3 Tips To Focus On Your Own Trading
In a world where information is just one click away, it is easy to find 1000 opinions that differ from your own. This makes it extremely difficult to believe in your trades and manage them correctly.
Fortunately, there are ways to focus on your own game. Let’s discuss 3:
1. Follow your trading strategy
Yes, you may have heard this exact point countless times as a way to combat psychological challenges. Although it can be annoying, you will hear it so much because it is true.
As long as you have a trading strategy with a defined set of rules, it does not matter what other people think will happen – you just have to look at your trading plan, which will tell you exactly what to do.
2. Don't spend too much time on social media
While social media can be an excellent tool for Forex traders to learn more and share ideas, too much will negatively impact your ability to trust your strategy and follow it.
I’m not saying you should stop going on social media entirely, but try and follow a limited number of people who trade in the same way as you do.
Also, don’t forget to follow educational platforms, such as Trading Dispatch, to help you become a better trader.
3. Know your probabilities
When times are tough in the Forex trading world, it is easy to lose faith in your methodology and venture on a quest to find a new way. If your strategy has performed well in the past, the probabilities are likely just balancing out, and you shouldn’t change anything.
The only time you should ever consider altering your trading approach is when your results are far worse than that strategy’s historical expectancy for an extended time.
But to determine what is normal and expected, you need first to backtest or review your live trading results and use this to determine probabilities.
External noise that gets in the way of you reaching your full potential must be eliminated as soon as possible. Follow these three points consistently, and you will be able to focus on what matters…