One of the best ways to reduce stress levels and find more profitable trades is to maintain a watch list. Think of it as your playbook for the week ahead. Without a watch list, you have no compass to guide your efforts. How many times have you strategized for hours over the weekend only to do the complete opposite on Monday? I found that adopting a low-frequency approach was the key to overcoming habits like this.
This is where so many traders fall off the wagon. They draw their key levels, update their watch list and then when the market opens, they sit and stare at their screens for hours on end. I spend no more than 30 seconds on each chart. Any longer than that and it becomes all too easy to begin seeing what my subconscious wants me to see—something to do with my money. After all, there are only so many 4-hour candles in a hour session. So there you have it. Check in a few times each day when the 4-hour candles close and especially each daily close at 5 pm EST.
But above all, keep your analysis sessions as brief as possible. The longer you sit in front of your screen staring at charts, the more likely you are to overtrade and ultimately waste money. This is your chance to not only keep track of your performance but to make note of what you did well and what can be improved. The method you choose to keep track of these details is up to you.
It could be something as simple as a notepad or as complex as an online application. Personally, I built myself an online trading journal years ago that has a built-in diary of sorts where I can take notes on market activity.
I liked it so well that I decided to give members free access for life. Whatever you choose, it needs to be something that is convenient and easy to update. Last but not least, try to make it a process that takes no more than 15 minutes. Even those with incredibly hectic schedules can carve 15 minutes out of their day to update a trade journal.
Establishing a routine like this is an excellent way to add structure to your trading , which will inevitably help foster profitable habits. However, I do recommend that you periodically assess the accuracy of your key levels and modify them as necessary. You will also need to add new support and resistance levels as the markets on your list progress.
We can also buy or sell as much as our account will allow. All of that sounds great until you add greed and fear to the mix. A simple routine like the one above adds a heavy dose of discipline to an otherwise lawless world. It will help keep those unwanted emotions at bay and allow you to trade what you see, rather than what you want to see.
The five simple steps above will help to prevent overtrading and allow you to take higher probability setups. You will also notice an almost immediate drop in your stress levels after implementing this routine. Instead, you simply sit back and let the trades come to you. If you want to succeed in this business, you must have a plan of attack. A great way to prevent overtrading is to limit your screen time by checking in periodically throughout the day. Also, try to keep each session as brief as possible.
By limiting the time you spend staring at your charts, you are less likely to pull the trigger on subpar setups. Save my name, email, and website in this browser for the next time I comment. Sounds all too familiar — greed,fear, spending hours looking at the charts… Thanks for your guidance.
I must keep them in mind and discipline myself. Too much screen time is one of the most common pitfalls among Forex traders. Glad this post helped in some small way. Great article. Part of the process is learning patience, and your words help greatly. Many thanks. Thanks Justin for everything.
Since l have joined to your comunity and bought course my trading is much better. Simple but great rules every trader must abide by, i called it master key for reducing stress. Excellent article. You are my mentor. But, as forex trader, Greed and Fear always with me. I am trying to get rid of them. God Bless You. You are blessing to forex traders, and I appreciate your support and resistance guide lines. God bless you. I really appreciate the way you simplified approach to this business in this five steps.
I ventured in this business about a year and some months now trading by my self after a brief training that did not handed any knowledge of value of what it takes to even place a trade and when to get out from one. I have burn out my account many times because of over trading and bad trading decisions, how I wish I knew all you outlined here, it may have made the difference in the way I do things and my result may have been worthwhile. Thank you for making this available to people like me.
A lot The artical is very helpfull. Please explain me key support and resist level and how can we draw on chart please guid me. The lesson at the link below explains how to draw support and resistance. This routine will really ease me the stress of always sitting and staring on the system. And please is the open time on each candle stick real time? I want to know in other to enhance intervals at which I check on my trade on the 4h frame.
Thanks my mentor. Thanks for the plan as for me and my experiencce this plan when followed, makes trading much easier especially the emphasis on periodical check up to avoid overtrading, thanks indeed. Thanks lot. I am absolutely impressed and motivated with the advice given by you…. Stress levels are high hence i am working on finding a stratergy that will work for me.
I like what you mentioned aboit the highs and lows, it is something that i am currently using as direction into what to do when i open my charts. Please share more info via email that will assist me in becoming a succesful trader. Really useful, thanks. This will help me avoid those intra day trades where I inevitably lose money. Planning all weekend and then not following through on Monday is a common occurrence.
I know I was guilty of it years ago. I found that by giving myself a limit of say two trades per week, I was able to focus on the favorable trade ideas and forget the rest. Hi, Dear justin, good aritcle, gradually your good ideas help us in improving trading strategies and trading habits. Your free webinar 7 secrets of consistent forex profits improved more than expected.
But screen time does not mean you must trade you may be just trying other styles because on my case I have demos because you live account may be full of open positions so you can not add any so this means you practice other currencies using a demo account. Totally agree. Specially the need to follow your plan. If you spend a time of your weekend doing analysis and making a plan, ignoring it is like wasting your weekend time doing that work.
Respecting your plan is respecting yourself. I was working from home and got drawn in to taking a couple of trades on lower time frames that I should have left well and truly alone. I got over-confident and it ended up costing me dearly a familiar story..? Apart from all this, one other important thing that traders should adhere to is to do the homework.
Traders should always check in on the possible trade setups by comparing the price action of the previous weeks. This can help them identify the right setups and make successful long term strategies that usually last no more a week or two. This is highly beneficial as traders can make the best of a growing or a declining trend without having to wade through the market noise.
To know more about such strategies, get in touch with WesternFX! Great post there Mr Justin. Jane immediately stopped trying to escape and let out a series stocks to short sell now squeals and grunts. Be thankful you have a wife investing in blue chip dividend paying stocks will bring endless hours of pleasure to your bed.
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You may think that the most important aspect of washing clothes is to get them clean. There is an array of different detergents on the market which enable you to make sure this happens. You may want to invest in specially formulated detergents , for helping to get your clothing clean, and fresh smelling. While all of this cleaning power is important, you also need to make sure that your washing is well rinsed, before you remove it from the machine.
Detergent can become trapped in fibers, especially if you use too much. This trapped detergent can be especially problematic for anyone who suffers from allergies, or skin conditions such as eczema, as it can worsen the problem. The problem with many modern washing machines is that they are rated in areas such as water and energy efficiency, but not for the quality of the rinse. But, this sometimes means that not enough water is used to wash away all of the detergent.
The situation differs depending on which machine, which cycle and which detergent is being used. You should check your clothing and bedding when it has been washed, for any signs of potential irritation caused by detergent that has remained after rinsing. If you experience this issue, you may want to try using a different detergent or cutting back on the amount of detergent that you use.
If you still have problems with detergent remaining on items after rinsing, you can opt for a second rinse. Many washing machines have a setting for this option. Rinsing washing a second time for no reason is a waste of water and energy, so it should be avoided. They make my life easier with a family of 5 and two dogs!
Definitely check them out if you have laundry overload and dry cleaning musts! My Mom replaced her old washing machine with a HE one and hates it. She definitely has to rinse most of her stuff twice. At the end of the day it all comes back to having confidence in what you are trading.
Even if those rules help to stack the odds in your favor , there is always more to it than simply jotting down a few bullets points on a piece of paper. The only way you will ever become consistently profitable is by developing trading rules that have been forged in the fires of tribulation.
Stated less poetically, you have to put in the time and effort in order to find what fits your style. By using a Forex signal service, you will never achieve the level of consistency that you desire. And when you try to suppress, or worse, ignore that inner stylistic voice, it only gets louder with time. This is why most Forex traders spend years jumping between trading strategies. There are even some who use a combination of both fundamental and technical analysis.
Jack Schwager, author of Market Wizards sums it up perfectly with the following quote…. There are a million ways to make money in the markets. The irony is that they are all very difficult to find. This is exactly why I offer a 30 day money-back guarantee on my course and community. This is a biggie. I will give you this, you may be making the final decision to buy or sell, but do you really know why you are buying or selling when it comes time to pull the trigger? If they were truly in control, that review would only serve as an alternate means of self-reflection.
When I take a trade, the only person I can point a finger at is the person staring back at me in the mirror. Until you are able to do that without pointing a finger in the opposite direction , you will find it extremely difficult to improve your trading performance. But there is a very stark contrast between learning from someone who is successful and blindly following their lead.
While doing the latter may allow you to stumble across a few successes along the way, you will never be able to take full responsibility for your future until you put in the effort and start making your own decisions. I provide the services that I do because I believe in what I do and how I teach it.
My members know that there is no silver platter and they appreciate that. Before we talk about what may be a better path to success, I want to reiterate something I mentioned at the beginning of this post. That said, what is good for your trading account this week and what is good for your trading career are two very different things. The good news is that there is a plethora of free information available on the internet to get you started. My personal favorite is the Forex trading school over at babypips.
If you are someone looking for more advanced material, as I know many of you are, there is also a ton of information available online. Yes, I have my own site with my own services. Truth is, if you are serious about making it in this business and becoming self-sufficient, you have to put in the time and effort. There are no shortcuts. However, what I am saying is that you should not expect to become a stay-at-home Forex trader by using one of these services. A Forex signal service is a service that provides buy and sell trade ideas signals to its subscribers for a fee.
Most often, the answer is no. Sure, you might be able to make some money from trading signals, but how long will that last? By spending time and effort teaching yourself how to trade, you stand a much better chance of enjoying a lifetime of profits. Do you agree or disagree? Use the comments section below to ask a question or leave some feedback. Save my name, email, and website in this browser for the next time I comment. Margaret, thanks for sharing your story.
Yep, I do agree with this post. Learnt this recently a few months ago , that you have to trade according how it fits you as a person… your own style. You can learn stuff, but in the end, have to find one that fits your personality. Azmir, thanks for your comment. There is no one-size-fits-all when it comes to trading. I had been stuck with a forex signal service provider for a few months now. But, I was not able to make the decision of leaving it. This article has really opened my eyes and I have immediately applied for a refund.
I am now looking forward to making some profits with my own knowledge and confidence. Arould, glad to hear you found this helpful. Learning to analyze the markets and then committing to your own trade ideas truly is the only way to make it big in this business. I pretty much agree with this article. Also I have noticed most forex signal services have very unsensible risk to reward ratio.
So many of them offer higher risk than reward which will never suit any forex trader in my opinion. So all the more this article makes even more agreeable to me.. Most often forex signals are not only useless but also dangerous. It may blow away your fund if you follow them. Though there are some good forex signals providers, it is very tough to find them out. If anyone finds them, It can be a blessing.
I would agree with the part about signal services being dangerous, Daniel. Thanks for sharing. Another great insightful journal bra. I can vouche on this one I have used a signal service before joining your community it made me less interested and confused about my trading career. Most of signals were also bad timing as I work during the day and cannot go to the charts and confirm the proposed move. It was bad experience. Thank you. I used signal services in the past. In the beginning I was like yes, sit back and make pips, but in the end I got frustrated as everytime a signal came in to buy or sell I had to be quick on the draw, I lost many times.
Plus I never knew anything about higher timeframes. Even the signal service that I signed up to, told me that his service was excellent and it was all shinning with bright colors. Thankfully after many loses I figured out that I want to trade and make my own decisions.
The idea of signal service is not few pips short time, but long term profit. I do not get why it is hard for this? Since you are profitable, it means you can easily be a signal service. And even if we do not get self-sufficient trader ,we would not need to be. There would be those signal services who make profits. So everyone would be happy. Why it is not the case? I do not get it. Hello Justin I came over here after reading your article about overtrading. My coach tells me how to swim, on dry land, but never gets in the water to demonstarte.
So I try to do what he tells me but I am never very good at swimming. One day, the coach gets in the water and demonstates what good swimming looks like. I see — and I get it! My swimming career takes off. I train hard and improve. I have actually seen what a good swimmer should do.
This analogy applies to trading too, I believe. Show us how you place your trades and then we can see what should be done and over time we will do it all by ousleves. At the moment you have not validated that you are a good trader. I hope, ok not hope, i WANT justin to implement this kind of features, it will really helpful and boost our confident as a newbie trader. Tnx guys 4yo comments they helped me a lot. I nearly invested all my trust to this wonderful app that did wonders for me.
I have my own strategy am developing but as times goes by it can be something. Thanks for the write-up,is educating keep it up.
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And even if we do not get self-sufficient trader ,we would not need to be. There would be those signal services who make profits. So everyone would be happy. Why it is not the case? I do not get it. Hello Justin I came over here after reading your article about overtrading. My coach tells me how to swim, on dry land, but never gets in the water to demonstarte. So I try to do what he tells me but I am never very good at swimming. One day, the coach gets in the water and demonstates what good swimming looks like.
I see — and I get it! My swimming career takes off. I train hard and improve. I have actually seen what a good swimmer should do. This analogy applies to trading too, I believe. Show us how you place your trades and then we can see what should be done and over time we will do it all by ousleves. At the moment you have not validated that you are a good trader. I hope, ok not hope, i WANT justin to implement this kind of features, it will really helpful and boost our confident as a newbie trader.
Tnx guys 4yo comments they helped me a lot. I nearly invested all my trust to this wonderful app that did wonders for me. I have my own strategy am developing but as times goes by it can be something. Thanks for the write-up,is educating keep it up. The way I got into Forex was via an instagram post of a fella offering signals for his team. I thought about joining it and then I read about Forex more and got interested. I made a decision on not to start following any signals but to start my bumpy road of learning it myself.
Currently two weeks of practice account trading under my wing and beginning to see big improvements on my trading and finding a suitable trading style for myself. I totally agree with this article. You have nothing to lose and all to gain!
I kind of agree, but i think it is good to use signals if you use it as advising tool, to help you with your own decisions. I use fxleaders signals for the last 4 or 5 months by the way, they have great tools besides signals and i find it helpful. Congratulations Justine. Thank you for the enlightenment,keep it up. Informative and interesting Blog! Beautifully written, as usual, I like the post. Thank you so much for nice sharing with us.
Keep posting! I had the same thinking when my wife decided to get FX Leaders to help her. She said it was a good idea since she is still new to forex trading. But I have to let her read this. Thanks for posting. Bitcoin is the safest and fastest way to invest money. Do you know that you can also invest in Bitcoin and get double the funds in return? I read your article daily and found several of them diamond for me.
And this is one of them! Hope I could be succeeded in the way. I totally agree with what you said sir. And yes it paid off but I will never take signals again. Lifetime Access. Ends November 30th! No Effort Equals a Lack of Responsibility. What is a Forex signal service? Are Forex signals reliable? Are trading signals worth it? Casey Ram says I appreciate your candid opinion. Its great help. Glad to hear you found it helpful. Enjoy your weekend. Justin Bennett says Margaret, thanks for sharing your story.
Azmir Ismail says Yep, I do agree with this post. Justin Bennett says Azmir, thanks for your comment. Justin Bennett says Alexis, Welcome! I look forward to seeing you in the community. Feel free to reach out with any questions. Arould says I had been stuck with a forex signal service provider for a few months now. Justin Bennett says Arould, glad to hear you found this helpful. Sudhir Kumar says I pretty much agree with this article. Justin Bennett says That tends to be the case, Sudhir. Glad you enjoyed the post.
Daniel Elton says Most often forex signals are not only useless but also dangerous. If anyone finds them, It can be a blessing Reply. Justin Bennett says I would agree with the part about signal services being dangerous, Daniel.
NandU says Yup its true, you have to learn from mistakes. Justin Bennett says You got it! Marlon says I feel totally identified with your words in this post thank you Justin Reply. Disco says Another great insightful journal bra. Thank you Reply. Roy says I used signal services in the past.
Vincent Staples says Hello Justin I came over here after reading your article about overtrading. Kind regards Vincent Reply. JJ says Hi This comment really makes sense That would make a good learning process to see actual trade by Justin himself. Show us how you set the pending order, the sl, the tp in a real trading account.
Favour says Perfect reply, so true Reply. Khumbu says Tnx guys 4yo comments they helped me a lot. Agus purwono says Great. Thxs Reply. Mike says The way I got into Forex was via an instagram post of a fella offering signals for his team. Justin Bennett says Well said, Mike. As I often say: if you want to be a trader, you have to learn how to trade. Rita says I kind of agree, but i think it is good to use signals if you use it as advising tool, to help you with your own decisions. Justin Bennett says Thanks for commenting.
Chayi Monday Abba says Congratulations Justine. Trading Compared says Informative and interesting Blog! Kendrick says Bitcoin is the safest and fastest way to invest money. Mohsen says You are a lier Please do not send such as these bullshits here Reply.
Using a position size calculator , we can determine our lot size. The number of PIPs on your stop loss is going to change each time you take a trade. Remember, your analysis of a trade will tell you what your stop loss is in PIPs. The position size calculator will tell you how to manage the potential loss with the proper loss size. Note that it is very important to calculate your risk management lot size before you take the trade.
Not after! We are going to take 16 trades. However this is how the example is going to be set up. Again, this is a rough example. Our first 5 trades are losses. Remember, that each time we take a trade our account balance so far has been lower. We are going to assume that you have now won 3 trades in a row. For each of those 3 trades you grew your account by 7. Thus with the 6th trade you grew your account by 7. After the 7th trade you grew your account another 7.
Remember that this is an example, and your percentage gained on each trade will be different. While this is more than we started with, we still have 3 more winning trades to go. In this example we lose 10 trades, which was We only won 6 of them, or However we gained just over You need only to follow proper risk management on your account to prevent losing everything in a single trade. Remember, Forex is a long term game. Many people have gone on to make a full time living with Forex trading.
For them to do so they had to manage the risk on each trade. With their training videos, live sessions and trade ideas, you can become a full time trader sooner than you think! This site provides educational material about Forex, that the authors believe are true and correct. You should do your own research prior to using any of the services or information on this site.