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Guest Commentary: Trade Responsibly Chapter 7 - Pacing

Guest Commentary: Trade Responsibly Chapter 7 - Pacing

2011-12-17 07:00:00
Yoham Elay, Forex Crunch,
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In order to improve your trading, the frequency of your trading deserves special attention. In order to have better control over your account, it is advisable to pace yourself.

Some traders have a winning streak and they extend the times in which they trade. Eventually, their nose is attached to the screen for too many hours, and they begin seeing trades that are never there. This also has bad implications on other things in life, and isn’t healthy at all.

The same applies for traders who have a losing streak: they may want to take revenge on Mr. Market. Well, the market is bigger and stronger, and this is the fast lane to burning out.

This can be avoided by planning the times in which you trade.

Scheduling means that you allocate time that is dedicated to forex trading. Being concentrated on this one task and avoiding distractions will raise your chances of winning. This applies to every single trade and also to the long run: having a successful record.

So when should you trade? The timing of trading depends on quite a few factors.

  • Trading type: Are you looking for the big moves? If the answer is yes, go for the sessions with the higher volatility – the New York and or the London sessions. If you’re looking for range trading at more quiet times, look for other times of day.
  • Person type: If you are a “morning person”, you have a better chance of winning in the morning, when you are at your best. If you are night owl, trading at night may be best for you. The idea is to take trading seriously, and listen to your body, not only to the charts.
  • Life limits: Do you have a full time day job? Are you a family man? Life is not only a bunch of trade opportunities. Adjusting the timing of trading to your life yields a better personal life and a higher chance of taking profits. Having them collide too often will not get anything done.

Ideally you would be able to find the perfect timing when all these factors come together. This isn’t always possible. Try to find the right balance in order to avoid addiction to forex. I’ve seen too many traders who lost their head to the charts. They didn’t necessarily lose too much money, but they lost touch with reality and weren’t successful at trading either.

Trading in scheduled times

Scheduling doesn’t mean trading at every session. In some cases, you will allocate time, test a few possible setups and reach a conclusion that there is nothing out there. Don’t force yourself into a trade.

Testing the markets and deciding not to trade is a perfectly sound decision that can save you money.

Have you entered a position, closed it and still have time left? Don’t run for the next trade. It’s better to take a break before the next trade. As mentioned above, running after the next profit can be disastrous, and so can the sense of avenging.

So, it’s important to pace yourself.

This is the seventh chapter of 9-chapter series about trading forex responsibly. This guide touches the key points of trading forex more responsibly and provides many practical tips that only help avoiding the pitfalls but also provide tools for balanced, successful and sustainable trading.

The whole series is available as an eBook which you can download by joining the newsletter at the bottom of each article on the site.

Further reading: 5 Most Predictable Currency Pairs - Q4 2011

By Yohay Elam, Forex Crunch

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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