To simplify your trading you should follow the easy steps mentioned below.
Be realistic
Set realistic expectations. You can’t start making a lot of money quickly. To make money you should have an effective trading method and also consistently apply a lot of discipline and patience to that method over a long period of time.
Focus on major currency pairs
Why complicate your trading with exotic currencies that are usually difficult to trade because of erratic price movement and lack of market depth?
Stay organized
Keeping track of your trade records in your head is very difficult. Simply have a trading plan (written or typed) and keep a trading journal. Also it is very important to have a clean and calm trading environment as it greatly influences your thinking patterns and mindset.
Know your risks
How much are you comfortable to lose on a trade? Know your max risk per trade and then practice the discipline of not exceeding that amount no matter of what may happen.
Keep a trading routine
Staying awake all night reading economic reports and analyzing the charts while everyone else in your house is sleeping will not make you a more successful trader. It will only overload your brain with all its bad consequences.
Be realistic
Set realistic expectations. You can’t start making a lot of money quickly. To make money you should have an effective trading method and also consistently apply a lot of discipline and patience to that method over a long period of time.
Focus on major currency pairs
Why complicate your trading with exotic currencies that are usually difficult to trade because of erratic price movement and lack of market depth?
Stay organized
Keeping track of your trade records in your head is very difficult. Simply have a trading plan (written or typed) and keep a trading journal. Also it is very important to have a clean and calm trading environment as it greatly influences your thinking patterns and mindset.
Know your risks
How much are you comfortable to lose on a trade? Know your max risk per trade and then practice the discipline of not exceeding that amount no matter of what may happen.
Keep a trading routine
Staying awake all night reading economic reports and analyzing the charts while everyone else in your house is sleeping will not make you a more successful trader. It will only overload your brain with all its bad consequences.