Hello Forex addicts!
I hope you all had a great weekend.
I heard this concept that I think is very important to understand. Sometime we want to be in the charts all the time. However, everytime we in the market we are putting our capital on risk.
I want to share this GREAT video from Peter Borish, who is this guy you may ask?
Peter Borish was with the well know Paul Tudor Jones during the bearish market of 1987. So we can agree that we can learn a lot from him.
Here is the video 
Yeah! 
Thanks for this @jorgemontero. I used to just dive right in and get as much action as I can. But sometimes, sitting trades out is the best decision you could have. (And I learned it the hard way. 
)
Although I have to admit that sometimes, the boredom and anxiety of not having any open trades can really mess up with your decisions too. Huhu. 
As professional traders say, staying without position is the position also. If the market situation is unclear and there is no setup specified by trading system it would be better to avoid trading at all. Most of the traders came from “usual” professions so they could think it is necessary to trade for all the day round because this is how they are working. At the same time, opening and closing position is only a part of huge scope of work constituting trading process in general. Sometimes it would be better to spend additional free time on market analysis or backtesitng new strategies.
I agree with you too. Sometimes as traders we are looking for action and that is why we over trade hahaha
During the times where is not good to trade. We should be studying, backtesting and even journaling 
and when is the right moment, we go with everything we have, and when I say everything I mean no risking more than 2% of the account per trade 
As my Strategic Management professor Walter P. Blass put it, “to do nothing” can be the best strategic decision you make!
Especially in trading, we tend to want “to do something” all the time - I mean, there’s always money to be made, right?
This article “7 Things I wish I knew before I started trading Forex” talks about this as one of the 7 things is knowing when NOT to trade!
Here’s an excerpt:
"Traders always ask when is the best time for trading but often forget about the other end of the spectrum. A penny saved is a penny earned so it makes just as much sense to be curious about the best time…to refrain from trading! No?
Certain times can be especially challenging to make money in the forex market. These times include the days before, during and after a major international holiday, such as Christmas or New Year’s.
Major bank holidays in the United States, the UK or Europe can also adversely affect trading volumes, often leading to sharp moves in thin markets that can trigger Stop-Loss orders… but more about that later…
For most traders, the following are among the worst times to execute forex trades:
The Witching Hour. The loneliest and scariest time in the forex market is when the sun is just rising in Tokyo and traders in Sydney are drinking their first cup of coffee. The time between the New York close and the start of trading in Tokyo has always been a time when investors avoid trading if possible. During these two hours, forex trading volumes can decrease to just 2% of peak turnover. Thus, liquidity is super low. Consequently, the spreads get very high and any transaction completed during that period can influence the market disproportionately. It is during this time that many stop-losses get triggered and flash crashes happen more frequently.
Sunday Afternoon Opening. The market opening on Sunday often carries an element of surprise, especially if a major geopolitical event happened over the weekend. Forex currency pairs tend to gap up or down during the start of the Sydney session. Also, dealing spreads are typically so wide that you would usually be wise to wait at least until the Tokyo opening to get a better idea of what the market is like.
Wednesday Rollover. In the middle of the week, there is a tricky rollover commission that surprises many novice traders. What is a rollover? If you hold a position open on a weekday night, normally your broker charges or credits interest to your account. This interest is called a “Rollover”."
The rest of the article may be worth a read
Interesting clip thank you.
He cautions against trying to take counter-trend positions at tops and bottoms without confirmation. This means that in an uptrend you should be long until confirmation the uptrend has failed, and in a downtrend you should be short until confirmation the downtrend has failed.
Its also clear Borish was not talking to daytraders. If you accept him as an authority on when to trade and when to not trade, his focus on long-term trading should be a big red warning flag to daytraders.
Loved that article!! thanks for sharing!
That was quite helpful. Reading always brings more clarity. Thank you for sharing.
Those are some really wise words!
I love watching these videos, they’re incredibly inspiring. In fact, you understand how many people have been able to succeed in investing, on Forex, etc. Plus, as a rule, such successful people have their own philosophy, which is based not only on the financial aspect, but also on the specific attitude to business and life in general. It seems to me that this is a great motivation, especially at a time when you are not getting good results and need some help from outside. It’s interesting to listen to him, I like the fact that in his videos he doesn’t just talk about his achievements, but also gives concrete recommendations that can be applied in practice in the future.
I have one objective.
When price hits my zone/poi I see how it reacts .
If it doesn’t come back to said zone I markup again .
Trading is 90% sitting on your hands
Thank you for sharing this some trading nuggets here
That’s wise enough, waiting for a better market position is very crucial and it’s not necessary for a trader to make trades everyday.
Actually, all traders are afraid of overtrading and it’s not surprising. We should not only look at our mental condition but also look at the market condition. If you understand that you’re tired and the market is instable, then you’d better stay off the idea of trading in particular day or couple of days. In this case it will be the great strategy I guess. Neverthelss, we also can influence factors which can possibly make us facing overtrading. For example, proper compliance with working and relaxin regimes can save us from overtrading. Unfortunately, we can’t influence the market and if there are no pleasant conditions, then it’s better to wait.
Well, it depends on the conditions on the market. One can state that it’s better not to trade during high volatility on particular assets, however other people can claim that it’s the best option for trading because you can earn comparatively fast money. I prefer to postpone trading activity if I see that something goes wrong on the market. For me it’s a signal not to trade in this particular day. In fact, some traders can afford themselves to trade just because they feel the approach of success. However, we shouldn’t turn off our brain in such times. We have to analyze everything.
One little tip is if you ever feel bored or are eyeing up the charts literally open another pair you wouldn’t normally trade and mark it up like hindsight trading.
I find this can help settle my traders itch without taking lower quality or lower RR trades
Certainly. Not trading might be a good strategy in case of overtrading or when you just feel tired. It’s okay to take a break, however it also requires a wise approach. Right relax also is very important. It means that you have to throw away all the thoughts about trading in the period when you have decided to take a break. It means that you should walk a lot, enjoy the weather, or enjoy and getting amused by your hobby.
The most part of traders when they take a break just try to relax but everything goes wrong, they start to think about their deals and as a rule they devote bunch of time thinking of unsuccessful deals. It’s a wrong approach.
When you have a lot on your plate, not trading is a good strategy. In such cases, doing nothing may make a significant difference.
When you understand the market closely, you will be able to recognize when to trade and when not to trade, which makes a significant difference.So not trading is just an escape from risk.