Trading in a Forex broker is almost like becoming a professional chef, an efficient endeavor that requires patience and discipline. Forex market is like a kitchen and to conquer it you need the best tools you can get and you have to work with a lot of focus and interest in it.

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After meeting several chefs and watching them for hours on TV shows, in shows and cooking-related documentaries, I have identified at least three things that Forex traders can learn from professional chefs:

1- Mastering the principles

Enthusiastic chefs begin their training by learning the basics, such as the types of meat, vegetable slices, and manual knives. If you can not cut your mushrooms evenly or do not know when to take the beef out of the oven, you will definitely not be able to make the whole Wington beef.

Just like chefs who must master the various methods of preparing sauces, Forex traders must at least have a basic knowledge of technical analysis, fundamentals, and market trends.

Understanding the different patterns of charts, technical indicators, and economic correlations is important if you want to be fully profitable. Otherwise, how do you want to know if a trading tool is doing its job properly or if your trading method is responding?

2. Always improve your skills

It is rare for novice chefs to be able to make the best soufflés or the best steaks. Behind every tasty and delicious meal, there were so many stirring dishes that the chef learned from each of them to finally be able to improve his skills.

Unfortunately, many traders do not consider this an important and vital step and think that as soon as they read a trading instruction, they can trade like a Wall Street trader! The reason for this is obvious, most people look at the trading job as one of the “get rich overnight” ads, not as a very lucrative but laborious job. For this reason, more than 90% of people who enter the financial markets lose all their capital in the first year.

People who are interested in trading should learn to look at their losses through the eyes of a friend who kindly recounts their problems and shortcomings. Therefore, writing a trading journal and reviewing trading portfolios is one of the most important ways to improve trading skills.

3. Use more than one recipe

Chefs know full well that just learning and practicing a cooking recipe, no matter how great and delicious the food, will not make him successful in his job. They try to update their menu from time to time and replace unpopular foods that no one orders with popular ones.

They notice that the recipes are done at certain times of the year and they cook them in order. Some even travel around the world to select techniques and materials to add to their recipe books.

As a trader we should also try to mix strategies. Just because an attractive system with the right process does not work for you, does not mean that it will continue to do so until the end of the year.

Do not be afraid to experiment with different business styles, indicators and techniques. In fact, having multiple, well-tested trading strategies under your head increases your chances of making a profit, no matter what business environment you are in.

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