This article might be very short but it just a way of telling you that; you must always be mentally and Physically ready in order to place a trade. Now let us go ahead
and list some of the preparations before taking up a trade.
Trading is not compulsory
You must not trade all the time. Like we say it here in Nigeria; 'Trading is not by force.'
If you are a trader, just know that it is not all the time you should be placing a trade. Please read trading like an advanced armed robber. for more on that.
Don't feel sleepy placing a trade.
How can you have a sleep feel and go to place your trade? The forex market requires carefulness not urgency or haste.
The forex market is not a market that you say to yourself; 'Hey I have got to get this trade done with less this sleep overpowers me'.
That attitude is a wrong one towards your trade.
You must have to have a very bright eyes not affected by sleep to really be objective about the market and your technical analysis. This is especially good if you are new to the trading environment and most importantly, this is the way professionals also do approach their trade.
Do not trade without reviewing your Plans.
This is the biggest mistake you can make as a trader; Trading without a trading plan. That is the wrongest idea a trader can have. Like for me; in my trading plan, there is what we call trading affirmations.
Part of my affirmations is that: I won't trade or ever place a trade any day without first reviewing my trading plan.
Do you know why I do this? it is because I must not allow myself to be ruled by emotion when in the market trading live.... Your trading plan is the envelop of your success.
If in your trading plan you decided that you will move into a trade when you see a pin bar then it means that until you see a Pin bar reversal signal, you will not enter that trade. Yea! that's how powerful a trading plan is.
Do not trade if you are tired.
Like I said in No.1 above, you do not have to trade. it is not by force but by calculated choice! If you are tired before a trade, you should sleep and be mentally okay before you place that trade.
The brain is what you need to place a great trade. But if the brain is giving you a tiring signal, you just have to obey it and rest before the trade so that you can be in your right mind through out the entire process.
I hope that with these three few points you now know that trading is not suppose to be a duty but a choice you must make calculatingly.
Please send me your comments and questions below.
See you soon!
I am Wealth Peters
CEO and Head Coach, Pips Akademy
Saying: Be a great trader!
and list some of the preparations before taking up a trade.
Trading is not compulsory
You must not trade all the time. Like we say it here in Nigeria; 'Trading is not by force.'
Don't feel sleepy placing a trade.
How can you have a sleep feel and go to place your trade? The forex market requires carefulness not urgency or haste.
The forex market is not a market that you say to yourself; 'Hey I have got to get this trade done with less this sleep overpowers me'.
That attitude is a wrong one towards your trade.
You must have to have a very bright eyes not affected by sleep to really be objective about the market and your technical analysis. This is especially good if you are new to the trading environment and most importantly, this is the way professionals also do approach their trade.
Do not trade without reviewing your Plans.
This is the biggest mistake you can make as a trader; Trading without a trading plan. That is the wrongest idea a trader can have. Like for me; in my trading plan, there is what we call trading affirmations.
Do you know why I do this? it is because I must not allow myself to be ruled by emotion when in the market trading live.... Your trading plan is the envelop of your success.
If in your trading plan you decided that you will move into a trade when you see a pin bar then it means that until you see a Pin bar reversal signal, you will not enter that trade. Yea! that's how powerful a trading plan is.
Do not trade if you are tired.
Like I said in No.1 above, you do not have to trade. it is not by force but by calculated choice! If you are tired before a trade, you should sleep and be mentally okay before you place that trade.
The brain is what you need to place a great trade. But if the brain is giving you a tiring signal, you just have to obey it and rest before the trade so that you can be in your right mind through out the entire process.
I hope that with these three few points you now know that trading is not suppose to be a duty but a choice you must make calculatingly.
Please send me your comments and questions below.
See you soon!
I am Wealth Peters
CEO and Head Coach, Pips Akademy
Saying: Be a great trader!
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