4: Depending On Others
There were times when I first begin trading forex that I was subscribed to forex newsletters from currency analysts etc and I’d read their analysis or go to forex websites and read some opinions of other traders etc and then I’d get back to my chart to trade and then this amazing trade setup happens based on my trading strategy but I wouldn’t trade that setup.
Next morning, I wake up, open up my chart and look at the trade setup that I didn’t take and the market had moved 200 pips. I would have made 200 pips profit If had taken that trade setup.
So why didn’t I take that setup then? Well what I read planted “seeds of doubt” in my mind. It made me question and hesitate to buy/sell when I should have.
This, folks, is the reason why you need to make your own independent decisions to trade. Find a trading system that you like and stick to it.
Or if you find someone who has a trading style and method similar to yours and you read his opinions as well as trade setups, then this would be a good fit for you.
Sometimes the best thing you can do is shut out all outside “noise” and just focus on doing what you want to do.