Forex Trading Out of Sync
by Trader Rich
This week I squeaked by with a profit of 12 pips. I felt totally out of sync with the market though. My priorities shifted this week to more web development and I just didn't feel like I ever got focused. I sat on the sidelines Thursday and Friday which was the wise thing to do. There is nothing wrong with sitting it out for a couple of days especially if you cannot gain focus. It's times like these where I may have forced it in the past. I used to just get in the market just for the sake of being in it which is a good way to lose money.
I have more things to say but I'm out of time. I hope everyone had a productive week. Stay tuned as there are a couple of posts that I should be getting out today and tomorrow. Their in my head but I just have to put it down on "paper." Take care.
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Rich …
I share your apparent struggle with the ‘I’m a trader so I need to trade’ impulse, as I’m sure all traders do. It’s only recently that I’ve become marginally comfortable with the idea that it’s ok not to surf every wave that comes my way.
Feeling ‘in-sync’ or ‘out of sync’ with the market is analogous to catching a wave for a fat ride or missing a wave that might have either given you a fat ride … or, ground your face into the ocean floor.
As you know, trading for trading’s sake is dangerous … and so unnecessary. Yet, all traders have to deal with what to do with their feelings of frustration. I mean, how long can a surfer sit on his stupid board and watch waves pass by?
The fact is, traders can’t make the market send them decent set-ups anymore than surfers can make Mother Nature send decent waves.
Basically, it’s an emotional battle. Traders want to make something happen … but, the reality is, traders can only ride the waves that are sent their way. The trader’s real job is to be sufficiently alert and aware to recognize a good wave when as it approaches and to position himself to catch the ride before the swell rolls past.
Then, of course, there’s gratitude. Gratitude that Mother Nature gave you 12 pips rather than grind your face into the ocean floor
Hi Rich,
Are you using FXEngines to execute all your trades? How is that working for you?