Knowing When to Scale Back on your Trading

KNOWING WHEN TO SCALE BACK ON YOUR TRADING

Reference-https://www.platinumtradingacademy.com/blog/

INDEX 1. Every trader will have good days and bad days

2. Trader Itch

3. If you are trading Fx blindly

4. Trading Forex

5. Don’t try and buy blindly, follow the rules

6. Conclusion

EVERY TRADER WILL HAVE GOOD DAYS AND BAD DAYS

How emotionally we should be balanced for trading in Good days and Bad days.

A Trader can decrease their personal risk to around 0.5% in high volatility and markets that sense fear.

TRADER ITCH On one day, you should never have more than 2

trades per currency pair if you have you are not being selective enough.

One of the most annoying habits of retail traders is sitting in front of your desktop 24/7 as a retail trader is called the trader itch.

This is called the need to place a trade.

It is when you take trade after trade and you revenge trade and your account becomes a total mess.

IF YOU ARE TRADING FX BLINDLY

“THIS IS DISREPUTABLE TO THE ART OF TRADING FOREX AND YOU SHOULD GIVE UP WITH IMMEDIATE EFFECT”

TRADING FOREX

Trading is not for everybody but 90% of traders are successful.

They are now either running their own funds or trading as full time traders. 

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DON’T TRY AND BUY BLINDLY, FOLLOW THE RULES When you see a cross currency pair falling

through the floor, don’t try and buy blindly you should observe the following rules:-

Never Buy the currency pair blindly.

If you want to trade, trade like a professional forex trader by observing the base support. 

For example GBP/JPY, the major support levels of GBP/USD and USD/JPY and GBP/JPY. This will give you an indication of where the currency pair is most likely to stop.

No More than 2 Trades should be per currency pair in a day.

Risk Management.

Use your system with CSA. Common Sense Approach.

There are several factors on trading cross pairs.

CONCLUSION

Conclusion On When To Scale Back On Trading:-

Again if you are not able to devote time to cross pairs, then you should not be trading them stick to the majors.

 Theory of selectivity has been key to success.

How to trade forex is a question to which you will only get the answer to by being more focused.

The more focused you are on a handful of currencies the more profitable you will be.

THANK YOU