WHY ABSOLUTE CONCENTRATION IS NEEDED DURING TRADING
For those of us in the trading aspect of CRYPTOCURRENCYS or perhaps forex can testify to how important full concentration is need during trading,a minute mistake can cause one the loss of an entire account if care is not taking,I could remember one particular time I traded binary, on that day it happened I just closed from work so after few hours of resting I decide to do something worth while which was by looking at how the market price was going,trading binary is quite different from currency pairs because in binary it is all about stocks which are more volatile than currency pairs.
Along the line I spotted an opportunity so I decide to open some position,this time I was very concentrated watching every move of the market,things went my way and after few hours I was in massive profit, I didn't want to be too greedy so I decided to close my positions since I was $50 in profit. I was very happy to made such amount within the shortest period of placing the trade. After sometime , I decide to have a look at the market again and it was still going bullish, I was like this seems to be another good opportunity so I went in again but this time with more positions.
At first the market was going my way and this time I became more relaxed and less concentrated,and before I knew what was happening the market was already going against me, I was dozzing off so I decided to take a nap and before I woke up all positions have close because it hit my stop loss and I was in a loss of $500,remember sometimes the market can be very funny,I didn't expect the market go very fast the other way round but it did, had it been I am fully concentrated and didn't go to sleep I would have been able to minimize my loss but this time loss was very much. Well I could blame anyone but myself.
LESSON LERNT
That loss of $500 actually thought me a very great lesson trading forex or crypto is not like the physically market where you go to buy goods,trading forex or cryptocurrency is more of electronics and the use of internet, so in this case alot of concentration is need to achieve maximum profit during trading, without absolute concentration I can categorically tell you that it will be very hard to be in profit since volatility is a very crucial aspect of trading which can make the market to change direction at any time.when you are concentrated during trading you can definitely minimise your losses.