Most expert traders credit their success to good trading habits, which can be developed over time through a solid daily routine. Once these habits are ingrained in your processes, discipline and proper decision-making can become second nature. As mentioned, habits take quite some time to develop. For instance, becoming a morning person doesn’t happen in […]

The post 14 – Developing Good Trading Habits appeared first on Action Forex.

It’s not unusual for beginner Forex traders to wind up completely wiping out an account through a series of losses or poor risk management. While this unfortunate scenario can be avoided with the right amount of trading knowledge and discipline, it would also help to have a battle plan to bounce back from blowing up […]

The post 13 – How to Recover after Blowing Up Your Account appeared first on Action Forex.

Some say that the only thing certain in the forex market is uncertainty. While there are ways to predict more probable price movements, there will always be that element of surprise from time to time, as unforeseen events or shifting market dynamics could play a larger role in determining forex action. These kinds of market […]

The post 12 – Keeping Your Focus with Volatility and Uncertainty appeared first on Action Forex.

Given the fast-paced nature of the forex market and its potential to result in monetary losses, it is not surprising that a lot of traders suffer from stress. After all, the idea of losing real money in a forex trade can lead to frustration and in some cases, anger aimed at oneself or the markets. […]

The post 11 – How to Deal with Forex Trading Stress appeared first on Action Forex.

While the previous section focused on how you can learn from your losing trades, this article breaks down how you can learn from winning ones. More often than not, winning trades contain valuable lessons that a trader can build on to get more profits later on. While losing traders offer the chance to learn from […]

The post 10 – How to Learn from Your Winning Trades appeared first on Action Forex.

As discussed in the previous section, it is very important to have a thorough review of your trade in order to determine what you did wrong or what you did right. In case the trade turns out to be a losing one, you can still benefit from it by figuring out what you could’ve done […]

The post 09 – How to Learn from Your Losses appeared first on Action Forex.

Much has been said about the importance of having a trade journal but it is also necessary to emphasize that its efficiency hinges on its completeness. Not only must it have the pertinent trade details such as entry and exit prices, but it should also have notes on your fundamental bias and your decision-making process. […]

The post 08 – Components of a Complete Trading Journal appeared first on Action Forex.

While the idea of keeping track of every single trade idea, decision, and outcome seems tedious, it could hold the key for forex trading consistency and long-term profitability. Here’s why it is important to develop the habit of maintaining a trade journal and its benefits for your trading psychology. A complete trading journal not only […]

The post 07 – The Importance of Keeping a Trade Journal appeared first on Action Forex.

While the prospect of making money on the forex market full-time seems like a very enticing career for many, it is not for everyone. It takes a specific kind of individual with certain must-have traits in order to succeed in this battlefield. Of course this is not to discourage those who are looking to pursue […]

The post 06 – Are You Ready to Be a Full-time Trader? appeared first on Action Forex.

Since forex is a 24-hour market, trading can be done part-time on top of a full-time job. However, it is also important to be psychologically prepared for this trading approach as it requires some lifestyle considerations and adjustments. Without making these, you might be setting yourself up to fail and letting the frustration take its […]

The post 05 – Tips for Part-Time Forex Traders appeared first on Action Forex.

Some beginner traders in their first few months of live trading end up surprised that they are having difficulties replicating their success in demo trading to a real account. This is perhaps a result of underestimating the psychological differences between demo and live trading and not being able to make the proper preparations for it. […]

The post 04 – Psychological Differences of Demo and Live Trading appeared first on Action Forex.

If you think you are finally ready to make the transition from demo trading to having a live account, then you should also be psychologically prepared for it. Not only will you have real money on the line, your emotions might also have a bigger impact on your trading decisions. A good rule of thumb […]

The post 03 – Are You Ready to Trade Real Money? appeared first on Action Forex.

Beginner traders are often recommended to start with a demo trading account before risking real money on a live account. However, there are also many who question whether this step is necessary as demo trading has several stark differences with live trading, particularly in the trading psychology aspect. Despite that, demo trading is a good […]

The post 02 – How to Make the Most of Your Demo Trading appeared first on Action Forex.

If you’re a new trader trying to make sense of forex market movements and making money while you’re at it, the whole experience can be exciting and overwhelming at the same time. This is why it is important to work on your trading psychology from the very start of your trading endeavor. Perhaps one of […]

The post 01 – Trading Psychology Tips for Beginners appeared first on Action Forex.

Now that you’ve studied the basics of technical and fundamental analysis, as well as the importance of proper risk management techniques, it’s about time to take a look at another crucial component of forex success: trading psychology. While the basic forex concepts allow you to spot profitable trade setups and risk management enables you to […]

The post 00 – Trading Psychology 101 appeared first on Action Forex.