There are certain times when it’s prudent to give your trading campaign a break. This could be due to a forex market related event, like a big news announcement, or perhaps during times of very thin liquidity, or a host of other reasons.
But there’s another reason to back off the throttle, and it’s a more personalized one. It’s when you are in a trading funk. Let me explain…
If you experience a loss, or maybe a little string of losses, it’s very easy to get down on yourself and feel bad, angry, ripped off etc. And this is exactly the time that your trading plan can fall apart and go flying out the window.
One of the most common indications that this has happened is the old “revenge trade”. That’s when you have a loss – maybe just a normal loss, or, possibly a loss that happened because you made a mistake. Either way, if you decide to “get back” at the market, and “show them who’s right”, usually you’ll lose. In fact, the best thing that can happen is that you DO lose in a situation like this, because if you win, you’re being rewarded for a bad habit. A very bad habit.
Furthermore, if you find yourself at your computer for the new trading day, but you’re still upset about a previous loss or mistake, or maybe you have other things going on in your life that are causing you some stress and anxiety, then you are not fit to trade! Go away and get yourself re-centered and in a positive frame of mind. The markets will be there when you get back, but to continue trading with a negative mindset is very poisonous and will definitely not serve your higher purpose.
Looking for valid trade setups and examining charts and price action obviously needs to be done, but the biggest component of trading is psychological. So why would you not spend most of your time working on yourself?
One of our very long time Coach’s Corner members, Dave Deming, realized a many years ago that, more than anything else, this was a psychological game. He spends almost all of his efforts on the mental aspects of his trading, with very little chart time by comparison. The results? Well, I’ll tell you this: you would LOVE to have his track record. Very, very rarely does he have a losing week of trading.
As the late Jim Rohn said: spend more time on yourself than you do on you trading (or words to that effect). And if that means taking a break for a day or 2 in order to hit the reset button, then do it. You’ll feel much better for it and you can come back with a fresh, positive attitude.
Wishing you all the best!
If you have our Recurring Forex Patterns course, and want to gain more confidence in your trade selection, this video is for you. As I have in the past, I’ll show you, in this 5 minute video, just how powerful the integration of the RFP patterns with the Pipnotic S/D software can be.
I have a short story to tell you, and I hope this gets you thinking and reflecting on your own forex trading. This story was one that a Coach’s Corner member brought to us during one of our CC sessions, and as you’ll see, very relevant to trading.
This person had been in the CC for just over a month, and was starting to really notice some positive change. In fact he sent in a trade that he had taken, and he was really happy about what he had done, and so he should have been, because based on what he’s learned, he did a perfect job of reading what was going on with the currency pair he was trading, the EUR/USD. He recognized the setup, and he entered the trade and took pips out of the market. Continue reading
Let me get right to the point: You want to make money, consistently, trading the Forex markets, right? You do NOT have to figure this out on your own! Follow others who are doing the right things. Notice that I didn’t say the “easy” things; I said the “right” things.
Last June we interviewed Darko Ali (https://youtu.be/nUwrT4fUrCo), a Forex trader who is really building up an impressive track record. But his consistent profitability is due mainly to non-chart distinctions that have made ALL the difference for him.
In this week’s 5 minute video, I’ll give you an update on his trading, but of paramount importance, what it is that has made all the difference. I just can’t emphasize strongly enough how important this part of the video is. It’s everything. Plus…
I’ll show you a live trade he took this week (he ONLY trades VicTrades), along with a screenshot of the results of that trade. You can view the video here:
In this week’s video, I am going to share with you something very cool (a real treat in my opinion): the highlights of a presentation by a winning trader in the Coach’s Corner who has been able to achieve incredible performance week after week, for many, many years. I hope you take the 5 minutes to listen: it can only help.
There is a distinct formula, a roadmap that you can follow to greatly cut down the time necessary to turn the ship around, and get your trading on track. And don’t be fooled by the short length of this video. It contains profound information, and I hope you get lots out of it: