Charts can bother your performance in the long run

Sometimes the things necessary for your job can go against good performance. This is true for any kind of job. This happens mainly because we are human. We make our work over complex and it affects the quality of our performance. We want to improve the quality of our performance, but the actual results become the opposite of what we think about.  The trading business is also the same in this cases. Charts of different markets are necessary for the proper execution of a trade. But, sometimes traders make this work the opposite of helpful for their business. In this article, we are going to discuss this and try to make a clear concept to our reader. We hope you will be able to learn the context and modify your own trading approaches.

Complex setup for chart-watching

Before going for any trade you have to look at the price charts. Because a good position for your trades has to be found. Yes, there is a proper strategy involved with positioning. But, you have to find out a good spot for it first. Then you can plan for what to do with your trade. But, some traders make this really difficult for finding a good position. A simple mind can think really efficiently and find a really good pot according to their trading method. For that, you will have to keep your working environment as clean as possible. But, most traders fail to do so and they create exactly the opposite environment of cool and calmness. They use too many indicators in their charts and make it more difficult to read for their eyes and brains. Thus, a complex environment is created even before starting a trade. There are a lot of after words and we are going to teach you about them.

Robust trading platform

Those who find difficulty with chart pattern trading doesn’t have access to premium brokers. Finding a premium broker is relatively easy since you can rely on Forex trading Australia reviews. Brokers like Rakuten offers an excellent environment to their retail clients and they continue working hard to make things easier for the traders. They have great user-friendly trading platform and you can easily execute trade even during the extreme level of volatility. Slippage will never be an issue for you.

After a trade has been opened

After you have opened a trade, there are still problems with trader’s approaches. Some mistakes are major like no money management plans, no plans for approaching a trade etc. But there are other mistakes related to charts too. If you stay too much worried about your trades, your mind will always try to look at the condition of the trade. And you will be looking for a good position size to close your trade. For that, traders are going to look at charts too frequently. This kind of incident prevents them from doing other important things like thinking about your trading strategies and plans. Instead, they tend to think about their current trades. They don’t understand that worrying about an open trade does not help with the results from that trade.

The mental breakdown of a trader

When you are getting attached with the trades while it is open, you will be affected at the end too. After closing a trade the effect will still be in your head. You probably have an emotional attachment to that trade. Why shouldn’t you, there is money involved in this business. And it is your own money. But, as the thoughts about money do not help with your performance and the results of your trades, you should not keep it in mind. And you should avoid it at any cost. Because the effect of getting attached with your trades controls the performance for the long run. That is why you should learn to set and forget a trade.

Posted in: Personal Finance

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