How can you get addicted to Forex?
by Jack Smith
Addiction does not work only for alcohols but it can also work for trading. If you find this industry amazing, we have to tell that you should not trade all day. There are chances that novice traders get addicted to trading. At first, they find the market hard to understand. It is because they do not have past experience. It is their first time and they explore the strategy. When they understand the basis of placing a trade, they are mesmerized to see how easy it is to make a profit in Forex. You place your trade, wait for the trend to turn in your favor, make some profit and close it. Traders slowly become addicted and every moment they start thinking about trading. This article will tell you the ways in which you can become addicted. If you know these ways, keep yourself safe from addiction and trade like professionals. They never get emotionally attached to the market no matter how much trade they place.
Overtrading the market
Overtrading is one of the key reason for which the majority of the Singaporean traders are losing money in the Forex market. They simply place a trade to make more money. But they don’t realize this is causing them to lose money on regular basis. The elite class traders at Saxo always focus on high-quality trade setups. Instead of doing the market analysis in the lower time frame, you need to focus on the higher time frame data. Though it will little bit boring at the initial stage eventually you will understand the importance of quality trade execution.
Socialize with other traders
Being a currency trader, it’s very normal to become addicted to the exchange traded funds industry. To avoid such problems you can socialize with other traders and share your ideas. At times going out with your loved ones to spend quality times. Never become a robot while learning the art of trading. Learn to live your life to the full and only then you will not become a trade addict.
You are waiting for a good trend to place your trade
The common way traders can get addicted is by waiting. You know a good trend can make your trade successful and you start waiting. Many people want good trends to place their trades and they keep on waiting. They do not get bored because of starting on the chart and looking at the patterns of the movements. They find it very calming and fall for the movements. You do not get a good trend by waiting but with analysis of the patterns and the strategy. They will help you to know when a good trend is expected to appear on your chart. Looking at the chart will cause you confusion.
You eagerly want the trading experience
Another reason for getting addicted is you cannot wait for getting that emotion when you place your trades. It is fueled by emotions and it will give your brain the same experience like some alcohols. A successful trade is boring but the traders find it adventurous. They place trades even if there is no need and this is how they become attached to trading. All the time they think about the industry and cannot sleep. If they do not get proper diversions like going out with the family or having some day off, they can lose all of their investment.
The profit is seen as happiness, the purpose of life
Even the traders can get lunatic and they start viewing profit as their purpose of life. They can do anything to make a profit and they cannot accept the losses. It changes their mind and they start trading the whole day. If you are having these symptoms in your trading career, you should stop trading and take a break. Addiction will not help you to make money in Forex.