Instinct and intuition are great feelings to use when currency trading…for your initial motivation, but seriously, no matter how strongly you feel you really cannot go with it unless the numbers indicate a favorable trade. If they check out, then go with your gut – perhaps you do possess some prescient powers and the figures confirm it.

Also, once you have opened a currency trading position and then indicators inform you the market is no longer in your favor – moving against you is a great giveaway – the time has come to close your position. Close it. Don’t listen to your heart hoping with each beat that things will turn and come round again if you just hang in there. Hard cash pays your bills, not your heartfelt desires. You might have done it once and by a total fluke the market did turn around after you hung in there, but it is most uncommon and the exhilaration you experienced from the ‘win’ was actually relief that you did not have to face disaster and catastrophe. Remembering the ‘buzz’ of that exhilaration, a powerful emotion, and tying it to a one-off success is not a good foundation for business decisions.

In currency trading, some you win and some you lose. Planning, preparation and information should be your strongest guides. Right decisions and wrong decisions happen, even experienced traders can be caught out by an unexpected move in the Forex market, but they don’t stress over it. No. Instead they move on to the next considered currency trade. You need to keep your head clear so that you can react swiftly and appropriately to the prevailing conditions and if you need to get out because the indicators are dictating your trade is now in the losing zone, do so quickly and minimize your losses. There’ll be another successful day when currency trading when hopefully profits are the result of your business acumen and not just a feeling.

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