Tips to control yourself when trading online in the financial markets.
Let’s suppose you decide to risk a sum of $ 100 and work on the exchange 20 days a month. Thus, in a day, you can lose no more than 5 dollars. If you have lost 15 days in a day, it means that you need to stop trading and not open trades today immediately, plus two more days. Free time devote to reflection, analysis of the incident and debriefing. Have you Lost for the first ten days all one hundred dollars? Then you will have to think and reflect until the end of the month. Otherwise, expect new financial losses. Such tactics are hard to come by, but it has been tested for years and really works, in the end, you will always have time to lose money, but the gain must be conscious, it does not stand in a hurry, and you need to come to it.The three most dangerous enemies of a successful forex trader.
Enemy number 1 is the greed. Insatiable market participants are always eager to get more, and very often, this desire is not justified by anything. Such people, as usual, are not very restrained, they are always in anticipation of the possibility of hitting a big jackpot, and in their eyes, as in the cartoon about Scrooge McDuck, dollar icons glow. Greedy personalities are ready to incur substantial losses, almost do not look at the graphics and all this for the thirst for profit. As you understand, a trap for draining a deposit for such traders will always work correctly. The logic of the greedy trader cannot even be called logic, because he thinks that the more he risks, the more this risk is justified and the more profit is expected at the finish. The result, unfortunately, goes precisely the opposite.
Fear is the other extreme, which is expressed in fear of loss. The risk, in this case, is not comfortable in any of its manifestations. The fear of losing even a couple of dollars sometimes binds so much that there is no time or place left for a person to master a new profession. A trader who is held captive by his own fears often closes trades with minimal profit, losing out on the most delicious opportunities, but it’s challenging to oppose something against the chilling fear of going negative. As a rule, such as market players tamper, lose a little, but also earn a little. They cannot fully use all the opportunities offered by the market.
Hope is one more emotion that closely follows the players of the forex market. Every person comes to the exchange to make money, and every trader hopes for it. In most cases, the hopes remain hopes, and the deposit inevitably melts. Very often, such people believe in their victory before the last dollar - this is the critical phrase “until the last dollar”, after the final defeat, other, much more destructive emotions replace hope. A trader embraced by the fetters of belief has no time to make plans and analyze the market. He simply has no time, because hope dies last, and to carry it into eternity along with its own deposit is a holy cause.Learn to conquer your internal enemies, risk correctly, and profits will not take long to wait!