It’s good to get back to trading after a seasonal break. But it’s also good to make a New Year’s resolution: trade forex without being stressed.
When you’re stressed, you make bad decisions. You’re tempted to ignore your Forex trading strategies, forcing trades just to appear active. And forced trades often backfire badly on your account balance.
So here are our New Year tips for de-stressed trading.
You may be surprised at how effective simply automated alerts, stop losses and take profit levels can be in keeping stress at bay (and protecting your account balance). But as Forex training tips go, try this one for size: use an uploaded algorithm that automatically places trades for you. Just log in every now and again to look at the activity.
Try copy or social trading
Copy trading simply means appointing an experienced money manager to trade on your account. He or she will copy your trading positions from your account according to the pre-set positions you’ve tailored to shield your account from variability. It’s not infallible, but an experienced manager can provide good control of your account.
Copy trading has evolved into social trading: using an open trading platform to copy trades from experienced forex veterans. You’ll be able to diversify amongst a range of experienced traders and set limits on your position sizes. But use digital risk management tools to control your risks when doing this (they cover how many positions may be open at any one time to the size of your position to the number of pips for you to take profit, and stop loss levels).
Stressing out when you’re away from the market? Set yourself some strict limits for when and what you can trade. Rules like this allow you to relax when you’re not trading.
Try mobile trading
If you have to be away from the computer, don’t fret: mobile forex trading removes this barrier very effectively.
Happy trading in 2017!