As far as making money in forex-trading is concerned, carrying out an actionable execution is the key.
Currently, the forex market is the world’s largest business traded daily. And it is also a complicated one, which deems it necessary for you to have an in-depth knowledge about it.
Do you worry much when you want to carry out your order? Or do you keep having this odd feeling of not knowing if your process is right or wrong? Or Are you scared of hitting the wrong button?
Well, search no further, you are already on an actionable guide that will help you solve this better.
One thing is sure; every trader is out to hunt.
Just like a hunter patiently stalk on their prey- ready to pounce heavily on it when the moment turns right, so does a real trader patiently studies the market, and also ready for the right moment to hit the right button.
Our discussion here is based on the experiences shared by professional traders.
Here, we shall be discussing six actionable steps to carry out an effective order.
Before we go any further, you must know this as a forex trader; at any point you want to trade, your state of mind should stick to your move; in other word your mind must be set to make one decisive move.
Any other thought as a result of guess or some other reflection is totally overruled.
Do you have a problem with putting your mindset in place? I’ll advice you read a book titled ’’Mindset: The new psychology of success’’ by Carol Dweck-One of the world leading researchers on motivation and She’s also a psychologist.
She actually proposes that everyone has either a fixed mindset or a growth mindset.
A fixed mindset is one in which you view your talents and abilities as well-fixed. In other words, you are who you are, your intelligence and talents are fixed, and your fate is to go through life avoiding challenge and failure.
A growth mindset, on the other hand, is one in which you see yourself as fluid, a work in progress. Your fate is one of growth and opportunity.
How to strategically carry out an effective execution.
#1 Behold your trade.
Beholding your trade is one of the basic steps to carry out an effective execution. In doing so,
You must have carried out some actions (analysis) earlier before now, to decide on the order to place.
Here is a question you must ask yourself.
Does my analysis meet my conditions?
Your major activity at this point is to observe that trades that meet your condition, just like a Lion carefully observe its prey in the jungle.
This step is a very critical step, in which the entire successes of your trade depend on. This is why it is more important that you carry out your analysis with rapt attention.
Remember that as a trader who is akin to a hunter, you must be focused and undivided in thoughts to fully achieve your aim.
So therefore, if you really want to carry out your orders effectively, it is advisable that you create more time in beholding or seeing your trade.
#2 Your Feeling about the trade must be considered.
Feeling s play a lot of role when it come to making decisions, in other words if you ignore them, it might hurt you later. So, to be on a saver side you must consider it.
How do you feel about your analysis? Are you still in the state of uncertainties?
Answering these questions is a sure-fire way to know what you feel about a trade. Of course, you might have had some or little experience about trading, and at least you must be able to know when you feel right about a trade.
Most times, traders ignores this aspect; And that is why they end up regretting,
Apparently, It’s natural for you to feel either good or bad about a trade, but when you start having both good and bad feeling about a trade, you are being uncertain about that trade.
It’s better you make no execution than to carry out an execution with an indecisive mind-set.
#3 You have to carefully check if you’ve keyed in your order appropriately.
This step is a little bit crucial, which is the more reason why you must be relaxed before doing it.
Remember, market waits for no one, which mandates you to be relaxed before entering into any trade.
Whatever you key in on your terminals is what you should expect. So it is advisable you play the role of a patient dog, so as to reap fruitfully at the end.
Still, you must be attentive to check your terminals-to be sure of not making mistakes.
#4 Execution Moment.
The moment you’ve always been waiting for.
If you have been following the steps we’ve been discussing, here is the moment where your faith about the trade is decided.
Some traders do ignore #1,#2,#3 and jump straight to this step ‘execution’. So, when they enter into the market, they end up losing which later fills their heart with regrets.
But if you really want to make money from trading forex, it is advisable that you carefully complete the above steps before landing on execution.
It’s show time! Just hit the button.
#5 Always crosscheck your position.
Now, after you have successfully carried out your execution, you have to double check your position by viewing your windows open position.
Doing this simply indicates that you are taking precautionary measures to save your trade.
Also, you must be on the watch-out for trades that are not favoring you; just fix them.
#6 Be ready to fix all error.
No one is above mistake, if you have made any form of mistake? Quickly see to them especially when you have encountered a loss that is close to 5% of your equity.
Don’t always wait or hold on hopes- that the market will adjust in your favor.
Majority of traders, who had built their hopes on the market to adjust in their favors, ends up losing almost everything.
That is why professionals and experienced traders always advise that you close your position rather than waiting for the trade (or market) to adjust in your favor. Such situation is rear especially for short term traders.
Generally, your decisions as a trader matters a lot. Don’t trade against the trend, always stay disciplined.
Conclusion: We have been discussing about actionable steps to carry out an effective order. Always know this; your every action on your platform has a reaction. Trade responsibly.