Emotional control is the most important factor in forex trading. You will lose judgment in making the right or wrong decision to enter a BUY or SELL order if you suffer from emotional confusion.
⦁ Set the Heart According to the Guidelines
In forex trading, you must have guidelines i.e. rules that you set. Breaking the rules will make you confused to make the next judgment.
Examples of rules are as follows: -
⦁ Do not enter an order if the trend is already moving
⦁ wait for a really beautiful and high potential setup
⦁ do not enter orders against the trend
⦁ place a stop loss value and take profit according to the correct risk reward
⦁ Analyze first before entering the order
⦁ do not follow or be influenced by a friend’s trading order
⦁ put the correct lot value
⦁ set the correct lot value and do not add orders over the lot value
⦁ Do not trade forex when you have a lot of personal problems
⦁ do not change the set stop loss, it will cause you more losses if the market is not in your favor
If you break the rules as mentioned you may be frustrated, and do not know what to do to fix the order that is getting more and more losing and your capital is getting less and less.
