It's so important to embrace the psychological component of trading (fear, anxiety etc). Entering a trade without a plan or void of 'conviction' can exacerbate losses and result in more tepid gains. As traders, we need to learn how to live in accordance with fear. Have a plan, know the risk, become one with the chart(s). We operate under the adage: "Sometimes less is more."
Conduct technical analysis, see whether the current/future fundamental backdrop supports your base case scenario for each currency pair, identify the top 3-5 charts that meet the requirements of your strategy (one that provides an 'edge'), ensure risk/reward is "well balanced"(properly aligned), identify stop/profit points, and execute your plan accordingly.
Once in a trade, find a way to embrace/overcome fear by performing an emotionally constructive activity such as working out, listening to music, etc.(people deal with pain/anxiety in different ways). While we shouldn't let emotions affect our decision making process, avoiding confrontation only makes matters worse. Understand the (subconscious) reasoning behind your current emotional state and how it aligns with your attitudes, beliefs, and expectations). Have a plan that suits your personal/lifestyle needs. You'll be a lot more successful that way, not to mention healthier and happier! Happy trading :)http://tl.gd/fv06e8 · Reply
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Conduct technical analysis, see whether the current/future fundamental backdrop supports your base case scenario for each currency pair, identify the top 3-5 charts that meet the requirements of your strategy (one that provides an 'edge'), ensure risk/reward is "well balanced"(properly aligned), identify stop/profit points, and execute your plan accordingly.
Once in a trade, find a way to embrace/overcome fear by performing an emotionally constructive activity such as working out, listening to music, etc.(people deal with pain/anxiety in different ways). While we shouldn't let emotions affect our decision making process, avoiding confrontation only makes matters worse. Understand the (subconscious) reasoning behind your current emotional state and how it aligns with your attitudes, beliefs, and expectations). Have a plan that suits your personal/lifestyle needs. You'll be a lot more successful that way, not to mention healthier and happier! Happy trading :)http://tl.gd/fv06e8 · Reply
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