Good trading, like anything else, requires proper research, planning, and execution. A prepared trader can implement a structure to make this happen.
Too many traders treat trading as a pastime and not a serious business. They dabble at this and that because it’s interesting, and the leave the real work on the sidelines.
But if you actually want to make money from trading, and in particular trade at any sort of size, you need to operate out of a carefully planned structure that promotes your success.
One of the best ways to do this is run your trading over a monthly timeframe.
This gives you the opportunity to mentally reset at the beginning of each month and forget last month failures or successes (success can be as dangerous for your trading as anything).
What should your trading month look like?
Your trading month has ten key elements in place for peak performance.
- Well-crafted objectives
- An optimized and distraction free trading environment
- Scheduled trading time
- Careful monitoring of your trades
- A plan for when your trading goals
- Detailed Risk Management
- Productive daily and weekly routines
- Thorough contingency planning
- Tools for managing your psychology
- End of month evaluation
You should also be planning your month ahead, including how you will carry profit forward into the new month.
I am doing a webinar today on Investor Unity on this topic. It is one of our Mastering Signals Lessons, and it will only be done once. After that it will be locked for members only. You can register here:
See you there!
About the Author
Sam Eder is a currency trader and author of the Definitive Guide to Developing a Winning Forex Trading System and the Advanced Forex Course for Smart Traders. He is a key team member at premium FX services provider www.fxww.com and part owner of Forex Signal Provider www.fxrenew.com (You can get a free trial). If you like Sam’s writing you can subscribe to his newsletter for free: https://fxrenew.com/newsletter-sign-up.
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