Success as a forex trader comes with the mastery of yourself and having unrivaled patience ~ gci forex trading demo
Forex beginners are in the habit of cursing themselves for every missed opportunity. They want to trade every news and every candlestick. Let me tell you something. The online forex market is not like a travelling circus leaving town. It will be here tomorrow. So why not just get your act together and wait for the next opportunity. No trader gets penalized for missing an opportunity. Or does your broker do that?A lot of trade set ups that seemed great yesterday have been invalidated today. Your trading life does not depend on that single piece of news be it the Non Farm Payroll or the European interest rate. Yet how much emphasis we put to this kind of news going through every bit of information coming out of the Wall Street Journal like our entire life depends on them.
No single trade has any greater significance than the last trade you took or the many more you will be taking in your life as a trader. Forex trading is a journey and those that make it are the ones that have learnt to accept that every trade weighs just the same measure as the last one taken. The significance of news rarely pushes beyond a day. After that the markets are back to obeying the dictates of the technicals. If your trade the daily charts you must by now have realized that most of the time this timeframe will be immune from the sentiments created by news.
There is no need to close a trade before reaching your desired risk reward with the fear that the move is stalling. As long as your risk reward is realistic tomorrow will bring greater opportunities. Remember that it is with each day that goes by that we get to know the real market sentiment. We get to realize whether a trend is still on or whether we are in a range bound or choppy market.
There is a saying that tomorrow never comes. That saying is inapplicable as far as the forex market is concerned. Tomorrow will come with more trading set ups and even more volatile news that you will completely forget about the last day. Compare the many news or trade set ups to the beautiful faces you see on a daily basis. Does it never occur to you that the beautiful girl you last saw on the alley and got you awed is never as beautiful as the next girl lining next to you at the bus station? And on and on it goes until you reach your destination and realize that all girls are actually beautiful. It just takes a keener eye to notice.
Same is true for the forex market. All trade set ups are just as beautiful and none should be given more emphasis than the other. The point I am making is that there is no need to risk more than you should on a particular trade like you won’t be able to trade again. Tomorrow comes pretty much first and it will be a sad thing for it to arrive with another trade set up when your account is already empty.
Probably for forex traders the most applicable saying is the one that goes; the beautiful ones are not yet born. This will help you appreciate that even though you are entering that trade, more trading opportunities await for you in the coming days and weeks. Learn the art of capital preservation. The first way to do that is by understanding that the forex market is not going away. It will be with you here tomorrow and the rest of your trading life.
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