How can you get up from your screens, grab a workout or run errands or worse yet….go to bed?!
It is simple – but let me ask you a question first.
Why can’t you get up from your screens?
The answer I most often hear is as follows:
- I need to make sure I protect my profits
- I was looking at some trading blogs and I saw another viewpoint
- My trading style demands me to watch the price action very closely
Allow me to respectfully dispel these ideas:
- Protect your profits – this is nothing more than I was up 50 ticks on this trade, now I am only up 23 – I need to get out. Who says the trend has changed – rarely does a trade go linear, it ebbs and flows.
- Trading blogs – why do you need to get an opinion on your trade AFTER it has been placed – do you not trust your thesis?
- Unless you are scalping 1-minute charts, staring at your screens adds no value – each tick against you actually triggers your brain to start thinking about what can go wrong – it plays on you and gets you to abandon your reason for getting into the trade.
- These answers relegate the trader to be a prisoner of their screens, as it clearly indicates that the trader is not operating from a robust trading plan or as I call it – a framework.
If you do not have a framework you are compelled to manage and watch every change in prices thinking that that somehow puts you in control.
Nobody can control the market – you are kidding yourself!
Having a framework accomplishes the following:
- Increases your confidence in placing and staying with trades
- Provides an objective rule based approach
- Allows for freedom – get away from the screens – do other activities that actually get your brain ready to come back later refreshed and recharged
- Enhances your ability to stick with trends and capture the big dollars.
Editors’ Picks
AUD/USD maintains its constructive bias above 0.6600
Further weakness in the US Dollar prompted AUD/USD and the rest of the risk-associated space to regain some balance and surpass once again the key barrier at 0.6600 the figure.
EUR/USD looks bid around 1.0800 as US CPI looms closer
EUR/USD rapidly left behind. Friday’s decline and managed to meet fresh buying interest, reclaiming the area beyond the 1.0800 barrier in response to the resurgence of the downward pressure in the Greenback.
Gold under selling pressure near $2,330
Gold prices remain on the back foot amidst some recovery in the Greenback and ahead of the release of US PPI and CPI later in the week, prompting XAU/USD to retest the $2,330 region per troy ounce.
Bitcoin price rises as mainland China makes 50% attendance at Hong Kong's BTC Asia conference
Bitcoin (BTC) price outlook remains subdued on higher periods, but lower time frames show more action. The pioneer cryptocurrency is off to a good start after a show of strength in the Asian session, but things could turn in the US session as happened last week.
Will the United States become the next Argentina?
Let’s give credit where credit is due. Facing down a record-high budget deficit and an entrenched inflation problem, the government is finally embracing fiscal responsibility in a significant way.
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