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 firm near 1.1850 amid USD weakness
EUR/USD remains strongly bid around 1.1850 in European trading on Monday. The USD/JPY slide-led broad US Dollar weakness helps the pair build on Friday's recovery ahead of the Eurozone Sentix Investor Confidence data for February.
GBP/USD hovers near 1.3600 as UK government crisis weighs on Pound Sterling
GBP/USD moves sideways after registering modest gains in the previous session, trading around 1.3610 during the European hours on Monday. The pair could come under pressure as the Pound Sterling may weaken amid a fresh government crisis in the United Kingdom.
USD/JPY keeps the red below 157.00 on intervention risks
The Japanese Yen sticks to its modest intraday recovery gains against a broadly weaker US Dollar on the back of speculations that authorities will step in to stem weakness in the domestic currency. In fact, Japanese officials stepped up intervention warnings and confirmed close coordination with the US against disorderly FX moves. This, in turn, triggered an intraday USD/JPY turnaround from the 157.65 region, or a two-week top, touched in reaction to Prime Minister Sanae Takaichi's landslide win in Sunday's election.
Editors’ Picks
EUR/USD holds firm near 1.1850 amid USD weakness
EUR/USD remains strongly bid around 1.1850 in European trading on Monday. The USD/JPY slide-led broad US Dollar weakness helps the pair build on Friday's recovery ahead of the Eurozone Sentix Investor Confidence data for February.
USD/JPY keeps the red below 157.00 on intervention risks
The Japanese Yen sticks to its modest intraday recovery gains against a broadly weaker US Dollar on the back of speculations that authorities will step in to stem weakness in the domestic currency. In fact, Japanese officials stepped up intervention warnings and confirmed close coordination with the US against disorderly FX moves. This, in turn, triggered an intraday USD/JPY turnaround from the 157.65 region, or a two-week top, touched in reaction to Prime Minister Sanae Takaichi's landslide win in Sunday's election.
Gold remains supported by China's buying and USD weakness as traders eye US data
Gold struggles to capitalize on its intraday move up and remains below the $5,100 mark heading into the European session amid mixed cues. Data released over the weekend showed that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Fed expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.
Cardano steadies as whale selling caps recovery
Cardano (ADA) steadies at $0.27 at the time of writing on Monday after slipping more than 5% in the previous week. On-chain data indicate a bearish trend, with certain whales offloading ADA. However, the technical outlook suggests bearish momentum is weakening, raising the possibility of a short-term relief rebound if buying interest picks up.
Japanese PM Takaichi nabs unprecedented victory – US data eyed this week
I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.
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