What is routine? A routine is not something you should respect but something that you should follow in your everyday works. When it comes to trading in the Forex industry, a routine should be followed in all aspects. If you break any step of the routine, it may have a devastating impact on your results. Do not think we have watched too many movies that are making us write these dialogues. What we are telling is the hardcore truth that many people have realized by losing their capital.
We do not want you to lose your investment as this trading is very risky. You do not need any other risks when you have come to invest because your money is at stake when you place a trade. The only thing that can save you from losing is the harmony of your routine. A carefully planned routine has all the possible risks and rewards layered out beautifully that prevents the trader from doing stupid mistakes. When they do not follow this mantra, this is when the end of their career starts. Read this article and you will know we are not disputing the importance of the harmony of routine.
Learn to trade first
You have to learn currency trading with an extreme level of precision. Even a small mistake can cost you a huge amount of money. So what is the best way to learn currency trading? Some of you might say by taking help from the expert Aussie traders is the best way to learn. But to be honest you have to use the Forex trading demo account to learn the details of this market. Stop thinking about the profit factor for the first few months. Your main concern should be on saving your investment. Unless you focus on your trading knowledge it’s highly unlikely you will be able to lead your dream life based on trading profession. So take your time and do all the hard work to gain knowledge about the fundamentals of this market.
Let’s say you break one step, what happens next?
We know this is the question that has been going around in your mind. We break the routine every day of our lives but it does not have any impact on the outcomes. We are still winning trades and making a profit, right? The reality is we do not get our expected result but it is not felt in the beginning. When we close our trades at the end of the month and summarize our trades, we then notice we have more losses than our winnings. A routine is composed of many steps and let’s say we break the first step that is analyzing the chart.
The impact that it will have on our trades is known to all. If we break an unimportant step like setting the position size or setting a stop-loss, what impact will it have? First of all, you cannot close your trades automatically when you are away. It may result in losing your capital and ending your career for good. The second possibility is you set a positions size too big and the trades do not go into your favor. You will lose a big amount but if it is matched without having a stop-loss, it can be the last trade of your career. Though these steps are very small when it comes to following the discipline and analyzing the volatilities of the economy in our chart within indicators, a small break can have a chain reaction in the outcomes.
A routine is what keeps you on track
The human mind is mysterious and many things go around at the same time. If you start giving importance to your mind and ignore the data and information, the chart and indicators, you will have only losses. Follow the routine and try to discover its harmony. Once the harmony enters into your heart, you will know how important it is.
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