key to success is constant monitoring of the strategy’s effectiveness. Therefore, based on the results of working on a demo account, start creating goals for the week, month. Then examine the trading results, and if they differ greatly from the expected ones, try to optimize the TS.
Working hours
Another important element in becoming a professional trader. We will not dwell on this issue in detail, we only note that for most TSs, the optimal working time is the European and American trading sessions. Here, the volumes are maximum, and according to the work schedule it is convenient.
It is at the opening of London that activity grows sharply, volatility increases at an explosive rate. The afternoon is followed by a slight decline if there is no important news, and at the opening of America we get another surge in volatility.
The work schedule should be selected taking into account your free time and the characteristics of the strategy. For example, for trending vehicles, the best choice is the European and American sessions. For the category of strategies operating in a quiet market, the best choice is the night when Asia and the Pacific is active. Such TSs make good trading advisors.
Trader’s Diary and Trade Analysis
The diary is neglected by almost all beginners and in vain, this they deprive themselves of the opportunity to increase the efficiency of trading for free. The diary records:
- time of entry and exit from the market;
- reasons for the conclusion of the transaction;
- goals for it, justification for TR and SL;
- the result of the trade. Whether the TP, SL has been reached or the market exit has been made due to a change in the situation on it.
The diary is a source of important statistics. Thanks to him, a trader can find out that, for example, on Monday trading is carried out with a near-zero result, and exclude this day from the number of traded ones. The same can be done with individual currency pairs.
There is no special form for the diary. You can create an Excel document and keep records electronically.