Do you know when not to trade?
Watch this video.
KP
I avoid trading whenever I think the volatility on the market is too high or too low for my strategy, especially during high impact news events and on Friday evening.
Iām with you on this mate. Playing it safe is key.
Trade safe and prosper.
Today I once again made the mistake of closing a position too early. I still profited, but if I had been patient I could have profited more. Patience is one of the keys to good trading.
True, so also is the wisdom of taking profit before it turns to a loss. While the fear of losing money makes us take profit too soon, greed for more (disguised as patience) may make us loose whatās on the table. Having a trade plan and executing the trade plan is a major step to solving the conundrum. Trade safe and prosper.
What would you do differently this weekend to improve your trading?
in my opinion forex is a constant learning curve. the moment you stop looking for things that can improve your trades, is the moment you begin on the losing path.
the most important part of my trading game that i am constantly learning more on is the mental part.
e.g
i have not had a trade today but this is entry forming ticks some of my boxes so i will just get in and hope for the best. That has been a killer for me that i have within the last 2 weeks really made an active effort to stop.
i get less trades but still meeting my targets + not losing as much so i donāt need to trade more to cover losses.
Has taken a lot of stress out of trading for me.
Another isā¦entered into the trade, it went against me for a while, now i am a few pips up, better move Stop to breakeven. Price hits my stop and then continues in my favour to of hit my TP if i had kept the trade on.
All mental aspects. It is kind of crazy but so exciting and interesting all the mental challenges you have to overcome and you can not be in denial and blame others with forex.
It is a real ego check.
This weekend was Easter, so I admit that I focused little on my trading and spend it with my family instead. Next weekend Iāll probably go back to analyzing my trades during the week.
During the weekend, I decided to trim down my Forex and Forum feeds because they were bringing me a lot of noise and distractions. So I felt the need to trim them down so that I can have some sanity and keep myself well-focused.
Trade safe and prosper.
Very much true; a key reason for this thread.
I agree. I firmly believe in the old saying that one should learn something new every day. As long as we live we should grow and develop, learning more about Forex is part of that process.
Truly, to be relevant and to keep in the path of success, continuous learning and improvement is key.
Trade safe and prosper.
I am pleased to say that I had closed my positions on Friday so the gap with which all the EUR currency pairs opened after the elections in France had no effect on my trading. I have learned that itās better to wait out such events.
Hereās a video for thoughtful reflection. Letās know what you learn from it that could enhance your trading.
Trade safe and prosper.
Very good! Is that an improvement to your trading strategy?
Trade safe an prosper.
I definitely consider my avoidance of trading news to be an improvement of my strategy, yes. I only trade news when I am very certain of the outcome, and that doesnāt happen often.
Learning is the key to become successful and not the book knowledge, we need to learn through Demo and later through small investments, it could change our trades.
Do you think Forex trading is difficult? Why?
I have always thought Forex trading was difficult until very much recently. Forex trading is very easy; what is difficult is succeeding in Forex trading. And hereās why:
It takes a load of hard work and mental effort to plan and prepare for consistent profitability; and much more mental and emotional effort to wait for the right time, price and location. Only very few traders can do this.
Trade safe and prosper.
Trading is an intellectual exercise to me. I donāt really regard is as easy or difficult. It requires my focus and my attention, as well as for me to be calm and disciplined.
Focus and attention, being calm and disciplined! Important concepts to employ in the trading business. Nevertheless, they are not easy to apply. Any body thinks differently? How important is staying focused (not being distracted by noises and other āgurusā opinions, for example), together with being calm, patient and disciplined, central to consistent trading success?