News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/T3W8CIg5iy
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/rJznrXkcYz https://t.co/FPgZ5gkgrM
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/E0KhcKHrOf
  • For some reason an old story has popped up - many apologies.... https://t.co/jHjQxyFRXM
  • The US dollar is unloved, oversold and at lows last seen over 30-months ago. At the moment there seems to be very little reason to buy the greenback. Get your $USD market update from @nickcawley1 here:https://t.co/VY3SLs35cp https://t.co/w5ljByv9cf
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/CpqePQYF4E
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/Rg2YGZCUCr
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/ftrbRkFiJF
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/Hny2HMYo4I
  • (Weekly Fundamental) Australian Dollar Outlook: Tied to Biden Stimulus Bets, S&P 500, US Dollar, Treasuries $AUDUSD #SP500 #stimulusbill #USD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/01/16/Australian-Dollar-Outlook-Tied-to-Biden-Stimulus-Bets-SP-500-US-Dollar-Treasuries.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/H7aus0Aljt
Guest Commentary: 4 Tips for separating your Emotions from your Actions in Forex Trading

Guest Commentary: 4 Tips for separating your Emotions from your Actions in Forex Trading

2012-04-26 02:00:00
Yohay Elam, Forex Crunch,

Everybody tells you that controlling your emotions is the key to successful trading. Yet this is hard to do. Some people spend years on the psychologist's couch.

So what can you do to manage this critical component of trading? Here are 4 practical tips that will help you separate emotions from actions:

1. Keep a journal: Many traders acknowledge the importance of logging their trades, but they don't really practice what they preach. The value isn't only for offline analyzing of your actions, but for making the right decisions. So, update your journal in real time, and write what you intend to do before making the move. Having to express your intentions to the journal will help you digest your move and verify if you're about to do the right thing or not. Here's a good example of a journal you can use right away.

2. Think again: Do you feel like you've reached the right decision about opening a trade, closing one, or any other action? Great. But don't act just yet. Trying thinking about it once again to make sure you are not acting out of an impulse or a gut feeling that might be wrong. Gut feelings are not necessarily bad, but they need to be verified.

3. Count to 10: Another way to separate an emotional impulse from action is to count from1 to 10. Slowly. This will enable you to calm down either from a euphoric feeling or rather a desperate action.

4. Stick to your plan: I guess you've heard that before, but this cliché is certainly useful. It is too easy to make a real time decision to ditch your plan "just this time" because there is a "one time extra-ordinary" opportunity that is beyond the scope of your plan. Bending and breaking your own rules is a slippery slope. So, check if your actions correspond to your plan before making the move, no matter how promising it looks.

How do you deal with emotional temptations during trading? Do you manage to separate your actual moves from your feelings?

Further reading: 5 Most Predictable Currency Pairs – Q2 2012

By Yohay Elam, Forex Crunch

Would you like to see more third-party contributors on DailyFX? For questions and comments, please send them to research@dailyfx.com

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

DISCLOSURES