Hello readers, it’s me again. This time a thought just crossed my mind and I thought let me come here and share. I am sure you can all relate to what I am about to talk about. Sometimes we get so caught up in trying to make that pip and in the process we overlook the small but the most important factors of our lives that may end up affecting our trading performance.
I have listed just a few that I have personally experienced. I am sure there are plenty, you can engage by leaving your comment and hopefully I will also learn something from your experiences. Just tell us what do you think is the main issue or issues that affect your performance. Let us help each other. Mine are listed below and of course I had to identify them first for me to even start working on them.
Conditions That May Affect Your Performance In Forex Trading.
Stress : As people we are faced with different challenges from time to time. When you feel that you are not emotionally OK, it could be due to a break-up in your relationship, a death of a loved one, rather deal with your emotions and stay away from the markets until the issues are resolved. You are more likely to lose money when trading under a lot of stress. I did just that in December 2016 when I was not coping well with my brother’s illness and I felt so emotionally drained I ended up closing my laptop for trading around the 10th just to avoid making mistakes. Trading when stressing is like eating a lot when you are upset, it only creates more problems and never solves anything.
Distraction: This may be caused by so many things in our lives. You might be distracted because you have visitors who came over for the holidays in your house, your business or job suddenly needs more attention especially during peak times. It is OK to close your laptop for a week or so and focus more on the matters at hand . You can always go back to your trading account once everything is settled. Always remember that this is your account, you do not report to anyone and you are the one who is calling the shots.
String of losses in one day: When you get bad trades from your first trading session of the day, you are likely to feel discouraged and disappointed. Trading when you feel those emotions may lead to more losses as you tend to panic a lot during the trades and you might just close your trades prematurely in fear of taking another loss. As much as I have daily targets, I also try not to measure my progress by daily activities (I check my progress weekly). Oooh! You don’t have daily targets? Set up your’s using the tips that I shared on this post HERE. As traders we need the patience and also the impatience. We need the patience to be able to wait for the perfect setup and also to let our winning trades run without rushing to close prematurely. We also need the impatience to let the loosing trades run for a long time, we need to learn to accept when we get it wrong (it happens to most of us) and close the bad trade and move on. It is hard to move on or even see other trading opportunities when we let the loosing trades run for days hoping that they will come alright. Each individual is responsible for his/her self-control. Prayer is good, but let us stop abusing it by letting bad trades run hoping and praying that they’ll come OK.
I hope you guys got reminded of important things that your need to look at and things that you shouldn’t overlook. I have successfully taught so many people, from individuals who have never seen a trading platform before to the ones who have been trading for years but only wanted to learn how I personally trade. But there is one thing that everyone has in common, all these individuals get so discouraged by a loss, it could be a very small loss but somehow we tend to think that things will always go our way (guilty as charged), but the good thing is, I know when to walk away (it took me years to master that, be patient you’ll master it soon as well). I had to struggle for years to teach myself self-control and discipline. Unfortunately this is one thing that I cannot teach the next person. I am however patient enough to hold everyone by hand as long they are also willing to receive the help. Thank you for stopping by and reading this post.