If you are not the kind of trader that will rely on trading algorithms and robots, then you are probably going to be pretty much on your own. And believe me, there is nothing wrong with that.
Forex trading has a huge psychological component. Just think about it. There are no agents or account managers to trade. You are totally on your own. What you know or don’t know will define your success and therefore, the fluctuation of your trading balance. The decision to make or lose money is now entirely on your hands. Yes, challenging, but also can be stressful.
And it is that same stress that can play you a tough moment when opening and closing positions. That is why it is important to learn how to manage your stress beforehand.
Take a deep breath
Believe it or not, breathing can save your account. But you have to do it right. Try this out: stand up. Put your hands on top of your head. Stretch your arms and take a deep breath. Try keeping the oxygen inside you for a few seconds before breathing out. Repeat that 5 times at least.
Water down your bad emotions
Coffee is not going to help you. Trust me. I’ve been there. Our dark-colored drink is designed to make you more excited, which is clearly not the idea if you are in stress. Therefore, go clean, go for a glass of water (or maybe two). Water will instantly help you to calm down and think clearly.
Don’t forget about your strategy
It is ok. That trade did go the other way around. So what? One battle will not define the who wins the war. So cheer up (smartly). Instead of focusing on negative feelings, try to identify what went wrong and how you can improve it for future situations.
Take some money off the table, enjoy life
You are trading day after day and… where are all those gains going? Probably they are all still at your trading account. If you are feeling stressed and anxious, a good way to deal with it could be taking some cash off the table and treating yourself for once. Because let’s be honest, there are plenty of rumors about not being able to cash out your funds, so you can also use the opportunity to test the speed and smoothness of the process with your broker.
