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What Distracts You from Forex Trading?

April 14, 2014 by

If your trading is at least partially done in manual mode, then a great deal of your success is based on your emotional balance and a high level of self-discipline. Unfortunately, the proper levels of self-control cannot be attained solely by the innate abilities of the traders. They greatly depend on the external factors — such as, for example, distractions that create obstacles to concentrated analysis and trading.

These distracting factors vary from trader to trader. It is likely that things that prevent one FX trader from concentrating on his task will have no effect on another trader. It is nearly impossible to create a completely distraction-less environment dedicated to currency speculation, but it is definitely possible for each trader to determine his most problematic external disturbances and try to cut them off or at least minimize them.

One of the most popular distractions is probably the ambient noise, be it from the kids running around the house (for traders working from home) or colleagues shouting market news every five seconds on a bank’s trading floor. Of course, it may have something to do with an overall poorly organized working place, which can manifest itself in many different ways and is usually fully preventable, but doing so requires some initial willpower.

If you are trading from your work place, while working at a non-trading job (a reality for many part-time Forex traders), then the common tasks of that job may depress your capacity to trade calmly. Treating Forex as a part-time activity may also result in a lack of sleep, which can weaken your mind and body, preventing you from performing well in such complex tasks as currency trading. The lack of adequate sleeping time may also come from desire to operate during trading sessions that are active during trader’s night time.

As trading is done via Internet today, there is a great deal of market related information available to traders. However, such abundance may lead to information overload, which culminates itself in a state of uncertainty and missed trading opportunities. In addition to that problem, a constant connection to Internet may cause akratic persons to procrastinate in one way or another, distracting them from important market events and potentially profitable trading opportunities.

Personally for me, the latter (procrastination) is probably the biggest issue of all the mentioned here. I try fight it by avoiding using a web browser in my analysis and relying mostly on technical analysis of the charts. And how about you?

What are the most distracting factors for you in trading?

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If you want to share some details on how you are dealing with distractions in trading, please feel free to use the form below.

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