WHEN YOU SHOULD NOT TRADE ❗️❗️
4 reasons to take a Step back sometimes .
You have two choices each time you open your trading platform : To trade Or not.
There are some circumstances that will occur where you won’t trade for the day and then there are times where you should NOT for the day at all.
And instances when you should avoid trading.
1. The peril of revenge and Impulse trading .
Any situation where you don’t follow your proven trading strategy is deadly .
Revenge Trading( To try and make up for any losses ) is dangerous ❗️.
In the medium term , it’s a surefire way to harm your Portfolio 💼 .
Learn to control your emotions when it comes to trade because emotions don’t trade ❗️.
We trade with knowledge and sometimes guts .
2. Absence of clear setups.
If you don’t have any high probability that have is lined up, forget trying to make a trade.
This is like sailing ⛵️ with destination in mind with compass 🧭.
Trades will come the market will be there for you tomorrow .
So wait them out .
Remember timing and patience can bring good results in trading ❕.
3. Can’t Afford It ? — Forget it .
If the funds you are using is essential for your living or survival, that is a flag 🚩.
You are going to be highly dependent and emotionally attached to your funds .
Always note : DO NOT TRADE WITH MONEY YOU CAN’T AFFORD TO LOOSE ❗️. It creates unhealthy pressure with can cloud your trading decisions.
4. Don’t know it ? — Don’t trade it
If you lack a rock solid understanding of markets, methods or money management, you are not ready to trade ❗️.
You need to understand the above alongside with the market dynamics, the cost and process of instruments and how your trading and charting platform works .
Education is Key 🔑 here ❗️. Learn ❗️Learn ❗️and Learn ❗️.
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