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 stays near 1.0400 in thin holiday trading
EUR/USD trades with mild losses near 1.0400 on Tuesday. The expectation that the US Federal Reserve will deliver fewer rate cuts in 2025 provides some support for the US Dollar. Trading volumes are likely to remain low heading into the Christmas break.
GBP/USD struggles to find direction, holds steady near 1.2550
GBP/USD consolidates in a range at around 1.2550 on Tuesday after closing in negative territory on Monday. The US Dollar preserves its strength and makes it difficult for the pair to gain traction as trading conditions thin out on Christmas Eve.
USD/JPY eases toward 157.00 after Japanese verbal intervention
USD/JPY has come under renewed selling pressure, easing toward 157.00 after Japanese Finance Minister Kato's verbal intervention. The pair erased early gains, induced by the October BoJ meeting Minutes. However, the downside could be limited as the US Dollar hold the previous rebound.
Editors’ Picks
EUR/USD stays near 1.0400 in thin holiday trading
EUR/USD trades with mild losses near 1.0400 on Tuesday. The expectation that the US Federal Reserve will deliver fewer rate cuts in 2025 provides some support for the US Dollar. Trading volumes are likely to remain low heading into the Christmas break.
GBP/USD struggles to find direction, holds steady near 1.2550
GBP/USD consolidates in a range at around 1.2550 on Tuesday after closing in negative territory on Monday. The US Dollar preserves its strength and makes it difficult for the pair to gain traction as trading conditions thin out on Christmas Eve.
Gold holds above $2,600, bulls non-committed on hawkish Fed outlook
Gold trades in a narrow channel above $2,600 on Tuesday, albeit lacking strong follow-through buying. Geopolitical tensions and trade war fears lend support to the safe-haven XAU/USD, while the Fed’s hawkish shift acts as a tailwind for the USD and caps the precious metal.
IRS says crypto staking should be taxed in response to lawsuit
In a filing on Monday, the US International Revenue Service stated that the rewards gotten from staking cryptocurrencies should be taxed, responding to a lawsuit from couple Joshua and Jessica Jarrett.
2025 outlook: What is next for developed economies and currencies?
As the door closes in 2024, and while the year feels like it has passed in the blink of an eye, a lot has happened. If I had to summarise it all in four words, it would be: ‘a year of surprises’.
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