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I've started writing forex tips and strategies to complement the forex lessons posted here by Peretz... just to add a practical flavour because in reality, there are many other factors to trading other than systems and strategies.
One of the most overlooked window of opportunity for errors is what I call "idling time". This is the time when nothing happens while you wait for either:
1. A position to open. 2. A trading session to begin. 3. A news item to be released. 4. A position to close.
As humans, watching price movements or listening to analyst advice, or even chatting with other traders while waiting for any of the things mentioned above, can cause us to think irrationally. Greed, fear, uncertainty can cause us to:
1. Open a position before the time is right. 2. Closing a position before it reaches stop/loss or profit target. 3. Opening random positions based on something you heard on tv, or in the news, or following some trader's passing advice.
There are a few solutions to limit these "idling time" mistakes and they are really very simple.
1. Don't watch the charts after you've set your trades. You should always set trades only after careful consideration, so modifying them or entering the market before its time should be avoided. 2. Have a buddy system, if you can. Discuss every trade you are about to make with your buddy, so that you don't randomly or on impulse make a trade. Your buddy watches you, and you watch your buddy. 3. Maintain a limit for how much of your capital is put on trade (margin). Long-term traders usually never trade more than 5 to 10 percent of their capital, and seldom is more than 1 to 3 percent allocated to a single trade. This way, once your margin limit has been reached, you won't be able to make random or extra trades that you don't need.
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