Is Being Fixated On The Forex Markets GOOD?
Psychologically we human beings require rest in order to function and make the best decisions possible in the Forex markets. When our minds are tired, although we may have an edge over the markets, we can tend to be very lethargic in our approach to market analysis and trading our plan.
At the beginning of your trading journey, more times than not, you will believe that you need to be at the charts for 22 hours and asleep for 2 hours. But for some traders, they still find themselves missing trades and thinking there is no way to participate in the markets.
This leaves you more tired than ever, more stressed out and probably unhappy at the fact that your equity curve is falling… But! Here’s the thing about the markets, you need time, practice and more practice to acquire the skill of trading the Forex markets.
We call it having “chart time”, this means you’ve paid your dues in focus to the charts, and you have given it all you can. This does not mean you need to be on the charts just placing trades left, right and centre! NO! It means you need to be PRACTISING your strategy through BACKTESTING it and JOURNALING your findings of the strategy on different pairs.
Importance of rest
So what am I saying?? IT IS OF THE UTMOST IMPORTANCE TO REST! Because without it, there is no functioning. Trading the Forex markets or any other market for that matter is more mentally driven than it is physically driven.
It is not acceptable to be fixated on the markets as if you have nothing else to do, and even if you don’t have anything else to do, DO NOT FIXATE!!
Although it is crucial to get your chart time in, you can’t do that effectively and efficiently if you are not well-rested and if your psychology is not in top shape. So, the key is to find a balance.
A balance that allows your body to get the required rest to function at 120% and extract the most out of the markets, whether that be profits or lessons.
The greatest traders will tell you that trading is 90% psychological and 10% technical. Because if you cannot control your mind, you will not perform the technical aspect to the best of your abilities (whether that is placing the trade, managing the trade, or being realistic and knowing when to walk away).
Focus on your psychology daily. Create little habits that reinforce the importance of your psychology, whether that be:
- Sleeping a certain amount of hours
Whatever it may look like for you! Work to learn and eventually you’ll make the money you’ve wanted to this whole time.
Happy trading traders!
Don’t forget to focus on your psychology.