For newbies:Learn Forex Trading: 3 Simple Tips for Setting the Stage

You know what they say; trading Forex is 80% mental and that only 5% of all currency traders make money consistently. If this is so, then we are all in an extremely competitive environment. This means that when we trade, we must always be on our "A" game, our peak performance period. Here are 3 simple tips to prepare you each day for the competitive playing field that is the Forex market:

1. REST

Before we turn on the computer and look at the currency pairs, it is imperative that we have had adequate rest. Proper sleep allows us to recharge our batteries and extend our period of maximum focus. Sometimes we all wake up and things are just not in balance. Issues outside of our trading environment or our physical conditions, or lack thereof, are ruling the roost. This is when all successful online Forex traders pull out their Ultimate Weapon of Successful Currency Trading.

We simple don't trade the Forex!

Use this time to review, read or play golf! It's all about probabilities, and the probability of success in Forex trading multiplies when we are at our best.

2. PLAN and REVIEW

Forex Trading is a business and should be treated accordingly. In the business of trading currencies we all should have a plan, a business trading plan. This plan should consist of 2 components: A Mission Statement which should explain your personal "Why?" Why are you trading Forex? Your mission statement must be compelling enough to overcome the inevitable challenges all online Forex traders face. The second component is your Forex trading plan. The component of the overall plan covers the execution of Forex trading. Your Forex plan should cover the what, how, when and risk components of your currency trading. Before each Forex trading session review your entire plan and trade it! Make this a habit. Another trick of successful Forex traders is after losing some focus during the trading period, take a break and before returning refocus by reviewing your plan.

3. RELAX

You must sharpen your mental saw before each and every Forex trading session. There are a variety of methods for helping you relax and focus. You can listen to your favorite music, meditate in a quiet place, recite positive wealth building affirmations, or listening to a Confidence for Traders CD. When it comes to developing a mental edge, play every ace. The correct method is the one that works for you!

After all of your preparation you still find yourself not on top of your game you can once again consider the ultimate weapon of great online Forex traders. Walk away! You do not have to trade the Forex today. Preparing for your trading session is all about placing yourself is the best position possible to take advantage of the myriad of opportunities that makes the Forex market great. When you incorporate mental preparations into your daily Forex trading ritual you have set the stage for handling whatever the currency market can throw at you with confidence, determination and clarity. Remember, above all the hype, strategies and methodologies lies common sense.

Use it and you too will find success, because it's always the little things that make all the difference in the world!



source:http://newbies4rex.blogspot.com/2007...-tips-for.html

Nice tips, BH!

Anyone else play guitar in front of the screen to relax and pass
the time?


FXS

You Bet, i find strumming a few chords or playing a little ragtime helps keep me relaxed and my focus at a high level. good stuff, Bob

Yep, all the time. Have you ever paid attention to the type of music you play according to what's going on with your trading?

Yep! It's true.No need to force yourself to much. If you feel that today is not your day just walk away, for me I play pc games or poker instead to relax. Hey! Who knows you suck trading today but you superbly on fire with poker. HAHA (evil laugh)

YOGA

You must become one with price - mmmmm - You must feel the price move - mmmmm - You must feel price going through you - mmmmm - You must feel the warmth of price - mmmmm.


"Oh no! I just blew my account - Ugh! Wish I'd been paying attention."

The Ultimate secret is to trade very small compared to account size, never risking more than 1% of your acct on any one trade. This will take most of the stress out of trading. Also by doing this you can walk away from your PC and have a carefree attitude on where the market will go.

I guess everyone has their own way... i go through forums and read articles and constantly keep learning. Oh and play demo accounts. Kind of build my confidence and belief! But i do like the yoga meditation. lol ... I ammmmm... I ammmm... I ammmmmm a Forex God.... ommmmmm! And it is so!

in short, taken easy...no need to rush right?
rush only drive you to bankcruptcy =)
i couldn't agree more

Have you noticed any opposite effect? Things go wrong, but once you set right music, the trading goes great?

thanks for acknowledging the source i have a forex site but its just new and i may acquire some ideas from here. However, I might need to ask the permission first of the author of newbies4rex before posting it to my site

too bad i don't know how to play guitar. could anyone suggest what kind of music should i play before trading for forex? i mean the kind of music that i could play using mp3 player

really nice tips for a newbie like me
thx for this tips

Paradoxical though it may seem, successful day traders often don’t trade every day. They may be in the market, at their computer, but if they don’t see any opportunities that meet their criteria they will not execute a trade that day. That’s a lot better than going against your own best judgment out of an impatient desire to “just do something.” Plan your trades, then trade your plan. you need to set a trading plan and stick to it. If you’re trading on your own, impulsive behavior can be your worst enemy.