Trading Forex for a living from the comfort of your own home can be extremely profitable, but it can also drive you crazy at times, so for today’s post I thought I’d offer my 6 top tips for keeping yourself sane when trading.
How To Make Money In Forex Without Going Crazy?
1. Check the day’s economic calendar at the start of every trading session.
There’s nothing more infuriating than taking the time to find a good position which goes nicely into profit, before suddenly turning into a losing position due to economic data releases, which you’d completely forgotten about.
So always check the scheduled fundamental announcements for the day before you do anything else, and make a note of them so you’re never caught out. (The best site for this, in my opinion, is Forex Factory).
2. Visit trading forums and chat to other traders online.
Trading from home is a lonely profession, and the frustrating thing is that you have no-one to share trading ideas with, so forums and trading rooms are great for this. Obviously you don’t want to spend too much time doing this otherwise you might miss some great opportunities, but they’re worth visiting during quiet periods, of which there are many during the day.
3. Leave the house and speak to real people.
Following on from the last point, the loneliness factor is a very real one and for that reason I always say that you should make a point of going out and mixing with people as much as possible when you’re not trading. If you’re not careful, after long periods of time it’s very easy to go out less and less and find yourself becoming more and more introverted, so try not to fall into this trap.
4. Take plenty of exercise.
It’s an old saying, “a healthy body is a healthy mind”, but it’s completely true. Apart from the fact that you need to be completely switched on when making trading decisions, sitting down staring at a computer screen for hours on end is really not good for your eyes, your back or your health in general. Therefore you should take plenty of exercise during the day and in your spare time to keep yourself healthy.
5. Take regular breaks and reward yourself occasionally.
As well as exercising, it’s also a good idea to take regular breaks during the day just to relax and chill out. Trading Forex can really get the pulse racing at times, and can be very stressful, so take a break occasionally. Also if you’ve made a highly profitable trade and achieved your daily target, if you have one, why not reward yourself with a small gift or a shopping spree, for example. After all there’s more to life than just making money.
6. Invest your profits into other areas.
Trading Forex is great, but why spend all your time busting a gut trying to make more and more money. If you do become a successful Forex trader, invest some of it into stocks and property and make your money work for you. This way you will take some of the pressure off of yourself and you can become a more relaxed trader knowing you have other sources of income.
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