Hi traders welcome back on another lesson. Today i wanna explain in short how the beginning of a trading week matters a lot in controlling the rest of the week. We all know that the CFD trading is available five days a week and the remaining two are recharge days where many traders who put in the time to have a walk through of the markets.
Since the markets are closed traders take their time to scan the markets and discover many opportunities and also correct mistakes that where made on the previous trading week. With this ritual, a trader has got a high chance of being successful in the game. Only those who are willing to put in the time and enjoy the process are those who are rewarded in the long run.
Mondays is a great day for traders all around the world, every one is happy with a goal of going to make money, but the reality is not all of them will be successful in making money. Some will make mistakes and some will make enormous amount of mistakes because majority of traders have the awareness of the Forex market but very few know how to trade and be successful. Read this lesson on HOW TO TRADE LIKE BANKS also How Can Shift In Mindset Trigger Shift In Results?
Monday can break or make you. Why am i saying this? I have been coaching traders for a long time now and there are regular patterns and habits that breaks traders. I too had this problem until my mentor assisted me and with my own efforts i succeeded to eliminate it. Many traders have the habit to ignore there research and analysis on Mondays and stick to the old ways of trading and repeating the same mistakes.
Did you know that on the weekends is when the mind is calm and makes the most accurate decisions? When the market is already open, stress levels rise up and emotions kicks in. So for a non solid trader it is very easy to abandon his/her own research and resume to the bad ways of trading. Sounds crazy? Yes it is. Our minds are very strong and powerful and can control us everyday. It is very easy to get tempted and ignore your plan that is why to over come such an obstacle requires mind resistance training that will take some time and consistent practice.
Many traders never make it past this point and it is one of the reason traders are loosing money and find it difficult to succeed.
I hope you have grasp a few points, i will continue writing many lessons valuable to traders. Share it to friends and see you the next post.
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Raymond is a professional currency trader with experience of 4 years trading the financial markets. Certified Risk Manager and Contributor at profxtigers.com
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