When you trade on the forex market there are certain rules that you should look at using. When you trade you have to know what these rules and why you should be following them. These rules are needed because they increase the success you can have on the forex market. There are some traders who only view these rules as guidelines and this is not a good idea to have.
Closing Your Mind from the Trades
When you complete forex day trading you have to wait for the trade you have started to complete. This can be highly stressful so it is important that you take your mind off the trade. You can do this by either doing something away from the computer or you can look at other websites on the internet. One way that many traders take their mind off their trades is by going onto a forex forum.
Using a forum allows you to take the time to see what other traders are doing and connect with these traders. You will be getting away from your trade without actually leaving the forex world all together. It is possible to look at this time on the forum as chatting with you work mates in the cafeteria.
Of course, you should keep in mind that you do not want to spend too long on the forum. Forums can drag you in and you could spend hours on them chatting and looking back over the threads. Just keep in mind that this is a break from trading and you will have to go back.
Take Breaks Throughout the Day
Taking a break is something you have to do no matter what type of work you are doing. Forex day trading is a career and as such should be treated like any other. You should have break times in your day which allow your mind and body to rest. There are some people who recommend taking a short break every hour but others recommend breaks every half hour.
During your break you should get away from your computer. For the 5 or 10 minutes you have as your break you can go stand in your garden or just walk around a bit. Stretching your body and getting away from the computer allows you to come back refreshed and able to work more.
Of course if you are in the middle of a trade then you should postpone you break until after the trade has been completed. This does not mean that you can constantly put off your break by setting up trades. Doing this will tire you more and you will start to make bad trades.
Keep Up to Date with Forex News
It is recommended that you have a forex calendar when you do forex day trading. These calendars will tell you about all the important news which is coming out in a day. You need to take note of the time the news is coming out and which currency it affects. You should not have any open trades with the currency and try to avoid any trades for around 45 minutes before the announcement.
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