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Panic Trading and how to avoid it.

Panic trading is when you are trading in a panic, this can include:-

  • Closing trades early including winning trades
  • Entering trades with no reason
  • Losing money
  • Sleepless nights

How to avoid these things

1. Plan your trades properly.

With the STRobot robot and SignalTrader Forex Trading system the trades are planned properly, sometimes they take days to complete so getting nervous and worried about it is a complete waste of time.

Even our manual “one click support and resistance” trades are planned often 12 hours in advance. We place entry orders we never place trades.

2. Use smaller lot sizes.

I know that most people suggest 1% of your balance as a lot size. But sometimes you may need to go smaller. If you are constantly worried about your trades you will take stupid decisions. Far better to risk LESS money per trade to the point that you don’t care if the trade fails.

3. Don’t live on other peoples trades.

Learn to trade yourself and understand the markets. Steer clear of “I made $50000 in 3 seconds” anyone who makes these types of claims is not proving that they are a good trader, just conning people. Trading is hard, every trader/system goes through losing streaks.

4. Plan how you will manage your trades.

SignalTrader users actually can let strobot manage both their normal and manual trades, we move our stop inside our entry at 30 pips then trail the stop at 60 pips profit.

My rule is – I exit when it TP’s or Stops out or if after 3 days it has not moved.

5. Learn one system don’t just chop between different systems.

Trading is hard enough already – if you are trying to use 5 or 6 different trading systems you will just end up being confused. Trading systems vary in their approach, a scalping system will be completely different from a medium/long term system like ours.

6. Trade slower time frames.

It is much easier to be right on a daily chart than on a 15 minute chart.

If you need support and a good trading system that you can learn in 1/2 hour please contact me or visit the website and sign up for the webinar http://www.strobot.co.uk

 

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