Forex Blog Learn to Stay Still
| Learn to Stay Still |
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| Thursday, 04 September 2008 13:32 | |||||||||
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When I was in high school, I was in the choir. During the classes when we were learning new music the teacher had a mantra, “When in doubt, sing out” If she could hear that you were unsure of your part she could stop and help the section learn their part. It’s exactly the opposite in trading currency. “When in doubt, sit it out” That doesn’t mean that you should sit on the sidelines all the time because you know you will lose trades. It means that if you have a strategy and you know it works 60% of the time; take it every time your system tells you to. The rest of the time when it “kinda meets your specs” sit it out. If you don’t know that it fits your strategy. Or you know that some big news announcement is comeing out that may severely affect price action, and uncertainty is introduced into the equation, just sit it out. Learning to stay idle, when you don’t know what is happening is hard. The number one reason people don’t’, is because the last time they sat one out, it went in the direction they thought it would. That makes it hard to sit the next one out. Learning to sit one out will not only improve your trading but also improve your life. Not having those nagging loses over your head that you knew you shouldn’t have taken, will help you smile more.
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