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Top 4 Things Successful Forex Traders Do
Timeframe
The timeframe indicates the type of trading that is appropriate for your temperament. Trading off a five-minute chart suggests that you are more comfortable taking a position without exposure to overnight risk. On the other hand, choosing weekly charts indicates a comfort with overnight risk and a willingness to see some days go contrary to your position.
In addition, decide if you have the time and willingness to sit in front of a screen all day or if you would prefer to do your research over the weekend and then make a trading decision for the week ahead based on your analysis. Remember that the opportunity to make substantial money in the forex markets requires time. Short-term scalping, by definition, means small profits or losses. In this case, you will have to trade more frequently. (See also "Forex Walkthrough.")
Methodology
Once you choose a timeframe, find a consistent methodology. For example, some traders like to buy support and sell resistance. Others prefer buying or selling breakouts. Yet others like to trade using indicators such as MACD (moving average convergence divergence) and crossovers.
Once you choose a system or methodology, test it to see if it works on a consistent basis and provides an edge. If your system is reliable more than 50% of the time, you should consider that an edge, even if it's a small one. It also helps to backtest your system and discover every time trading on a signal and your profits were more than your losses, although this method is not an entirely reliable indicator of future success. Test a few strategies, and when you find one that delivers a consistently positive outcome, stay with it and test it with a variety of instruments and various timeframes.
Market (Instrument)
You will find that certain instruments trade much more orderly than others. Erratic trading instruments make it difficult to produce a winning system. Therefore, it is necessary to test your system on multiple instruments to determine that your system's "personality" matches with the instrument being traded. For example, if you were trading the USD/JPY currency pair in the forex market, you may find that Fibonacci support and resistance levels are more reliable. (See also "Taking the Magic out of Fibonacci Numbers.")
Your Forex Trading Attitude
Behavior is an integral part of the trading process, and thus your attitude and mindset should reflect the following four attributes:
