Forex Trading Difficulties: 3 Things I Need To Get Done For Success During My Next Trip
I find it interesting how when you reach a certain level in Forex trading, there's always this next level waiting for you. It's as if there was an insurmountable amount of obstacles ahead that you'll always fight. Are those truly Forex trading difficulties? I'm more of the opinion that obstacles are growth opportunities.
I'll still refer to those as the Forex trading difficulties of my last trip (i.e. how I screwed up last time).
In January 2017, I went on my first trip through which I intended to trade and travel. In short, I learned a bunch of lessons.
Now in April 2017, I got back from that trip and am about to go on a new & longer one.
The first question that goes through my mind is: “What do I need to work on to ensure I get better results than last time?” I reflected on that for a while and decided to share the 3 major things I decided I'd work on with you.
I consider them the Forex trading difficulties of my last trip (i.e. how I screwed up last time).
Damaged people are dangerous. They know they can survive.
Some of those things are very obvious and may not directly impact my trading…I know. However, I'm an absolute believer in the fact that the way you do one thing is the way you do everything. If I want more success in trading, I must display the traits of success in all other areas.
You can see this article as a to-do list for me :) But I hope you'll get inspiration from it, and understand that whatever level of trading you're at, there are still Forex trading difficulties. You still got a lot to work on!
#1: Get Clear On A Style Of Trading
I've been reflecting a bit on that topic and I basically have two choices while I travel and trade:
Advantage: More trade setups (maybe more money)
Disadvantage: Difficult while traveling (need a solid routine)
Advantage: Much less involved (no need to worry)
Disadvantage: Definitely fewer setups (maybe less money)
Can you see the irony here? There's a choice to make. On the one hand, I want to enjoy my travels. On the other hand, I don't want to place my own trading too away (by trading only the daily chart).
I like the simplicity of trading the daily chart only but……
The truth is, you could spend your whole day arguing on whether or not to do something. When you make a decision, you eliminate uncertainty, which is what you need to do to stick to a solid trading plan.
I made the decision to try out trading exclusively the daily chart this time (as I travel). I'll keep you updated on how that turns out.
#2: Build A Solid Routine & Plan
I've discussed before how much traveling makes you kind of “out of routine”. However, if there's one thing I learned it's that routine is an essential part of any Forex trader's success.
Forget the routine and you could enter straight on a losing streak because you're not as consistent anymore.
While a routine is important, however, it only achieves part of the results I am looking for. The other part is accomplished by having a concrete plan.
Over the past 2 weeks, I've been listening to the 12 Week Year: Get More Done in 12 Weeks than Others Do in 12 Months. One of the things I found in the book that I was missing is the idea of having a 12-week plan (note: I've done that in the past and it was magical!).
For the past few months, I have been only planning week-by-week. It was truly time to come up with a complete plan, which I did a few days ago.
I took my calendar out and planned what my days would look like (to include all activities such as trading, exploring, editing my videos, writing, reviewing my trades, etc.).
The only thing missing now is going to be to execute on that routine and that plan.
#3: Abandon Multitasking
Be like a postage stamp—stick to one thing until you get there.
As part of executing on my plan and routine, I'm trying to get in the habit of not multitasking. I know that's a big word these days and while I know how much my effectiveness is decreased by multitasking, I find not engaging in multiple things at the same time is tough.
I find if I work on something for too long, I get ideas for other things – that I want to do right now.
Through trial-and-error, I found the easiest way not to multitask for me is to use the Pomodoro technique (work 25 mins, take a 5 min break, and repeat). That's usually when my focus is at its best.
Now it's a matter of getting in the habit to start the timer every morning.
On that topic, I know some day traders such as Marina Kuperman Villatoro use this technique as they day trade.
In this article, I provided you with 3 things I intend to work on during my upcoming trip to diminish the Forex trading difficulties I'll experience. Interestingly enough, I'm leaving the day after I publish this article. If you happen to be somewhere on my way, shoot me an email and we might be able to meet up on that trip!