This is something that needs to be shared as i got caught up in trading while drunk last week and cost me some money. this will never happen again.
* Do not trade while drunk. You need a clear head while you are trading. You would not fight an opponent while drunk. In fact, you might think you were fighting 2 opponents if you did!! Drinking can affect your state of mind in so many ways and can make you make simple mistakes while trading. Many of these mistakes would not be made if you were sober.
* Get rid of all distractions. You need to be able to concentrate on the charts and not get caught up with other things going on. For instance you might be waiting for a trade and then you get distracted and when you come back to your chart you have missed the trade or you buy instead of selling etc. Distractions can be costly. However, life is full of distractions so put the cat in the hall and shut the door. Put the baby in the playpen where you can see/hear her but at least you won't have to worry that she has wandered off again... Whatever your potential distractions are, deal with them before you start to trade. Even a Ninja can lose a fight if distracted...
* Emotional times. If something emotional has happened, and you can't be subjective, then do not trade! This could be any number of things that had a negative impact on your day. It could be that you broke up with your partner to a death in the family etc... You need to be able to assess what's happening in a very short period of time, and if you are mentally elsewhere then this can have a negative impact on your trading account...
* Do not trade while drunk. You need a clear head while you are trading. You would not fight an opponent while drunk. In fact, you might think you were fighting 2 opponents if you did!! Drinking can affect your state of mind in so many ways and can make you make simple mistakes while trading. Many of these mistakes would not be made if you were sober.
* Get rid of all distractions. You need to be able to concentrate on the charts and not get caught up with other things going on. For instance you might be waiting for a trade and then you get distracted and when you come back to your chart you have missed the trade or you buy instead of selling etc. Distractions can be costly. However, life is full of distractions so put the cat in the hall and shut the door. Put the baby in the playpen where you can see/hear her but at least you won't have to worry that she has wandered off again... Whatever your potential distractions are, deal with them before you start to trade. Even a Ninja can lose a fight if distracted...
* Emotional times. If something emotional has happened, and you can't be subjective, then do not trade! This could be any number of things that had a negative impact on your day. It could be that you broke up with your partner to a death in the family etc... You need to be able to assess what's happening in a very short period of time, and if you are mentally elsewhere then this can have a negative impact on your trading account...