If you’re a Forex trader, you are probably all too familiar with sleepless nights. The Forex market is unique, in that it has no “office hours”. Throughout the work week, you can trade 24 hours a day. It’s a side-effect of the global nature of Forex. The markets span every time-zone, and someone is making money at all times, somewhere in the world.
Of course, Forex trading hours differ in every country, but because it’s all online, that won’t prevent you from trading whenever you want. And while this can be beneficial to those unable to trade during normal hours, it can also sneak into your brain and set up shop.
Which is why you’ll end up lying in bed, staring at the ceiling, wondering what’s going on in the world of Forex. Your musings will bring you to your own good or bad trades, and get you excited or anxious.
Forex trading can be a great side project, but you don’t want it to come at the cost of your health. We’ve compiled a list of 3 ways to stop Forex trading from keeping you up all night.
- Limit your investments
Yes, it’s great that Forex trading is so global and accessible. But its ubiquity leads many traders to bite off more than they can chew. You won’t want to at first, but ultimately you will need to limit your investments to certain pairings, ones which are volatile during the hours you have to trade. This will allow you to focus on your trades and leave aside the rest of the market.
Be certain to choose a time when there is volatility. While the markets may be moving all night, there are hours in which they’re pretty much stagnant.
- Choose a trusted broker
In Forex trading, you’re only as safe as your Forex broker is trustworthy. While you’re away from your computer, thoughts of sleazy con artists can whirl around in your mind. To prevent any anxiety, always choose a trusted broker with all the right regulations. There are many scammers out there, but it takes just a little bit of research to find a broker you can trust.
- Segregated accounts
Still, you might roll around, wondering about the broker’s own account. If they go bankrupt, you’ll go bankrupt too, despite your smart investments. Once again, this is nothing to worry about if you choose the right broker. You should make sure your Forex broker offers segregated accounts, so that your money is separate to theirs.
Get some rest
If you follow these principles, your restless nights will become peaceful. Your mind can stop bothering you while your trades stay safely where they are. Forex trading is all about using your common sense, making sure that you don’t fall into any traps. If you take unnecessary risks, the onus of your tired mornings is on you. Have a good rest tonight!
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