I always remember in Reminiscences of a Stock Operator when Larry Livingstone (Jesse Livermore) takes out his yacht for a few weeks to go fishing because there was nothing going on in the market.
He pops back to shore once just to check up on things, and decides to head back to New York.
The other instance is when he takes a trip to Europe for a holiday, and but then sees bullish conditions so heads back home - probably on a ship which would have taken weeks.
Point is, taking a break is important - whether it’s kicking a football, watching a movie, or going down the pub.
Better still get a hobby to take your mind off things. This is what always worked best for me.
@Johnscott31 I only just started reading this book a couple of days ago after having it in my bookshelf for a year! Have heard alot about it.
It helps I now have a 2 year old boy to keep me busy!
The day I will make the desired profit which I have planned to make will be the turning point in forex trading, but I’m still waiting and learning to make such a huge profit.
I think what is also very important is to just stay patient and wait for the right opportunity. Further, not to be greedy! Take certain pips in/out and just move out! When I will be able to achieve this, I will also quit my job and indulge in full time trading. But this is hard to achieve whoa!
For me, it wasn’t a great start at first but moving on I understood being disciplined and organized is one of the most important things in forex. That would be my turn around point.
Mine was when I started sticking to my trading plan. A trading plan in a forex trading is a must and stickingt to it is the most important thing in forex trading. When I used to see losses I used to panick and flip my plan but now I am confident and patient enough to just folloe my tradimg plan and relax and let the market do its thing.
I wouldn’t say actually a turning point to profitability, but in trading development early on, was actually taking a trade. Plenty of beginners can get lost in the overwhelming nature of forex that they spend all of their time reading and analyzing, and never actually pull the trigger on a taking a trade. Analysis paralysis and fear of losing. Once you understand that loses are part of the game, I think it clicks on the emotional side. Fear can make traders do bad things, like revenge trading or over trading, but fear can also paralyze you into not doing anything at all.
