After placing an order, you can never control your mind if you watch your running trades.
Also if you read news, I am sure you will again go back and interfere with your trades.
These two mistakes will tempt you to commit lot of other mistakes also.
Finally you will lose all your capital.
That doesn’t have to be though. I love watching my trades after I set them for a bit to see how price behaves around my entry and I’m as chilled as ever while doing that. I don’t interfere my trade, only if it’s according to my rules. Seeing news as well doesn’t change a thing. If I have done my analysis I know that it’s valid and wait until price hits my take profit or my stop loss invalidates my analysis.
There certantly are traders who don’t have the emotional control. But it would actually be a good idea to set a random demo trade and just watch the price without doing anything to get a bit more control over your emotions. The goals isn’t to make a successful trade, just to sit, watch and do nothing.
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Yes, I do agree! Reading chart patterns and observing how to place live trades are helpful. Chart analysis skills help traders recognise the risks involved while also improving their trading strategies. Forex news alerts traders to potential trend shifts and the impact of economic events on the forex market.
To be honest, every day it seems to me that little good awaits us. But for now, there is something, and it is already pleasing.
I totally agree!
I don’t think it can be disaster if you know how to evaluate these too well.