Struggling To Pull The Trigger On Your Trades?
If you are struggling to pull the trigger on your trades then this video is specifically for you.
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We interpret and explain price moves in real-time, 24 hours a day. Our team of analysts produce text, video and audio commentary.
You understand the markets and trade with confidence. Learn more at our website here: https://bit.ly/2HFykNd
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We have a quick question here from a subscriber who says that they are really finding it challenging to pull the trigger on their trades, and they're saying that the current market environment's really keeping them from taking trades, that the market seems very disjointed, and they're feeling that the trades they're looking at is just not high conviction enough.
So, I remember when I started trading, there was basically three simple tips that someone shared with me, that really helped me with this exact problem, and I'll share those same tips with you for this video, because it's something that has really helped me in my trading, as well.
The first thing, I think the good thing about the current situation that you're in, is that you're conscious of what's happening. You're conscious of your emotions, right?
That's really the first step. Nobody can tell you that you're not confident in your trading, or how you are feeling about the markets, that is something that you need to realize. Steve Ward actually, a very successful trading psychologist, he calls this the art of thinking about thinking, right?
So you are deliberately thinking about how you're thinking about things, and how you're feeling about things, and it's really the first step to realize that, listen, something isn't quite right.
Now, the great news, as I said, that's really the first step, and after this there's three simple tips that you can follow to really help you get back your confidence and trade without hesitation with pulling the trigger.
The first one is just to take a break. I know this is probably not what you wanna hear right now, but the best thing that you can do in this situation is just take the rest of the session off, take the rest of the trading day off, maybe the rest of the week off, and just give yourself some time to catch up, get some perspective, and just relax.
If you're in this situation due to massive losses that you took, then this step is even more important, because you don't want to get stuck in that revenge cycle, you know, that revenge trading cycle. Because apart from just massive psychological damage that you cause yourself, it can also really damage your account, as well, so some time away from the screen will help you to just digest what is happening right now, and just give you some time to clear your head, so to speak.
You'll almost want to only come back to the screens when you get that excitement of the market back, right, that curiosity of, "I wonder what is happening right now? "I wonder what happened with XYZ? "How did that central bank event play out? "How did that data event play out? "How did that dataset play out in the market?" When you get that excitement back, that's normally a good sign that, okay, you can get back to the screens. Now, when you eventually do get back to the screens, the second tip is to just follow the same, step-by-step process that you normally follow to find good trades.
Start with your top-down analysis, your macro fundamental analysis, then do your bottom-up, then your sentiment analysis, you know, was there any major things that happened while you were away? What is moving the markets right now? Those bigger picture views, and get all of that in mind. Now, after you're all caught up with everything that happened, the third step is probably the most important one is, that is to only take those trades that come to you. So, don't force any trades, right?
Only take those trades that really jump out at you, those no-brainer trades, you know, those trades that you know this is a high-conviction, high-probability mover, and you're confident that the market has a reason to trade that in a particular way. Now, make sure it's those opportunities that you just immediately know it's gonna be a big mover. Those high-quality trades that you know there's a high probability for those to work out. When you see that opportunity, when you don't force it and when it comes to you, instinctively, you'll just open the charts and you'll pull the trigger.
What you don't want to do is trying to force a trade, trying to really look hard, and desperately trying to find something to trade. That's really not the situation, or the type of trades, that you want to take to ease yourself back into the game. And even if the market is moving a lot, and you're not sure why it's moving, if it's not clear, then just stay out of the market and wait for those great, clear trading opportunities.
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If you find this content helpful, you’ll love Forex Source.
There’s a link below were you can learn more about it
https://bit.ly/2HFykNd
----
We interpret and explain price moves in real-time, 24 hours a day. Our team of analysts produce text, video and audio commentary.
You understand the markets and trade with confidence. Learn more at our website here: https://bit.ly/2HFykNd
-----
We have a quick question here from a subscriber who says that they are really finding it challenging to pull the trigger on their trades, and they're saying that the current market environment's really keeping them from taking trades, that the market seems very disjointed, and they're feeling that the trades they're looking at is just not high conviction enough.
So, I remember when I started trading, there was basically three simple tips that someone shared with me, that really helped me with this exact problem, and I'll share those same tips with you for this video, because it's something that has really helped me in my trading, as well.
The first thing, I think the good thing about the current situation that you're in, is that you're conscious of what's happening. You're conscious of your emotions, right?
That's really the first step. Nobody can tell you that you're not confident in your trading, or how you are feeling about the markets, that is something that you need to realize. Steve Ward actually, a very successful trading psychologist, he calls this the art of thinking about thinking, right?
So you are deliberately thinking about how you're thinking about things, and how you're feeling about things, and it's really the first step to realize that, listen, something isn't quite right.
Now, the great news, as I said, that's really the first step, and after this there's three simple tips that you can follow to really help you get back your confidence and trade without hesitation with pulling the trigger.
The first one is just to take a break. I know this is probably not what you wanna hear right now, but the best thing that you can do in this situation is just take the rest of the session off, take the rest of the trading day off, maybe the rest of the week off, and just give yourself some time to catch up, get some perspective, and just relax.
If you're in this situation due to massive losses that you took, then this step is even more important, because you don't want to get stuck in that revenge cycle, you know, that revenge trading cycle. Because apart from just massive psychological damage that you cause yourself, it can also really damage your account, as well, so some time away from the screen will help you to just digest what is happening right now, and just give you some time to clear your head, so to speak.
You'll almost want to only come back to the screens when you get that excitement of the market back, right, that curiosity of, "I wonder what is happening right now? "I wonder what happened with XYZ? "How did that central bank event play out? "How did that data event play out? "How did that dataset play out in the market?" When you get that excitement back, that's normally a good sign that, okay, you can get back to the screens. Now, when you eventually do get back to the screens, the second tip is to just follow the same, step-by-step process that you normally follow to find good trades.
Start with your top-down analysis, your macro fundamental analysis, then do your bottom-up, then your sentiment analysis, you know, was there any major things that happened while you were away? What is moving the markets right now? Those bigger picture views, and get all of that in mind. Now, after you're all caught up with everything that happened, the third step is probably the most important one is, that is to only take those trades that come to you. So, don't force any trades, right?
Only take those trades that really jump out at you, those no-brainer trades, you know, those trades that you know this is a high-conviction, high-probability mover, and you're confident that the market has a reason to trade that in a particular way. Now, make sure it's those opportunities that you just immediately know it's gonna be a big mover. Those high-quality trades that you know there's a high probability for those to work out. When you see that opportunity, when you don't force it and when it comes to you, instinctively, you'll just open the charts and you'll pull the trigger.
What you don't want to do is trying to force a trade, trying to really look hard, and desperately trying to find something to trade. That's really not the situation, or the type of trades, that you want to take to ease yourself back into the game. And even if the market is moving a lot, and you're not sure why it's moving, if it's not clear, then just stay out of the market and wait for those great, clear trading opportunities.
-----
If you find this content helpful, you’ll love Forex Source.
There’s a link below were you can learn more about it
https://bit.ly/2HFykNd
