Mental And Physical Awareness - Forex Markets
In today’s article, we will be looking at how crucial it is for one to remain mentally and physically aware or alert within the Forex markets and how that alone could be beneficial. Remember when they told you that the earliest bird catches the fattest worm?
That, in a lot of cases, was true. And it remains true for the Forex markets, us as traders trade for a limited time; 5 days a week within 24 hours each day. Now at first you may wonder what being the earliest bird means, does it mean waking up earlier than everyone else? Does it mean staying glued to the computer for 24/5? What does it actually mean?
Well, I believe it means being aware of opportunities and preparing yourself for opportunities because opportunities always, and I mean ALWAYS arise in the Forex markets and if you aren’t prepared they will pass you by like missed flight.
That’s not something you grow to enjoy, especially if you have been missing moves you know you should have capitalized on, because those moves begin to add up and so do the losses over time. Remember it’s a game of probabilities so you’ve got to take your chances when the odds seem to be stacked in your favor as you listen to your intuition too.
When I talk about mental awareness, knowing price should eventually come as second nature, meaning when you leave the house to school, work, your business or whatever it is- you should have mental notes of where price is and how you expected it to play out, it is also as easy as setting buy limits and sell limits.
Now you may wonder then why on earth is it important for me to know price as a Forex trader, it’s important if this is your career and your life. Why? Because over time you store more information about the pairs you trade and you’re able to recall certain scenarios that may seem similar and act accordingly to make the most of that moment.
Let’s discuss the crucial aspects of physical awareness. When looking at the markets you cannot afford to wander around and be preoccupied with other things. The slightest of distractions may cause a lapse in judgment and that may cost you your 1 or 2 or 3% risked on any given trade.
Therefore, when you sit at your desk or when you are viewing the charts on your phone, ensure that there are no distractions and you can enter a state of concentration that allows your best self to make calls because once again, this is a business and not a game.
Being physically aware enables you to take advantage of significant moves that may reflect an even greater picture of your P/L for the month, quarter, or even year.
In conclusion, here are a couple of ways I think you can stay mentally and physically aware in the Forex markets:
- Create a routine for yourself as tight as possible
- Look after your mental, physical, and emotional state daily with different routine practices and ensure no distractions when focusing on the charts.
So remember don’t rush the process and don’t drown yourself in unnecessary trades because the next trade is always around the corner.
Happy Trading Traders!