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 hits two-day highs near 1.1820
EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.
GBP/USD reclaims 1.3600 and above
GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.
USD/JPY drops back below 157.00, as focus shifts to Japan snap election
USD/JPY is back in the red below 157.00 in the Asian session on Friday. The Japanese Yen recovers ground against the US Dollar amid some profit-taking ahead of Japan's snap general election on Sunday. The preliminary reading of the Michigan Consumer Sentiment Index report for February will be released later on Friday.
Editors’ Picks
EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates Premium
The EUR/USD pair lost additional ground in the first week of February, settling at around 1.1820. The reversal lost momentum after the pair peaked at 1.2082 in January, its highest since mid-2021.
Gold: Volatility persists in commodity space Premium
After losing more than 8% to end the previous week, Gold (XAU/USD) remained under heavy selling pressure on Monday and dropped toward $4,400. Although XAU/USD staged a decisive rebound afterward, it failed to stabilize above $5,000.
GBP/USD: Pound Sterling tests key support ahead of a big week Premium
The Pound Sterling (GBP) changed course against the US Dollar (USD), with GBP/USD giving up nearly 200 pips in a dramatic correction.
Bitcoin: The worst may be behind us
Bitcoin (BTC) price recovers slightly, trading at $65,000 at the time of writing on Friday, after reaching a low of $60,000 during the early Asian trading session. The Crypto King remained under pressure so far this week, posting three consecutive weeks of losses exceeding 30%.
Three scenarios for Japanese Yen ahead of snap election Premium
The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.
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