As a foreign exchange trader I am discovering new things everyday and I absolutely enjoy to discuss them with my followers and site visitors.

Today I missed a trade and I was truly tempted to chase, having said that; I stick to my trading plan and let it go.

Despite the fact that I was being tempted by the foreign currency exchange "devil" I realized 5 things that make me stop and not chase this trade.

I hope you find these Forex professional system trading suggestions useful and enriching.

You will be subject to the psychological influence of the market:

When you chase a trade you do it because you are hoping to still earn an income. Therefore, you will be under a lot of pressure for many reasons.

Foremost, you are working against the clock and the longer you wait to take the trade, the lower the probability of success the trade will have.

Secondly, as a currency trader you know that by chasing a trade you are being irresponsible and you are not following your trading plan, this will impact you incredibly.

Your money management will be out of balance:

Money management and risk management are simply just the two most critical elements of foreign currency exchange trading. When you chase a trade you will need to align your stop loss, risked percentage, and even your entry and exit points.

Changing all these details in a matter of a few seconds to a few minutes can be extremely tough and you are more inclined to commit accidents.

Your trading strategy is not effective anymore:

As a strategy developer I have created and created plenty of trading strategies from scratch. The fundamentals behind a profitable trading system are very specific and small changes will affect the final results of the system.

Your trades have lower chances of success:

A trading strategy is centered on a particular set of trading signals and market patterns and when your system provides you with a signal, the signal is time sensitive.

As a result, chasing a trade will lower your chances to generate income since your system’s signals will be out of date.

Your all round trading discipline will be corrupted:

The minute you decide to not follow your trading plan and chase a trade that you missed, you are being undisciplined. Undisciplined trading is the root of most losing trades.

Discipline is needed to do well as a trader since the markets will provide you with plenty of opportunities to be undisciplined. To provide an example, you could listen to a trading analyst who is telling you to go short but your system is telling to go long, what are you going to do? .

In addition, you could decide to take an impulsive trade because you "feel" like the GBPJPY is going down. What would you do in this case?

The bottom line is that taking any trading decisions that are not in your trading plan is considered a lack of discipline and they typically lead to losses.

The greatest traders take Forex professional system trading very seriously and don’t fool around when it comes to following their trading plan.

A successful FX trader uses a money-making trading strategy and a well written trading plan to capture consistent profits from the markets.

Stay tuned to learn more and more ways to increase your profits and reduce your risk.

Sincerely,

Jay Molina

Professional FX trader & instructor