Are you switching from chart to chart in search for a trade, and eventually enter a losing position? Are you eager to take revenge after this losing one? Is your nose becoming too friendly with the screen?
Taking a break can help you refocus. Taking one step further, it is wise to schedule these breaks. Here are a few ideas of how and when to do it.
When you train your muscles in any kind of sport, you push your muscles further out and strengthen them. But building your muscles can’t happen with training alone. Rest is needed in order to allow them to rebuild and become stronger.
The same works for forex trading: you need time to absorb the intensity that you’ve encountered. And you need time to clean your head as well. It doesn’t matter if you already turned into a professional full time trader or not.
Taking a vacation from trading will definitely allow you to clean your head. But you don’t always need a full vacation: just some time off. And when you’re back, you’ll be more focused and achieve more in less time.
When can you rest?
When you are tired
If you’re a morning person, don’t trade at night. The same thing goes the other way around: a night owl shouldn’t trade early in the morning. Trading when you’re tired isn’t efficient, even if it is the most exciting trade session.
Don’t worry, there are enough exciting trade sessions at other times – sessions that will feel more natural to you.
When the market behavior doesn’t fit you
If you’re into extreme moves, the overlapping European and American sessions on a Friday fit you best. Stay away from the Sydney session. On the other hand, if you prefer range trading, go for other sessions, and skip the most volatile ones.
Adapting trading times to your behavior is easier than adapting your behavior. So just rest when conditions don’t work for you.
Some people like to trade them, and they should stay away from times that are sparse with events, such as Mondays. Why not enjoy a long weekend?
On the other hand, some traders prefer to shy away from uncertainty, at times with many simultaneous releases, so they should skip some Thursdays, which usually have crowded calendars.
I guess you get my point by now.
Do you take breaks or stay addicted to the screen?
I’d love to hear which times are favorable for trading, and especially at which times you just turn your back to the screen…
Further reading: 5 Most Predictable Currency PairsGet the 5 most predictable currency pairs