Knowing When to Walk Away
I know what I need in order to trade well for the week. For my trading style I need:
1) the market to have some kind of bandwagon it is willing to jump onto;
that could be in the form of a singular outlook for the upcoming economic news releases
that could also be a directional momentum that building up – I don’t even care if it is trend or counter trend, but there had to be a technical setup in price action
2) to be able to plan and manage my trades:
this means I need my ‘business hours’ to be somewhat regular and my attention focused
Last week I had neither.
We work hard for our trading systems and we feel the pressure to take every trade opportunity. I mean…what if I miss what would’ve been my biggest winner?!
The truth of the matter is: if you’re not trading in ideal conditions you’re more likely to take your biggest loser.
We’ve spent our entire lives defining who we are as a person and so much of that time has been spent defining who we don’t want to be.
It’s no different with learning how we want to trade.
As hard as we’ve worked to identify when we do want to trade, that really means we’ve ruled out all of the conditions for when we don’t want to trade. It is our responsibility, now, to adhere to those conditions and save our capital, and our sanity, to trade another day.
How about you?
Do you know what the best conditions are for your trading style?
Is it easy to walk away when you need to?
Triffany Hammond helps traders of all levels, gain the tools, resources and guidance necessary to build on their strengths and work around their weaknesses so that they can make the best possible decisions for themselves in the Forex Market. Triffany is a regular speaker and contributor at 
