A Currency Trading Education - Lose the Indicators

  • Thu 14th Jun 2018 - 8:12am

    First, know the kind of trader you are. There are people who can sit 12 hours a Crypto Compared day in front of their computers to do the actual trading and there are those who prefer to use an automated system to do their trades. Figure out which trader you are and plan your path to trading success accordingly.

    Now I am not being ridiculous here, in fact, all I am saying really is that you need to get rid of the heat of emotion and the impulse of making spot decision on the trade. This is how people lose money. This is how people end up looking for food out of garbage bins when just a few months ago, they were trading from their home. I am not saying poverty is something to be looked down on, I am saying that they had the chance to avoid this situation and they let their emotions get the better of them. First and foremost, place your heart in a blender and hit high, that is how much your heart has on the market.

    Yea, you will be scared, you might even skip a beat when you see one of your graphs spike towards the south pole when all your research, all your work told you that the market is going only one direction - up. So what do you do? Do you panic like a little girl, throw away all your stock, shout at your broker and buy a bottle of whiskey? No. If you do that, most likely the market is going to spike back up, and the money you would have made if you had just stuck it through has just gone down the toilet. Good fun eh. No. Trade with no emotion. Assess the situation. Look over your charts. Look over the technical indicators. Assume that your trade signals had flaws and formulate an exit strategy. At the same time look at your options and calculate the risks that you are going to take. Then make a decision. Do not lash out because the market can lash back, and when it does, it hurts. Teach me to trade like a pro, well, go sub zero and you are closer to winning.



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