I read an article recently in which the author called the forex market a game. I thought to myself, How could anyone call the forex market a game? I mean seriously, this is the largest market on earth, worth trillions of dollars. The major governments and banks all over the globe are involved in this market. Yes the forex is a game alright but it is an expensive game in which the lives of millions of people are involved.
Forex trading can be highly addictive and can consume a persons time, life and thoughts. I remember days getting no sleep and at 3:00 am drinking coffee just so I could trade the London market open and get that “killer trade”. I mean I could not get enough forex, Eat drink, sleep and dream forex. The market is like a casino it is open 24 hours a day and that does not help the addicts one bit. I would sit in front of the computer screen with my eyes glued to the screen as if I was chained to the desk. The point of this article is to help you so you do not get like that. Here are some tips so that you will rule forex and forex will not rule you.
Put a stop and limit on your trade, that makes the trade fully automated after the order is issues. That way you can walk away and then come back and check it every couple of hours. Relax, make a trading plan and stick to it.
Don’t depend on a single trade to pay your bills, if you need that trade or else that will cause you to make bad decisions. When you need it the most that is what causes emotion to get into your trading and when that happens bad decisions happen. I have been amazed at the stupidity of myself and other traders at certain times, there are times when traders can be the stupidest people.
If you are glued to the screen and making bad decisions, it is time to walk away, regroup and retool. Get a plan together, practice that plan until you know it by heart. You can also save money until you have enough capitol to trade the right way or trade a micro account until you can upgrade. Remember to have patience, I know you want to start right now but take the time to start right and you will not have to start over several time, which is the big killer.
Winner’s Edge Trading, as seen on: