Forex Trading: 3 Reasons To Stop Trading

My fellow traders, we all know how profitable the forex market can be but it can also cause us a lot of damage as well.

To me, forex trading is a waiting game.

We don't have to trade everyday.

In fact, the mentality to have the need to trade everyday is one of the biggest mistakes for forex trader.

I cam across a nice article that teaches us 3 reasons when we should not trade...

Source: www.straightforwardforex.com

Reason #1 There are plenty of important fundamental announcements

Just take a look at the next screenshot:

Screenshot taken from: http://www.forexfactory.com/calendar.php

Thursday and Friday will be probably the two days with the most important news releases in the whole year!!!

You know what that means right?

A lot whipsaws, market going crazy, etc.

So I think you and me are better off doing something else…

Reason #2 Technically speaking, the market isn’t that clear

If you have been reading my posts for a while, you know that I like to trade when the probabilities are on my favor, when the market conditions are clear, when the market swings make sense, you get the point right?

Well, right now… the market conditions are not as clear as I would like them to be in order to trade them…

In fact, I think its just the opposite:

• No clear swings
• S&R levels are all over the place
• Tight ranges

Why is the market like that?

Could be because of the fundamental announcements later this week, but the truth is that, no now knows, and you know what, I dont really care about the why.

The only thing I care about is that the market conditions are not ideal to trade, so I will go with that.

Reason #3 I could use a couple of days off

You know, I like to play guitar… And its been a while since the last time I played it, so these two days might be just what I was looking for.

:)

Seriously… As a trader you know that you should trade only when the odds are in your favor, when there are low risk trade opportunities… and you know what, today is not that day.

- See more at: http://www.straightforex.com/2013/11/06/3-reasons-why-im-going-to-stop-trading-right-now-and-why-you-should-too/#sthash.cxLJgsXf.dpuf

Yours sincerely,




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