Is it really just an innate talent that makes some people better at trading than others? Or is there something more? How can you be a better trader? There are ways and means, and when you find out what they are you may just be surprised.
Sleep Is For The Strong
When it comes to trading, tiredness is your enemy. If you want to be a better trader you need to sleep well and sleep long – a good 7 to 8 hours a night, unbroken if you can possibly manage it. A few hours’ sleep and a big jug of coffee the next morning might get you through, but it’s not going to keep your mind where it needs to be,which is checking the markets and your chart. A tired mind makes mistakes, it misses opportunities. You need to be as fresh as possible if you want to make money from trading.
So to be a better trader you need to sleep well, but how to do that? It can be hard, but studies have proven that an early bedtime and an early morning is the best way to get into a routine that suits your body. Don’t drink caffeine close to bedtime either oryou’ll definitely have problems getting to sleep, or staying asleep once you’ve dropped off. And if you can, make sure your bedroom is dark, cool and quiet.Lovely.
The Breakfast of Champions
In this busy world, many people skip breakfast so that they can get a head start on the day. This is not a good thing to do for anyone, but it’s certainly not recommended if you want to be a better trader. But it’s not just the act of eating something (it’scalled a break fast because you have starved yourself overnight) that wakes you up; it needs to be healthy. Try fruit and cereal and not something sugary and sweet. It might take a while to get into the habit, but you’ll feel better forit once you do. Water is essential too – drink it first thing and keep sipping all day long. You’ll be energised and your skill won’t look bad either!
Exercise is Key
To be a better trader you need a fit mind and a healthy body. Regular exercise is important as it not only burns fat and keeps you fit, but it releases endorphins (the ‘happy hormone’) which helps keep the brain active – essential when it comes to making a successful trade.
Do Other Things
All trade and no play makes everyone a dull boy (or girl), and you are no exception to that rule. To be a better trader you need to stop trading once in a while and get out and about, do other things, find a hobby or go out with friends and enjoy an active social life. The trades will still be there when you get back, and if you set everything up correctly you can just leave everything running in the back ground whilst you go out and enjoy the spoils of previous successful trades.
Have A Plan & A Routine
Planning is so important in many aspects of life, and it’s the same in trading. If you want to be a better trader then plan ahead. Have a trading plan. Not only will this make trading easier, but it will mean that you can get straight into the action rather than taking time to prepare everything before you can even start. So it saves time and stops you from getting bored. And then, once your plan is in place, you can get into your routine. Knowing what you are doing from one day to the next makes a big difference in how confident you will feel during a trade. If it’s all part of the routine it will feel safer and more positive too.
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Editors’ Picks
EUR/USD holds near 1.0500 ahead of Powell speech
EUR/USD managed to clinch its second day in a row of gains, extending the recent breakout of the 1.0500 mark in response to the inconclusive tone in the US Dollar ahead of key US data releases later in the week.
GBP/USD recovers toward 1.2700 after US data
Following a pullback, GBP/USD edges higher toward 1.2700 in the second half of the day on Wednesday as the US Dollar loses strength following the disappointing data releases. Markets eagerly await Fed Chairman Jerome Powell's speech.
USD/JPY clings to intraday gains around mid-150.00s ahead of Fed’s Powell
USD/JPY gains strong positive traction on Wednesday, though the upside potential seems limited. Less dovish Fed expectations push the US bond yields higher and undermine the lower-yielding JPY. December BoJ rate hike bets and subdued USD demand might cap the pair ahead of Fed’s Powell.
Editors’ Picks
AUD/USD plunges to near 0.6400 as weak Aussie GDP boosts RBA dovish bets
Disappointing data results from key fundamentals in Australia weighed heavily on the Aussie Dollar, sending AUD/USD to fresh four-month lows in the boundaries of the key contention zone at 0.6400.
EUR/USD holds near 1.0500 ahead of Powell speech
EUR/USD managed to clinch its second day in a row of gains, extending the recent breakout of the 1.0500 mark in response to the inconclusive tone in the US Dollar ahead of key US data releases later in the week.
Gold advances to $2,650 area as US yields edge lower
Following a consolidation phase near $2,640, Gold gains traction and rises to the $2,650 area. The benchmark 10-year US Treasury bond yield pushes lower after weak macroeconomic data releases from the US, helping XAU/USD stretch higher.
Crypto Today: Ethereum price crosses $3.7K as Tron and Avalanche lead DeFi Market rally
Ethereum price crossed the $3,700 mark as it outperformed Bitcoin on Wednesday amid positive tailwinds from news reports that the Securities & Exchange Commission (SEC) could approve staking for crypto ETFs in the US.
Four out of G10
In most cases, the G10 central bank stories for December are starting to converge on a single outcome. Here is the state of play: Fed: My interpretation of Waller’s speech this week is that his prior probability for a December cut was around 75% before the data.
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