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Children are instinctive and passionate about everything. They are constantly eager to learn new things. Kids are great at a lot of things, and I’ve been thinking that there could be a few things we can learn from them when it comes to Forex trading.
Sleep is exaggerated.
Traders, like newborns, appear to believe that sleeping while others sleep is not a thing. While most individuals work from 9 a.m. to 5 p.m. and sleep at night, exceptional traders are up at all hours of the day and night. If gold is climbing in the Asian market or the EUR/JPY is turbulent, gains take precedence over sleep. Unlike newborns, traders allow others to sleep, even if they are awake.
It is OK to sin.
Children are unaware of sins. When they see chocolate cake on the table, they don’t contemplate gluttony. They just start clawing at it, even if the birthday song hasn’t finished. Kids don’t care whether another child is playing with the toy first. They want the red truck right now. Perhaps there is something we can learn from children.
“The idea is, ladies and gentlemen, that greed, for want of a better word, is good,” Gordon Gecko famously said. Greed is correct, and greed works. Greed crystallises, pierces, and catches the essence of the evolving spirit. Hunger, in all of its manifestations; greed for life, greed for money, greed for love, greed for knowledge, has characterised humanity’s ascension. And greed, mark my words, will not only preserve Teldar Paper, but also that other dysfunctional enterprise known as the United States of America. Thank you a lot.” Thus, while trading, Don’t be content with what you have. Greed is a positive thing as long as it is used with restraint.
While your impulse control may keep you from scribbling on other people’s faces, you, too, occasionally lack the self-discipline required to trade effectively. You may have great self-control when planning your strategy, but when the market does not react as you expected and you are caught off guard, you can lose control and self-awareness and make mistakes you would never have made if you had been focused and calm. There is a wealth of information available online to assist you in controlling your urges when the market falls.
Take note of the little details.
Have you ever attempted to get there quickly with a child? It’s a near-impossible task. They come to a halt every three feet to inspect something. Children are natural explorers, and adults lose that ability sometime along the way. We stroll through life quicker, we multi-task, we burry our heads in our phones and we forget to look at the details.
In order to win in trading, attention to detail is essential. It is critical for traders to keep a log with full information on each transaction in order to have a genuine picture of performance. Keep track of when you entered and departed trades, the conditions around them, and your daily and cumulative P&L, volume, and victory %. Examine market movement and instrument performance. Investigate your trading performance in depth to have a thorough understanding of it.
Depth and distance are not ideas that little children have learned, and novice merchants have not mastered them either. Fx is notorious for its highly leveraged entry levels, and inexperienced traders frequently establish stop losses that are overly tight in attempt to decrease exposure. Working out the probability of the price moving a set distance from the open within a given time is crucial for risk-managing.
Crawl first, then walk.
Kids take their time, and as long as they are physically and mentally well, they will reach all of the milestones they are expected to reach in their own time. They will initially master keeping their heads up before progressing to going on all fours and then crawling.
They will stand clinging onto something before beginning to cruise, then letting go and beginning to walk. New traders should do the same. First and foremost, never underestimate the value of education. Learn by utilizing a sample account, attending online classes, reading books, or replicating the methods of more experienced traders. The adage “First you learn, then you remove the L” holds true in Forex trading time and time again.
Others should be emulated.
Copying someone with more expertise than you can spare you the effort of having to learn from your own mistakes. Social trading is a fantastic tool that allows inexperienced traders to mimic the deals and even tactics of more experienced traders as they learn the ropes. Social trading may also be advantageous for traders who are knowledgeable in one instrument but wish to begin trading a different one with which they are unfamiliar.
When you get stuck, ask for help
Kids find themselves in a variety of difficult situations and don’t always know how to get out of them. If you’re a trader and you’re stuck in a losing streak and can’t figure out how to get out of it after analyzing every move you’ve made, seek assistance. When seen objectively from the outside, the problem is frequently clearer and easier to identify. Don’t be embarrassed or frightened to seek assistance.