Don’t do this, and do that. This strategy works. This strategy doesn’t.
As Forex traders, we are constantly overwhelmed with data, strategies, and analytics. Forex traders often have multiple computer screens and are constantly bombarded with analysis and information. Lets face it, Forex trading can be downright stressful.
Compound this with the pressure of managing open trades while looking for new trading positions, and I have no doubt that the stress level of the average Forex trader is definitely above the average.
Rest, Recharge, Refuel, Rewards
Have you been trying to catch those late night or early morning moves? Exhausted to the point where you can’t think straight?
Studies have shown that driving a car while exhausted and dozing off can be as dangerous as driving under the impairment of alcohol. Would you try placing Forex trades while drunk? I didn’t think so. If you’re too tired to think, you are too tired to trade. Don’t make impaired trading decisions.
Take time to rest and clear your mind, and then you can return to your trading desk rested and refreshed.
This is my favorite tip and I suggest you do this every day. Don’t underestimate the value and the need to step away from your computer screen especially during a stressful trading session.
Do something active if you can. Take a walk, Go to the gym. Get lunch. Do something to distract your mind from the stress of the trade, and when you return you will be mentally refreshed and recharged to manage your open trades and possibly enter new positions.
You wouldn’t drive your car with an empty fuel tank would you? Well why keep trading a strategy that doesn’t work anymore; it may be time to refuel your mind with new trading ideas or adjust your current plan.
Rest, recharge and refuel; these tips will help you bring down your Forex-related stress levels and a lowered stress level is a substantial reward.
Lowered stress leads to better decisions and better decisions can lead to better trading. Now that is a reward!