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you are trading and you notice that your anxiety is rising, consciously bring your focus back to the market. If you find that difficult it may help to call out loud or in your head a running commentary of the market. This is something that I do all the time and I can choose to bring this commentary to the forefront of my mind if I find my attention wandering. Also add a bit of drama by varying your pitch to reflect the events unfolding in front of you. Imagine that your commentary is being broadcast around the world. "50 bid at 1, 50 for 5, 25 at 1, 1s trade 5 lots, it's 10 at 1, 50 for 12, 1s trade out, at 2, 25 at 2, 1 bid, 1 for 10, 25 at 2, 2 trades, 2 bid, 3 bid, at 5 etc " 78 Chapter 12: Money Management As a day trader the issue of money management is a simple one. We need to come to a figure that we are willing to risk losing each day. This figure needs to satisfy two key requirements: It needs to be small enough to not cause us distress to lose &. It needs to be large enough to offer us a reasonable opportunity to profit. Small enough We all have a threshold of comfort when it comes to risking money trading and it is important to find out what your level is. This level is influenced by such factors as your personal wealth, your trading skill and your financial history. You may feel comfortable risking 200 or 2000; it is not important what the figure is, but that it is the right figure for you. |
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