We all know that rules are made to be follo however the
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big question
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is whether there are any psychological tricks or a set of routines to help out when emotions take over your com trading sense and you wiggle off the right path.
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The reason behind forex rules is obvious - your monthly income is closely related to the outcome of the trades. During the "punishment" week you can spend time reflecting on your mistakes, go though the trading journal, write down the emotions
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you faced and refocus.
Forex trading, like any other successful business, requires well-developed set of rules. Time-out
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technique is a well-known, proven trick used in training dogs and even in correcting bad behavior in children. The legendary advice coming from
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most forex traders is "just stick to your rules".
In most cases at the end of the month it is not your rules that cased the negative Profit/Loss; it is you not following the rules. It is not easy to build the winning trading strategy, however it
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is even harder to follow your own rules. In my case, 30 minutes will not be enough to truly
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sink. Use Bar Chart Instead of Candles to Follow the Rules
Candle pattern
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is very attractive and fun to watch, however at some point starring at green and red candles while waiting for the right moment can turn into dreadful hangover. Therefore, my way of time-out is simple - whenever I screw up a trade
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because of breaking the rules, I am not allo to make any more trades for the whole week. If the isolation from interaction works wonders on both puppies and kids, why can't
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the grown up do the same?. This definitely allows the trader to be less emotionally
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involved and, in my point of view, it is much easier to spot the possible support/resistance levels with bar charts. To cure the headache, switch to bar charts instead.
The idea behind time-out is "lack of attention" for a certain period of
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time follo by unacceptable behavior. Why is it so tricky to obey the system. When the time-out
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because of breaking the rules is forex metatrader demo over, you are back to forex trading, sadder but wiser and your head is clear. Time-Out Discipline
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in Forex Trading
The only way you can ever control yourself is to build "time-out" penalty.
Let
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Mistakes Bring the Pain
I believe that in order to overcome breaking the rules you have to discipline yourself the hard way. The usual time
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frame of the time-out discipline is 1 minute per each year of age. Forex Trading - How to Stop Breaking Your Own Rules. And is there a way to overcome this
forex trading
misbehavior. The real forex trading challenge is to control your emotions, not let deperation, over-eagerness, fear of missing out govern your decisions and grab yourself the moment you have broken the trading
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rule and get out of the trade at the first possible exit.. There
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is no doubt that all traders who follow the firm set or rules succeed, however, this advice is obvious and doesn't help much. Trace Your Actions Before Placing a Trade
Another technique to overcome
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the rules breaking is to revise your trading plan, go through the checklist of reasons why this particular trade is efren it and basically stop to think before placing a trade. As far as there are rules, they will be broken.
Once you lose about $1,000 in a second because of ignoring your trading plan, you will grimace in pain and think twice before going down that road again. Learning by mistakes is the perfect way of punishment.
