one impulsive trade can wipe out weeks of profit
Stick to trading only your strategy guys, because one impulsive trade, one greedy trade, one slight deviation from your strategy can erase all the profits you have made for weeks or even months.
Who else has ever gotten that over-confident feeling after winning a few trades, then you think you have finally mastered trading and can excel in any market. You go ahead and place a trade deviating from your usual strategy and boom the loss wipes out all you had made for weeks.
You get so angry and re-enter the market again, only for you to lose again and it just spirals out of control from there until you blow your account. This is why it is good to trade only a proven strategy where you have an edge, dont be impatient and want to trade at random because random trades can wipe you out. Who else feels this way?
Overconfidence, causes one to abandin the trading strategy and try to trade based on discretion and then losses follow. Thats why the consistently profitable traders are so few.
Overconfidence, causes one to abandin the trading strategy and try to trade based on discretion and then losses follow. Thats why the consistently profitable traders are so few.
I try to trade once in a day and for that trade, I put everything into it.
The urge to trade at random is one of the biggest undoing of losing forex traders. The urge can be overwhelming if not properly managed. You see, trading drains you mentally so you should not trade several times in a day, if not the tendency to make a mistake becomes higher. One mistake can wipe out all your gains.
Some people trade only in the mornings, some only in the afternoon, some only at night. You must have specific trading hours, you cant be looking at charts the whole day.
To help manage the urge of randomly trading, use a demo account if you must test strategies and close your system and take a walk or engage in other activity once you feel the need to engage in a random trade.