As traders, we must have heard this advice. Both from mentors, forex books, webinars, training and other educational resources. Trading must be focused. That's right. The question is, where to focus? Focus on the goal aka profit, focus on controlling emotions, focus on money management, focus on the market, or where?
Many traders focus on the goal alias profit. Set a target, once a trade must get a few pips, a day to get a few dollars, a week, a month the capital increases by a percentage. Setting a target is okay and good, but do you have to focus on it and tend to push it? If a day the profit target is 50 pips, but how is the market consolidating? If we lose 30 pips in one trading, we add another burden, meaning that day we must get 80 pips so that the losses are covered and the pip target is achieved. Even though it was 11 pm, and it was Friday again. Haha, it can be stressful thinking about the target.
There is also a focus on emotions. Trading should be calm. Control your emotions. Don't panic, don't be afraid, don't be greedy. When our trading starts to tinge red, floating loss, fear and anxiety begin to loom. The bigger the float, the panic starts to attack, and the emotions control moves, take a deep breath, drink water, imagine that the chart turns and our position turns blue?.. So our focus is on ourselves, on our emotions, not on our emotions. market.
Well, this is considered the most appropriate. Focus on the market, focus on charts and price movements. Based on the observed market conditions, analysis is carried out, the right strategy is drawn up, a trading plan is made, the stop loss and take profit are set, then wait. Yes wait, not directly OP. Wait until the signal is valid and the market conditions match our setup. Professional traders do not always OP in the morning and close in the afternoon. Even though it doesn't mean that you keep watching the chart continuously, professional traders can sometimes wait all day for price movements, and before the market closes, the OP just closes, then half an hour later it's finished because of the TP.
What about you guys, maybe there are different experiences and opinions?
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