The fact that foreign exchange markets are open almost 24 hours a day for 5.5 days a week - and the holiday in a country does not necessarily stop trading for the rest of the world - it is very tempting to open trading platform to almost any time of day. You have certainly learned how to make your own decisions about what is good for you in your trading, but here are some ideas on why it's a good idea to stop.
Stop when you are losing money is probably the hardest thing to do, and I saw hundreds of traders lose more money than they ever thought they could or wanted to, because they just could not stop trading when the chips are down. For example, when we just lost money, we often react hyper-emotion. I know when I have a''Losing Trade''(in particular is really going fast), I want the money right away. And this desire to get the money immediately led to a nearly irresistible urge to start again - now I saw where the market is really going to (or at least that's what I think), I want to take immediately. If I can get this money right away, so I will not regret a losing trade. The truth is that we rarely get all these lost profits back in one-against big business, or a "reaction" of trade. This may be the type of situation where we begin to spiral out of control, and lose a significant amount of money.
Sometimes the best is to leave after each loss. This could be for one hour, for a day, even for a week or a month. This time out of the market can give us the space we need to think clearly and find ourselves again in a productive state of mind.
Stop when you are hyper-emotional One of the worst moments of exchange is when we had a painful experience. Jamia do make a trade after you've had an argument with your spouse or partner of the money, or when you had a particularly tragic event in your life. These moments can be terrible for business. When we do not concentrate or pay attention, we make stupid mistakes that can cost us a lot of money. The market is not going to give us a break because we had a bad day. So if you had a bad experience, consider taking some time to sort out your feelings before you start again.
Stop when we have money It may sound strange, but it can be one of the most powerful additions to your plan trading.Peut you have set a goal of 50 pips a week or a month. It is a goal, and I'm not saying everyone or anyone can make 50 pips (Remember, forex trading is risky and most traders lose money). The truth is that I do not know what the wise and weighted objectives for you. But if you look back over the history of your exchange, you begin to get an idea of what you are able to achieve.
Idea: go into your account and see if you recognize a pattern of making money during the start of the day, week or month. Are you more successful at the beginning of the week or the end of the week? In what ways are the trades you take the first place?
cinseils:
Measure your emotional state. This should not be a sit-down with a professional therapist whenever you are on the market. But it is not so difficult to take a moment and assess your own emotional state at the beginning of the day.
Having a business plan, and use it. Make a version of your trading plan that you can keep near you, or focus. Not every trader needs to have the entire plan to, but most of us can benefit from a regular reminder of this type of Trades we seek.
Return to your history of exchanges, you recognize that sometimes you had more success? He does not need to be a time of day or day of the week, it might be near the time of some new fundamental. It could be around the time
when the currency pairs you are looking to consolidate in a specific model.
I hope you will consider some of the things I mentioned here.
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