I am not religious, you know, but still I remember that even God rested on the seventh day after he created our world. It so says the Bible. Of course, we are just mortals and are too far from making something of that “God-like” scale.
However, we do what we are capable of. And we, the traders, when doing our Forex trading must not forget about taking a break. That will surely help us to refocus. If going further, you can even schedule your breaks.
When I was a kid and prepared for any of exams (tried to read much and memorize it) my mother told me: “You’ve read this book, so now you put it under the pillow and sleep. During the night, all the things you had read about will float into your head, and you will pass.” It really worked I’m telling you.
When I grew up enough to trade Forex, I realized – it’s everything being identical. You need time to absorb the intensity that comes with trading. The time to clean your head is becoming much more precious then. And don’t you think that being a professional full time trader keeps you away from the things above.
I got a life-teaching example which speaks for itself. Once lurking on forums, I found a guy’s post (or tip) with a real call in the headline – DO NOT TRADE TIRED!
Then he the story which was a result of losing 70 pips on EUR/USD trading because he was tired. Very late night he woke up to his chart alarm after sleeping for two hours only. Somehow, he managed to reach his PC and enter an E/U long and then returned to bed. When he woke up, the trade hit the target and reversed significantly. However, his pillow’s “call” had to stay unheard as while patting himself on the back this guy noticed the trade was still open!!! His tiredness made him forget to set a Stop Loss and Limit Order. Couldn’t be clearer what I am trying to say.
I think everyone from FX trading community either have friends or himself made such mistakes hopefully once.
Do you need vacation without any Forex?
Vacation… and it’s a vacation that you need. It will clean your head up. Even a couple of day-offs may do the trick, not necessary would it be a two-week trip to Greenland to forget about all the humanity. When you are back in business, you are more focused and ready to perform more in less time.
We are all biological beings and feel when it’s time to get some nap or just not trade, for instance.
So, if you are an early riser, you better not trade at night. This rule works vice versa. A night owl should abstain from trading in the morning. Trading the most exciting session could be much less effective then.
Fortunately, Forex environment keeps many sessions, which are more natural for you – at other times.
As an example, try to fill your “trading mood” into certain session times. While you are into extreme moves, you can choose the European and American sessions overlapping on Friday. No Sydney session then. Though, if you feel like range-trading, you better skip the most volatile sessions.
Admit, that adapting trading times to your behavior easier than changing your behavior. So just wait for the better conditions and rest.
As a rule, it refers to news-traders category. They are better skip Monday trading as it’s generally sparse with events. Maybe it’s a weekend?
Alternatively, (another side of the medal) you should skip some Thursday, which are too crowded with simultaneous releases. Tough “traffic” cherishes uncertainty, so think twice and keep your money safe.
Written by Alexander Collins, who is chief executive officer and founder of Forexeasystems (http://www.forexeasystems.com/). If you are tired from manual Forex trading, try to trade during the News. Try now Forex freebie called FX Pulse from Forexeasystems which displays actual Forex news directly on your chart in a second after its release. Another benefit is the trend detection which shows you not only the trend but also the strength from the trend from multiple time frames. Download FX Pulse and use it for free.
On image (ProFx 2.0 and FX Pulse)
Source: http://fxmadness.com/2011/11/02/general/a-break-from-forex-trading-can-save-your-money/
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