Page 119 - Ultimate Guide to Currency Trading

$100,000 worth of currency at one time. The fact is, that is quite a lot of money, and you most likely
will get just a tad bit conservative in nature when trading. Questions like, "What if I lose?" are the
most common. If this is the case, give yourself time to cool off.

A good way to do this is to shut down your account for a while. Take all but $50 out of the
account and have it sent back to you in a check or wired to your bank account. Take the money and
use it on a vacation or weekend trip with your family. Maybe spend some money on a special holiday
or dinner party for the extended family. If you are single, spend the money on a set of skis or a new
road bike. Go on a trip with your friends and exercise off that tension. This getting away will give
yourself time to think about what is wrong with your FX trading system, because something is
definitely wrong with it if you are not enjoying it!

More Time to Spend on Trading

After deciding that you have the assets to invest into trading currencies, the next thing to ask is if you
have the time to currency trade. If you are going to build an account that is larger in dollar size, and
you plan on trading in an aggressive, high risk/high reward way, then it follows logic that you will have
to spend more time on trading. It might be that you are an evening scalper, and that you plan on
placing only six or seven large bets over the course of watching the late movie before going to sleep.
You might have an idea of get-ting up in the early morning and trading from 4:00 A.M. to 6:00 P.M.
before you go to work, or before the kids wake up. Whatever your plan, you will need to spend a
proportionally greater amount of time on currency trading.

Your actual trading time might only be two or three two-hour sessions a week. This limited
amount of actual trading time is a good plan: It would keep you fresh and excited about currency
trading. With this type of plan, you can lead a pretty normal life. You can have a regular job, you can
raise kids, and you can have free time. It is possible to lead a relaxed life and still trade your FX
account in an aggressive nature.

In order to do this effectively, you need to spend the time you are not actually trading reading,
studying, and looking for setups. You could build this into your normal day. You could take the kids to
the park, let them play on the swings, break out your iPad, and read the currency news websites. You
could go to the coffee shop a few minutes before you are going to meet your friends, pull out your
laptop, and read a report that your broker sent out that morning.

Work out a schedule for studying about the markets and doing research. If the kids
go down for a two o'clock nap, then this might be a good time. If you can read at

your desk during lunch, then maybe this is your best time. Find a good time and get
Essential into a routine of reading about FX every day.