Could you make more money with your trades?

Advertisement - External Link

Could you make more money with your trades?

Last week, I traded the CHFJPY and the trade went into my target. Great! No! Because the price kept on going and going and going. I could have easily made 3, 4 or 5 times my actual profit.

I started to feel frustrated, although I did everything correctly. In my earlier days, this would have easily lead to bad trading decisions, chasing price, entering late and just trading with FOMO. Even though I had executed my trade perfectly fine and made profits.

This probably sounds familiar to many of you and that is why I took a few minutes to explain my current approach and how I deal with those situations.

 

My top tips for reducing FOMO:

  • Stay away from the instrument that is causing the issues. If you get personal with an instrument, avoid it for a few days.
  • Remove yourself from the screens for a few hours.
  • Look into your journal to see whether you really executed the trade according to the rules.
  • Test different target strategies if you feel that you are missing out.

I, of course, use Edgewonk.com and if you use the code “edgewonk20” you will get $20 off the bundle.

 

 

As a technical trader we have all heard about keeping a trading system simple and effective, and it is not
Why do prices behave so differently around support and resistance levels? If you have been trading for a while you
As shown in a previous article, there are many different trading styles, and finding the one that fits your personality
How to trade like a pro
A professional trader is not the one who was more trading screens, better equipment or the better indicators. A professional
Momentum is another word for how the price on your charts moves. Momentum analysis, though, is one of the most
In trading, everyone always wants to complicate everything - why? Simply because having 8 screens with a lot of blinking

Comment ( 1 )

  • Josef Mueller

    Great vid. Trading is 25% knowledge and 75% applied psychology. I recommend a book by Michael Martin called:
    The Inner Voice of Trading. Tells you all about it.

Give a comment

Mentoring, webinars
& trade setups
Automated
Forex Trade Ideas
View Forex Info
Your offer is still here!

Cookie Consent

This website uses cookies to give you the best experience. Agree by clicking the 'Accept' button.