Introduction
You often hear traders say that it is easier to trade professionally with a company's capital than to trade on their own time with their own money. This shows how traders actually tend to be more disciplined when dealing professionally with a company's money than they are when dealing with the loss and gain of their own money in the market. To be a successful trader, you need that professional calm!
One successful investor who made millions defined currency trading as a challenging game of strategy and discipline. The Forex market is vastly complex and dynamic, so that you need to exercise strict discipline, clear judgment, do your homework, and set firm goals and limits. Sometimes the most important work you can do is exercising patience, confidence, and discipline. You need to stay calm, keep your mind clear and focused. You can't blindly bet that the currency price will go up or go down. You need to be well informed and make buy or sell decisions based on facts and logics. You need to understand what your risk is (Risk Assessment), what the probability of winning is, how much damage you can endure if events go badly south! Know your risk exposure first, then think about profit potential.
In Forex investing, intuition also plays an important role. Good intuition derives from knowledge, experience and good psychological habits. When you begin to win, you can't think of yourself as a winner yet because if you lose caution and become greedy, you can lose your gain in an instant. More importantly, should you happen to lose, you can't let yourself conclude that a single loss makes you a loser: it won't, so long as you keep to your strategy, like a professional, and cut losses promptly. If you vainly cherish your hope that a currency will bounce back up after a setback, you may end up losing more than 50% of your money, when otherwise you could easily have closed off your position at 10% loss. Losing money can be very upsetting, but you need to be persistent and not quit the game easily. Learn to use a loss as a lesson, just as professional traders do, and determine why you lost. In this way, you maximize your chance of becoming a better investor. You should keep records of your trades, noting decision strategy and variables. Be systematic, just like a photography student who makes notes about each exposure to learn from mistakes. Talk with your friends and listen closely to trading tips, but in the end, you have to make your own judgments. Believe in yourself. If your next pick ends up being wrong, that may mean you haven't yet done sufficient homework on that financial asset.
Independent Research is the most important thing to do before any trade. By doing your own research, you complete a definite set of steps that will guide you toward a successful outcome.
Ask yourself questions such as, why do I want to buy in this currency? Is it because its rating of strength relative to that of other currencies is very high? Does the country have a low inflation, low unemployment rate and stable government? Or does the currency follow the technical patterns very well? In other words, does the currency chart conform to a reliable and understandable model? Positive responses to these questions can help you feel comfortable in placing a currency on your list of candidates.
Once you've narrowed the field, how do you identify a good price level at which to buy or sell? Not only do you need to recognize and follow market timing overall; you also have to catch the timing of the individual currency.
An excellent scource for paid charts is FXtrek's IntelliChart service. They have a lot of information on their site and can assist you in becoming a more efficient trader. If your looking for free charts to use that still provide great capabilities I recommend NetDania charts.
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