Hi everybody, Hope your all well. Here’s a little topic we thought might be of use to new traders. Set and forget. Worrying about your hard earned cash is only human nature and its far from uncommon for traders to become obsessive about live trades and sit for hours staring at the price fluctuating around whilst your palms are sweating and emotions you didn’t even know you had start taking over your thoughts. Before you know it, your trade has started to take off and is now a few pips in profit, but you’ve sat through the pain of watching it and can’t handle it anymore so you cut the trade early. It’s a relief to be out and nice in one hand but then all of a sudden the trade keeps going leaving you feel like a mug. Now you’re beating yourself up and you’re thinking irrationally, you’re going to go in again but this time because you’ve seen it take off you think it will do it again so you up your lot size and then boom!!! The trade snaps back, its going against you and your in it for a bigger amount than you should be so this has to turn around, your convinced it will turn at some point so you keep adjusting your stops giving it abit more room. It keeps coming against you but now you’re in so deep cutting the trade manually seems impossible so it has to turn around. Next thing you know you’ve blown your account. All of the above can be simply resolved, save yourself the head work and avoid the temptation by simply setting and forgetting. Be as sure as you can in your analysis and stick to your rules. Manage your risk accordingly with your account size, enter your trade with a stop loss and take profit and then walk away. As hard as this may be to not quickly check your phone or quickly open your account on the desktop it will save you heaps of cash in the long run. P.S this does not relate to everybody as we understand people cope with things differently but we hope it helps people just starting out. Myfxhub.
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Its a good discipline. I never ever open a live trade, they all result from orders, with a stop-loss set to be activated at the same time. In fact, as soon as I see the trade has been opened I usually enter a pyramid order ahead of price, with its own stop-loss also. All decisions are based on EOD prices and I never ever daytrade.
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