A few tips to consider...

Recently I’ve unveiled a number of dangers lurking in the shadowy Forex Market, but today I’d like to focus on solutions. For what are problems but solutions waiting to be discovered?

 #1 Do you have a plan? If not – GET ONE!
Over trading tends to bog down users new to the Forex market. So make sure you have a plan, with incremental goals, to help keep track of how many trades you’re making, where your trades are concentrated, and where your money is going. Your trading tendencies might also depend on the information you’re receiving. Are you normally dependent on the sixty-minute chart or customer support? How often are you logging in? Try slowing things down with longer time frames. Using a longer time frame automatically reduces the number of trades you’ll consider. You won’t be tempted to take a “valid signal” 10 times a day trading via a daily chart.

 #2 Stick to your plan’s goals. Have those goals spaced out, too. 
I set a weekly goal of 100 points. This is a realistic goal for me to achieve and having the number posted on the door to my office reminds me that once I’ve made my weekly goal there’s no reason to take on extra risk. Now, you can focus on other things. Go for a hike! Fix the house up! Take care of those taxes ahead of time! Just don’t allow temptation to get the best of you. And there will be temptation. After hitting 100 your homepage will flash some fantastic opportunity you can hardly believe. You’ll want to drag the mouse over to the button and CLICK. But you can’t. Not this week, at least. Next week – now that’s a different story.  Some “experts” may think a 400 point a month cap is low, but who knows you better than you. If you think you can handle the responsibility of a few extra trades each week, then by all means, trade away. If not – stick to your goals.

#3 When in doubt, ask yourself, “Do I need this?” 
There is a HUGE different between want and need. Desire and necessity. (Just ask the Buddhists.) “Do I need this” almost seems too trivial, doesn’t it? But how many times have you suffered from buyer’s remorse after making a purchase out of anger, spite, or blinding bliss? I know I have. So before you click accept on that trade and take on more risk, ask yourself, “Do I need this? Or do I just want it?”