To be fair, our brains are not wired for all the mechanics of trading , and our natural bias is negative towards most things, especially threats. The translation of how this bias affects us is: we are more likely to close a trade when it goes against xm forex affiliate program us (threat) vs.
The Scenario You are in a trade, everything is going for you, the price action is impulsive in your favor, you are in profit…and then…the first major candle goes against you. Immediately you think the move is over and you close the trade to lock xm in forex affiliate program profit. If so, its your brain and reptilian brain working against you. ( NOTE: For a great trading article on the negative bias in trading, read Why xm forex affiliate program We Close best forex arbitrage ea Winning Trades Early) Change & xm forex affiliate program Growth Come Through Re-Wiring Your Brain. To xm forex affiliate program be successful in trading ( and anything ), you have to re-wire your brain and change your habits.
Xm forex affiliate program Steps to stay on top.This is best done through repetition , focused awareness and skill based training. That is like saying you should never drink a beer ( or glass of wine ) because you’ll never be able to control yourself. Or you should never xm forex affiliate program get a drivers license because you’ll never be responsible enough to drive on public roads. #1: You only have one, maybe xm forex affiliate program two hours per day, and have no real way to manage your trades. Perhaps xm forex affiliate program you work full time, have kids, and are just really really busy with xm forex affiliate a super program tight schedule. In this case, you are probably best employing a forex set and forget strategy as a profit taking method using daily and 4hr price action strategies, but there is a big assumption in this. The Assumption The scenario above assumes you are a) not xm forex automated trading python github affiliate trained program in reading price action context, or b) your trade will likely hit its stop loss or take profit after xm forex affiliate program you enter, but while you are busy. Hence, unless you are not trained to program xm forex affiliate read the price action context in real time, or the trade will close while xm forex affiliate you program are at work, then you are a decent candidate for a set xm forex affiliate program and forget forex trading strategy.
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These are trades you have to take advantage of when they come , just like a really good poker player xm program forex loads affiliate up on a strong hand. Once you get good at reading the price action context in real time, you xm forex affiliate program can also trail your stop and reduce your risk as the trade progresses. Almost xm forex affiliate program every professional trader will reduce risk as their trades advance. Very few will look at it as a hell or high-water scenario , which is what you are saying when you use a set and xm forex affiliate program forget trading strategy as your method. #2: If after exhausting all other methods of xm forex affiliate program managing your trades ( taking profits and adjusting your stop ), and the ONLY baseline xm forex affiliate program method which showed profitability, then you’d be xm forex affiliate program a decent candidate for the set and xm forex affiliate program forget method.
This one is pretty straight forward, and the risk of ruin needs to support your decision. Without it, you could have the numbers working entirely against you without even knowing it. Thus, if you are that trader who falls outside of the two above reasons, you should explore other options, and develop an accurate baseline for gauging which method you use.