Okay…so I did something silly today. I logged into my account online while I was at my desk. I saw some fast movement on the GBPJPY currency pair…then I plunged in. I figured I could steal some pips without any prior planning. Very bad idea.
Needless to say, it turned on me as soon as I jumped in. I didn’t lose much, but that’s not the point. Impulse buying (or selling for that matter) is alright when you can return the item and get your money back. It has no place in Forex Trading…particularly on a 5-Min Chart!
Patience is necessary, as is a cool head. If, like me, you have trouble controlling yourself, then don’t log into your Charting Software until you have done the News and other Fundamental Analysis. Save the Technical stuff for last.
If your right hand causes you to sin…