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Set aside quotes, graphs, ratios, local and international news, and everything in between. Before you even think of honing your trading skills, instill practice and discipline in your system. Here are nine steps to ensure success in the complicated currency market.

Set goals and select trading style. It is integral to set your financial goals and how to achieve those before choosing your trading style. Make sure your chosen trading method is capable of attaining these goals. Different trading style, different approach, different risk profile. Therefore, one should have employ the right attitude and technique to trade successfully. And most importantly, ensure your personality fits the trading style you undertake or you will experience stress and huge losses.

Select a methodology and stick to it. What is the use of undertaking a specific methodology if you won’t be consistent in its application? Gather all the details you will need to make the appropriate trading decision about whether to enter or exit a trade. Some traders opt to look at the fundamentals of the firm or economy, and use a chart to figure out the best timing to execute the trade. Others look at technicals, specifically the graphs to know the best time to trade. Remember, fundamentals are for long-term trading and chart patterns for short-term trading. Whatever method you choose, be consistent and it should keep up with the changing market.

Pick a longer time frame for direction analysis and shorter time for entering or exiting trades. Many traders become confused when assessing the charts in various time frames. So, if you are taking cues for basic trading direction from a weekly chart and using a daily chart to time entry, the two should be aligned. In other words, if the weekly chart implies a buy signal, the daily chart should indicate a buy signal, too.

Focus on trades and embrace losses. There are times we lose money when we trade, but we cannot do something but to love those losses. Your money is at risk each time you trade. Therefore, it should be something you can afford to lose, meaning it should not be for paying bills, an emergency fund, or daily expenses. By doing so, you become prepared to accept small losses and manage risks in the long run. Instead of counting your losses, focus on your trades and embrace the small losses. Also, you should not trade more than 2% of your capital.

Perform weekly analysis. Prepare in advance. Every weekend, study weekly charts to search for patterns or news that could impact your trade. Know what the market is telling you through these graphs and events. This will help you create your plan for the next trading week. In case the market does not hit your point your entry, sit on your hands and wait for the opportunity to come at the right time. Patience and discipline are the key to successful forex trading.