Has everybody forgotten the great advice sung to us by the likes of Prince in his song “1999”, or the words of “Relax”, the smash hit from those Brits calling themselves Frankie Goes to Hollywood?
They’re both a little ways back… but I know you remember…
“Relax don’t do it.”
“When you want to go to it.”
“Relax don’t do it.”
“When you want to come”
Anybody? No? Hmmm, fine. That’s my first and last karaoke moment for you.
The message we can take away from those two songs is to “party like it’s 1999,” and RELAX! Currency trading (or any trading for that matter) is a numbers game, it’s a mind game, it’s a battle of will, the ultimate staring contest, where your money (or even someone else’s) is on the line.
I don’t know about you, but it can get stressful! From trade to trade, you battle the roller coaster that is the market. You go to sleep, then wake up and do it all over again! Some days you sit and watch the market’s movement like a hawk. You say to yourself you have to be there every step of the way. You cringe at the low lows or high highs going against your trade.
You have undoubtedly experienced the losses, but even the gains can have an effect on your mind and body. The market can be punishing on both ends of the spectrum. Whether it be the anxiety of an open trade, the doubt caused by loss of a string of trades, or even the excitement of a winner, all can eventually take a psychological toll on you.
Say it together, class, “BURNOUT.”
So what can you do?
You take a break, a vacation, Ferien, una vacanza , vacaciones, vacances.
Do whatever it is you to do to take your mind off of trading, completely. Whether that means partying like a rock star or arranging your soup cans alphabetically, your mind needs its slumber just like the rest of your body. And by complete, I mean complete. Many of you start out right by taking that long awaited vacation to your favorite sandy beach resort, but you bring the Forex market along with you, or even worse, go looking for it at your local Internet cafe/hotspot.
Do yourself a favor…close your open positions before you leave or get your most trusted buddy to watch over your trades if you can’t close them (I know, that’s a scary proposition. That’s why you close your open positions!). And as you learned last week, leave the laptop at home, too!
You never give your mind a chance to fully relax if you’re continually worrying about open trades. And leaving your hard earned money in the hands of a friend could turn out to be a disaster, for your wallet and your friendship. Make it a rule to leave the trading behind and give your mind the rest it deserves. You’ll be a better trader for it!