In this guide, you will look at handling situations when you are waiting for a trading opportunity to develop. It may impact your trading ability as soon as you enter a trade.
When you are working, you are doing something with physical or mental effort. Many traders feel active as long as they are trading with the markets. However, they feel that they are not productive as soon as they stop trading. If you feel unproductive, then you will force yourself to find trades, and start trading randomly. You will start losing money with bad trades.
In Forex trading, you are working when you open a trade. You are working when you manage the trade and move the
What is very important though, is to also assume that you are working while waiting for a trading opportunity.
You should think that way because that's not only true but that's the only way to prevent overtrading and psychological anxiety as a full-time Forex trader.
There are some tips you can follow to ease the waiting phase.
First tip: Accept the fact that waiting is an important part in trading. You are protecting your money. You are working with your capital while you are waiting.
Second tip: Use autosuggestion as it is a great method for programming your subconscious mind. This method was found by a the French psychologist, Emile Coue in the 18th century. So, talk to yourself and build up your confidence while waiting for a potential trading opportunity.
Third tip: When there is no trading opportunity, then leave the chart, and set up an alert. It may take a while for your trading opportunity to arise. You can do other productive things while you wait for a trade to happen.
If you have any questions or ideas about how to best cope with the waiting phase of the trading process, feel free to post them on our Forex forum.
