Isn’t it common to see people binge eat when it comes to holidays and summer vacations? When Christmas arrives and a big roasted Turkey lays on the table, hot and devouring, will anyone miss its favorable taste? Well, binge eating is similar to that of tremendous trading. People often trade for money. However, the majority of Forex traders also agree that trading isn’t just a business, but excitement. ‘Nothing is sweeter and better than having profits your way’ said one of the traders. ‘Forex triggers my interest in trading business and has been giving me addictions. In addition to the excitement, I have been earning a lot from Forex and its quality brokers,”. Although traders and professional investors agree to trade as one of the most exciting activities within the business field, binge eating, once compared to uncontrolled trades, can be super unhealthy.
What Passion Means in Forex Trading
Traders all agree that having a passionate will to earn high profits are needed in Forex trading. Nevertheless, being passionate does not mean one has to place high amounts of trades without any consideration of other important factors. There are strategies, predetermined plans, set stops, and other aspects needed to be taken into account. As Forex is completely different from other trading business, traders can have high possibilities to earn more, but also tend to lose a high amount of profits when strategic planning isn’t properly performed or discussed thoroughly. Passion is the main point in trading which involves high participation, anticipation, and apprehension from Forex traders. Imagine having a boring job that makes you count down hours of work, Forex trading is different. Traders are always fortunate to be greatly involved in the trading business. However, as everybody knows well, the more you trade, the higher the chances there is to lose more.
Random Price Action
It is not recommended for Forex traders to frequently place their trades although there are numbers of those professional traders who tend to do hundreds of round a day. As the price action often comes randomly, mere humans can never guess the price action. There are many traders with supernatural powers, magical instincts in which is believed to be highly predictable. However, to novices and beginners, isn’t always better to be on a safe side? Turning on a safe mode might be a more preferable option, a better alternative to keeping losses low. The more often one enters the erratic market, chances of being eaten by a cookie monster increases.
Use Garbage Accounts: Managing Gambling Instincts
The latter problem then leads to why one needs the presence of a trash account or the so-called ‘garbage account’. Working somewhat similar to that of a demo account, this account will lower chances of losses in profits as Forex traders can unleash all of their gambling habits and instincts without doing any serious or real harm to the net worth. With demo accounts offered by various Forex brokers, it is more than possible to throw away spooky gambling instincts and craves.