Hello community, I hope you all have a good weekend. I come with the second part of this series of posts that I wanted to share regarding an activity that I have resumed, and that after a long time without doing it I have decided to start again. I am referring to trading. Previously I shared the first part of this topic, you can see this post Sharing a little of my trading experience - Part 1. Of course, this particular case I am working in the Forex market, but it is equally trading.
I previously shared some important aspects to consider when approaching this profession in a serious way. In this post I will talk about other aspects that in my experience are of great importance. Let's start...
The aspects that I am sharing in this series of publications are only taken from my life and experience, maybe for me they are a reality and for you they are not, but I would still like to share these lines with you and know if you have anything else to add in this regard.
Controlling greed
This is actually a very important one. Many people set a specific percentage amount on their capital for their daily earnings. This will allow them to know what is the limit on the basis of which they have to work, and it is not a question of underestimating ourselves and thinking in this way that we cannot earn, but rather it is a way of guaranteeing an amount with which we feel good, and when we achieve it, not to abuse. It usually happens that in that moment in which we want to exceed what we have previously agreed we lose for the same reason, the greed clouds the mind and does not allow us to make good decisions.
The same happens with the losses, it is known that not all the operations are to win, and a percentage of these will be in loss, even to the best traders it happens to them. But, it is necessary to set a maximum amount of daily losses, a point at which we must stop and not continue for that day, because it can also lead to a level of losses much higher than we were willing to lose. Anger over losses is also not usually the best emotion for trading in a market that does not respond to anyone.
Respect schedules
There is something very particular in the Forex market, which is the fact that it works by market sessions. That is to say, London session, Tokyo session, New York session or Sydney session. Each one has its particular timetable, you have to know them and respect them. When these sessions are open, it means that the market has a large volume of capital, which makes it less susceptible to manipulation by whales. But the opposite happens when trading outside their respective schedules, because the total capital is less and a whale can enter and manipulate the market at will, generating movements totally opposite to the expected ones, which would lead us to losses that we will not want to have.
Not everything is technical, this point also involves organizing our sleep schedules to the activities of the various sessions, or at least the one we choose to make our transactions. Trying to trade when we are sleepy or very tired, can lead to the fact that our mind is not in optimal conditions and the decisions we make are not the right ones.
Another important point in this of the schedules is that we must have very present the differences that there are between a country and another one, for example in my case that I live in Latin America, the differences that exist between Tokyo and Bogota are considerable.
Now yes, I say goodbye, wishing you a great weekend. Greetings.
Stay safe, we have a lot to do... and produce.
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