Trade like it's a business.

Traders must have the same level of self-control as any business owner. An important first step is to write down your trading plan.

Set up your own accounting system so you can keep track of your trading results and compare them to your broker's reports.

You only need a simple Excel spreadsheet with results for each day, week, and month.

Include gross profit/loss, the number of trades, commission costs, ECN costs, other costs, net profit/loss, equity (make sure it matches brokerage reports), and any other relevant information.

Use this information to make better trades. Look at your results for patterns and to see how your profits and costs relate to each other.

Your trading plan should include a list of all the different kinds of trading you plan to do during the day or week.

Traders who are good at what they do don't just open their charts and make their first trade. Before they decided to attack, they thought about everything that could go wrong.

Preparing is the most important thing to do. For me, a new work week usually starts on Sunday.

On Sundays, I look at all of the charts and pick out the best trading opportunities for the next week.

So, I can focus on trading opportunities and trade according to the trading plan.

If you already have a trading plan, make sure it answers the questions below:

What kind of plan do you have for trading currency pairs?

Which plan will take up the most of your time and effort?

What do you do for a living?

How do you keep your money and risks under control?

Another benefit of having a trading plan is that it helps you set clearer trading goals. If you know when to change your risk based on how the market is doing, you can better control your overall risk, as well as your money and trading strategy.

A trading strategy is the most critical piece of paper you will need if you want to trade like a business.

Trading rules that are strict

If you are serious about forex trading and want to treat it like a business, you should set up a trading routine to help you stay consistent throughout the week.

This will help you make as much money as possible without losing too much.

You should do the following when you trade:

When trying to learn about the market.

How to make changes to your trade while it's still open during the week.

When will you start keeping track of the trades you make? It happens every day or every week.

How do you know when to stop making trades?

If you want to make trading a habit, you should make it a top priority every day.

If you have a trading routine that works with the rest of your life, it will be easier to keep your trading performance steady throughout the week.