I wanted to share with you people, the daily currency trading tips that I live by. These are important to follow because with persistence and long term dedication you can become a very profitable trader. I hope these tips help you out.
Have A Daily Plan/Strategy: Basically, success in anything comes down to the little things you do everyday. When you get good at currency trading, each day is exactly the same. You're not constantly taking on a new challenge. It's about stability and routine. This is what you need to work toward. You should get out of bed in the morning and when you get to the computer to start trading you should know exactly what you're going to do. Peak Hours vs. Off-Peak Hours: You need to recognize that there is a difference in the market depending on which time of the day you trade. Peak hours are when the heaviest trading is occurring. At this time there is such a heavy volume, there is no big bank or firm that could make such a large trade that would cause a move in the market. During off-peak hours, the volume is down and big banks can make huge trades that cause currency to move in different directions. Since off-peak is unstable, you should stick to daily currency trading during the peak hours. Be Confident, But Not Overconfident: You need to have a bit of confidence to do well in this business. The reason is that if you're not confident, you're going to hesitate and over analyze. When you hesitate to triple check something you potentially lose the opportunity. You're going to fumble your money and lose it. I'm not saying be overconfident though. That leads to you making poor trades because you're confident it will end up being profitable. Be smart and confident.
