I have a confession to make.
I’m completely addicted to trading.
I just love the charts. Regardless if I’m winning or losing. I love analysing price action, testing strategies and finding trading opportunities.
Sounds familiar, you say?
It’s not uncommon. We forex traders are a passionate breed. However, after 5 days of trading, the retail forex markets close. Time to relax and spend time with friends and family. But weekends are also the perfect time to sharpen your forex skills! It’s when most of us actually have some time to research, learn and improve.
The three great essentials to achieve anything worthwhile are, first, hard work; second, stick-to-itiveness; third, common sense.
― Thomas A. Edison
“But the markets are closed! What is there left to do?”
Actually, there’s plenty to do in weekends if you want to sharpen your forex skills! Here are my top 5 tips to improve my forex knowledge in weekends.
“Why do I keep losing money?”
This question used to keep me up at night.
Have you ever wondered this too? I have, over and over again.
When I was still struggling to become a profitable forex trader, I was desperate for the answer. Not only that, I wanted to identify the various pain points that made forex traders lose money. Find a structured way to tackle them. I wasn’t going to be a losing trader forever, no way. So I started researching.
Why do traders lose out?
The short answer is of course because it’s really hard to be consistently profitable.
But why? There are enough traders with a proven track record, so it must be possible. During my search, I’ve identified 5 of the most important reasons why traders lose out. I’m pretty sure that at one point or another, I’ve been through them all. But once I started working on them, I noticed a real turnaround in my trading performance! I couldn’t believe this, it really worked.
FOMO – Fear Of Missing Out.
(Go straight to the 5-step battle plan)
Wikipedia says that FOMO is “a pervasive apprehension that others might be having rewarding experiences from which one is absent”. In other words: the nagging feeling that other traders are making big profits and you’re letting the trading opportunities slip through your fingers. To counter this feeling, you enter trades way too quickly.
Afraid to miss the next big move.
Stanford research has shown that what investors fear the most is not the risk of a loss per se, but the risk that they may do poorly relative to their peers.
Linux, raspberry pi, gadgets; the whole nine yards.
I confess. I’m a technology geek.
While forex trading is my passion, I’ll be sure to surround myself with all the tech to be as productive as can be. It probably shouldn’t come as a surprise that over the years, many equipment setups have been put to the test: different gear, tools, software and hardware.
The best equipment allows you to focus on what’s important to you: trading. It doesn’t get in the way, and instead helps you to achieve the best work you can. This essential gear makes the life of a forex trader easier.
The best equipment to be most productive as a forex trader.
More than anything, trading emotions can hurt your account balance.
Or, as the famous trader Jack D. Schwager said in Market Wizards:
The key to trading success is emotional discipline. If intelligence were the key, a lot more people would be making money.
The wave of trading emotions
Emotions make us enter the markets at the wrong time. Exit at the wrong time. There’s the fear of missing out (FOMO). Emotions probably make us take wrong decisions in between as well. It is the reason we lose out, even when our trading strategy is solid. We are bound to make the wrong errors over and over again, unless we are aware of what’s working against us.
“So, what kind of forex sites do you visit?”
This question got me thinking. My RSS reader has a “Forex” category that is positively bulking out. I mean, next to a list of great forex books, these are the resources I use to learn, share knowledge, read insightful forex analysis and connect with other traders.
I’m always on the lookout for the best forex resources. Analysis, price action, fundamental news, forums, automated trading, communities and so on. Unfortunately, I’m often coming across sites that haven’t been updated in recent years or are just not available anymore, so I’ve decided to share my up to date list of the best forex sites of 2016.
Of course, this is a quite an opinionated list. It should be! I believe my collection has a bigger focus on personal forex sites with useful insights and less on the bigger news sites or portals with entire editorial teams. Which means it’s more likely you’ll find some sites here that you haven’t come across yet! So without further ado…