In last few weeks there is high volatility in currency market and when we see such large moves we fear of missing out a trade.
"Get really impatient when price is trending and I'm afraid of missing out on a move"
That statement right there is a big one.
A quick baseball analogy. Two hitters. One goes up to bat - swings at everything that is thrown him, regardless of whether or not the pitches are hit-able. He may get 'lucky' from time to time and get a hit, but more likely he's going to strike out. Hitter number 2, he is a bit more discerning. He knows what kind of pitch he can hit well and he has decided to only swing at those pitches. He doesn't always hit the pitch he wants, but two things happen as a result. The quality of the hits he gets are better and two, he has a calmness about him because he knows exactly what he's looking for. He knows what kind of hitter he his and he knows what pitch serves him best.
We can choose what kind of trader we become. We can swing away all the time, or we can be very specific about what we are looking for, and only try to trade those setups. Part of being the second trader - I had to learn to sit, or to take a pitch. Speaking pretty much from a state of mind point of view, it has helped bring a bit of peace to the otherwise fun-filled stress of trading. Hope that makes sense.
"Get really impatient when price is trending and I'm afraid of missing out on a move"
That statement right there is a big one.
A quick baseball analogy. Two hitters. One goes up to bat - swings at everything that is thrown him, regardless of whether or not the pitches are hit-able. He may get 'lucky' from time to time and get a hit, but more likely he's going to strike out. Hitter number 2, he is a bit more discerning. He knows what kind of pitch he can hit well and he has decided to only swing at those pitches. He doesn't always hit the pitch he wants, but two things happen as a result. The quality of the hits he gets are better and two, he has a calmness about him because he knows exactly what he's looking for. He knows what kind of hitter he his and he knows what pitch serves him best.
We can choose what kind of trader we become. We can swing away all the time, or we can be very specific about what we are looking for, and only try to trade those setups. Part of being the second trader - I had to learn to sit, or to take a pitch. Speaking pretty much from a state of mind point of view, it has helped bring a bit of peace to the otherwise fun-filled stress of trading. Hope that makes sense.
