7 Things That Forex Price Action Traders Should Have In the To Don’t List

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As a forex price action trader, your job is to make money by ensuring that your rules are followed. Regulations are adhered and routines are constantly executed. But does it make you wonder what if you get things done in a faster way by eliminating those that wasn’t productive at all.

Afterall you sign up to be a  forex price action trader is to be able to make money from any parts of the world. Not be shackled by the passage of time. However if you are stuck at the monitor almost 4 hours a day. Maybe is time we do things in reverse. Maybe it’s time to have a to don’t list so we can live better-quality life

1. Don’t look at charts from a single or short-term perspective.

Shorter time frame are good for picking entries and protecting profits. They r never good at finding setups.

Always look at charts with 2 time frame in mind. The higher time frame for analyzing trend and the lower time-frame for picking entry. While the current time frame is for scanning  setup.

This way you will not be caught off guard when it didn’t go your way.

2. Don’t wait for the perfect time.

I learn that there is no perfect entry.

Managing losses and keeping profits is when you close your trades. So don’t worry about being right. Accuracy is never the only grail in trading.

Exits are.

3. Don’t try to hold on to everything.

Currently I have 10 currency pairs to look at. And that is at every hour. It used to be every quarter.

I get more information this way but it’s not helping my profits. Your mind can’t take more than 7 things at a time, not deducting memory retention.

I learn to be picky in my setups. Catering only to trend that has momentum.

Even if you are late on your entry, the trend will save your butt most of the time.

4. Don’t spend too much time one currency pair

Markets move because of demand. The Bears beat the Bulls because there is oversupply.

When you look for setup. Don’t spend too much fixate on why should this pair be a potential buy/sell.

A perfect setup should grab you by the collar and shout at you.

5. Don’t let your emotions get the better of you in very tense situations.

When your fingers are shaking. Your brow is sweating. I know your lot size is huge.

When your emotion are conflicting in your decision to trade. It is no funny business. Normally I’ll succumb to such state is when I’m in  losing streak or after a big lost. It sucks.

Suck it up. Swallow it like a man. Leave your pride to the punching bag. Revenge trade can only be lucky so far.

6. Don’t ignore your loved ones, family and friends, in spite of your busy day.

Trading Forex is the best side business ever known to man. It let you trade from anywhere in the world at anytime.

However some got it wrong. They stick to the screen 24/7. Their fear of losing out on opportunities supersede the reason they started it in the first place.

No point making all the wealth with no one to share with. Most hugs and kisses are free anyway.

7. Don’t brood over your mistakes.

The more successful you wish to be in trading Forex. The more you need to learn to fail.

After all,

Success in life is the result of good judgment. Good judgment is usually the result of experience. Experience is usually the result of bad judgment.

― Anthony Robbins

A Challenge To You

Which item in the to don’t list you done it once? How do you intend to react upon this?

I would like to challenge you to stop doing at least one of the items above that is most feel uncomfortable to you. Step out of the comfort zone.

Tell us how you going to get it done by commenting below.

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