Are you Freaked out, Insecure, Neurotic and Emotional when you trade Forex?
In the 2003 remake of the movie “Italian Job,” one of the characters responded that they were “FINE”. But in their world of underworld dealings FINE is an abbreviation of Freaked out, Insecure, Neurotic and Emotional. So is your trading fine? (In the original version ‘F’ actually stood for F**ked up) – If it is, then you’ve got a problem.
Is your Forex Trading FINE?
If you’re fine, your Forex trading is likely to be inconsistent and finicky. I can see you ripping your hair out, every time you look at your Forex charts trying to decide whether or not to enter into a trade or exit. I can see you sweating it out, when your accounts are deep in the red, when you failed to exercise your stop loss (that is, if you had a stop loss in the first place).
If you’re trading stocks – at least you have 16 to 18 hours of rest until the next trading period. But if you’re trading Forex and if you’re feeling fine, you must be a stressed SOB.
You’re feeling FINE:
- Freaked out because you aren’t confident about your Forex trading abilities.
- Insecure because you don’t know your risk in each trade you execute.
- Neurotic because you don’t have a Forex trading plan to follow and stressing out from all the uncertainty
- Emotional because you are gambler, feeling the highs and lows of your newfound addiction.
So what can you do with your problem? Simple.
Create a trading plan (which you can either purchase or take the time to experiment). Execute your trading plan and make sure your plan includes defined risk levels. Repeat.
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