body affects the mind. Limiting yourself to one monitor will force you to focus your attention on one thing at a time and help to eliminate the possibility of analysis paralysis, this is especially important early-on in your trading career, and then as you gain experience you might decide. Its very important to your long-term trading performance that you have a proper area in your house to trade from, because your environment has a direct influence on your mindset, and your mindset has a huge affect on your overall trading performance. Music is another big factor in creating the right trading atmosphere, if you need to relax and drown out the distractions that might be taking place in your house, put on some relaxing music like jazz or classical, put on some headphones if you need. Having this tangible piece of evidence to explicitly show you how discipline and patience pay off over time, is a critical element to attaining and maintaining the proper Forex trading mindset. Also, you will notice that if you take profits prematurely this greatly lowers your risk : reward ratio, and of course if you take a risk that is larger than what you had planned the same thing happens.
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It is important to get rest, eat a healthy diet, and get some exercise, trading is not the easiest profession to excel in, so we really need to put the odds in our favor as much as we can. Possible Risk: How much money can you lose on the trade? Essentially, Forex trading success is the result of doing a lot of things the right way every time you interact with the market, and a Forex trading journal helps you do everything the right way every time you trade. Otherwise, you at least need a desk big enough for a laptop. Continuing Education: Read one new trading book a month from my selected group of trading (mentors / authors). Having this type of reminder is very important, especially early-on in your trading career, it helps keep you focused and it helps to remove any emotion you might attach to any one trade. You can download the correct New York close charts here: Forex trading charts and many websites such as Yahoo!, MSN, and Reuters are excellent sources of news and investment information. Entry date: This is self-explanatory; the date you entered the trade, the date you got filled is what you want here (if the order got filled). First off, you want to be sure that the particular computer(s) you use is robust and relatively new, has an up-to-date antivirus/firewall, and can handle incoming data feeds in real time while running other applications. Once I find consistency in this less frequent time-frame, I will seek to duplicate my success on the more frequent intraday time-frames. L-shaped desks that you put in the corner of a room seem to work very well if you plan on having multiple monitors, or if you just need more desk space in general. I only trade high reward setups that have the probabilities in their favor.
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