Forex Education Trading Method Trading Motivation
The Fear of Missing Out (FOMO) is a huge problem when it comes to trading, not just for new traders but even those who have been doing it for a long time.
It can make one take hasty decisions and also generally causes Forex trading to become much more stressful than it needs to be.
If you are someone who also tends to think about missing trades while you’re away from the charts, I am listing some points below that might be of use. So let’s get right into it.
Tips to ensure you catch most good trades
Set Entry Orders
Entry orders are pending orders that you set for your trade so that if the market hits that price, the order is executed.
If you think the market will hit that level and you want to get in on it then but it’s not quite there yet, setting an entry order is a great way to do it. You can also identify a stop loss level to make sure your risk management is still in place even when you’re not there in front of the screen yourself.
Employ Signals or Alerts
Setting up price alerts on your trading platform is another useful method to ensure that you are notified when a level is hit.
The other thing that you can do is to get Forex signals from a reliable service. Through these signals you will find out which is a good trade to take and which isn’t.
Take Calculated Risks
If the thing that deters you from opening a position is that you think it’s too big of a risk but you still really want to go for it, you can take a smaller position.
Instead of risking 5% you could risk 1% and still test your hunch out. But of course do a bit of think and analysis before you decide to take any risks.
Making your position size smaller is a great way to find balance between risk and safe trading.
Look at Your Balance Instead of Number of Wins or Losses
If as a scalper you usually take 6 trades in a day and then one day you find that you only took 3, it should not make you rush into three more just to match your usual number.
Take these trading decisions based on what your account looks like. If at the end of the day, your account is in the plus then consider it a successful day. You have to be able to look at the bigger picture and not get carried away by the day to day if you are in it for the long run.
Getting hold of your emotions and making rational decisions are both essential if you want to trade long term. It is the right thing to do for your career as a trader as well as your mental well-being.
Good luck!
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