The Importance -Trading Focus
Any professional trader can tell you the importance of staying focused whilst trading. Most new traders underestimate the amount of focus required during active trading. This is largely to blame on the overall picture most guru’s and brokers create to promote Forex in general. To most, trading seems to be a bunch of red and green flashy numbers and charts with little actual meaning, or attention required. We all life in a busy world full of distractions and other responsibilities that sometimes block the focus needed when trading. It is completely up to the trader to allow himself to make the 1 on 1 time required to get into their ‘trading zone’, thus allowing to capitalizing from it.
This article will cover one of the most overlooked factors by newbies. You should see your trading account no different than a business investment. The sooner you realize that it requires the same, if not more focus than a business, the sooner you can expect to see a positive gain from it. The topic: The Importance Of Trading Focus is without a doubt a serious matter that most need to give more attention to.
The Struggle Of An Average Trader
I have found it impossible to focus my mind 100% on trading when distracted by domestic and business obligations. The obvious results are negative every single time I have traded while in-between work, helping my wife, (doing chores even for an hour) etc. Trading requires, at least in my opinion, full concentration for whatever time one has available be it 10 minutes or 10 hours at a time. I’m sure there are those who can juggle trading simultaneously with day-to-day responsibilities but I unfortunately am not one.
Just like you there are many others with the exact same issue. As Robert mentioned: “The obvious results are negative every single time I have traded.” I am sure you can also share your story with the same end results – a negative impact on your trading. Not letting your trading emotions get the best of you is just as important as staying focused!
How To Stay Focused When Trading Forex
- Find something that keeps YOU focused and relaxed
Everybody will have something different that keeps them focused during the trading day. I know Chad and I like our cigarette (really bad habit btw!) to help get us through the day. For you it might be listening to your favorite music, drinking a few cups of coffee/tea or eating your favorite snack. Either way, do what relaxes and keeps you focused. The day can sometimes feel 10 x longer than it really is, especially when things are not going your way. When the market conditions are tough your focus and patience really get tested!
- Don’t be glued to your screen without taking breaks
Taking a short break every now and then is an essential key to refresh your mind and maintain focus. There is no rules that you have to site on your chair and watch every tick go by! That’s one of the biggest myths traders get trapped into. You will burn yourself out sooner than later. The average person can only stay focused for 45 minutes at a time before concentration levels start to decline. That’s no myth, it’s a fact. Taking a 10 min break can do you the world of good. Walk your dog, play with a pet or go sit in the son, as long as you walk away from the computer. Something I personally do to blow of some steam and keep my focus at 120%, is by hitting the gym. Give it a try.
- Have a trading schedule set out
One should always try to incorporate some type of routine into your lifestyle. Having a trading schedule planned out will not only make things easier, but also train your brain to be more focused at those times. There are markets opening and closing 24 hours a day. Choose to trade those that are most convenient for you. Choose and stick to 1 or 2 of these market opens. As a rule of thumb the first 2 hours is best to look for entries. You do not by any means have to trade each and every session from start to end!
The Final Word
The above said my be easier said than done for some. Trying to fit in your passion for trading while working a full time job can be a daunting task. If you are truly serious about Forex trading you will have to make the sacrifice. Staying focused is one of the key ingredients to becoming a successful trader! Follow these guidelines and watch yourself grow as a trader. Here is an email from a member that might inspire you.
A simple way to keep things simple, allowing him to stay focused.
“Yeah, after good success last month, I was having a little crisis of confidence when a couple of trades didn’t go my way. But I’ve had a bit of an epiphany over the last couple of days after watching some more past room sessions, where a lot of things finally clicked into place with that “ah ha” moment. When Chad said to find your niche, that really made sense to me. Some patterns I can see really clearly, but then at other times even when Chad/You explain the trade I still can’t see it clearly. So I’m sticking to what my brain can see, as that was what worked well last month.
With success, comes a tendency to start to add more and over complicate things. You almost can’t believe it can be that simple, so you try to make it more complicated! But I did well keeping it simple before, so no reason to change that.”
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