There are a lot of people who equate trading on the foreign exchange Sydney to gambling. This is partially due to the lack of guarantees on the market. However, one of the other reasons is that the foreign exchange Sydney is just as addictive as gambling. It is important that you determine whether or not you are addicted to foreign exchange Sydney trading. If you are you should consider how you can overcome this addiction.
Not Keeping to Day Trading
A lot of traders who are addicted to forex view themselves as day traders. They often state that they do not have a problem because the always close their open position before the day is over, like the strategy says they should. However, these traders also trade for much longer than they should in an average day. Day trading does not meant that you should trade for the entire day. It is only a term used for a style of trading.
To curb this addictive behaviour you need to set a trading schedule and keep to it. This is really the only way that you can stop this from escalating.
Logging Onto Your Foreign Exchange Sydney Account Regularly
One of the sure signs that you are addicted or close to becoming addicted to trading forex is that you constantly log onto your brokerage account. This is one of the problems with having an online account, the ease of access. Forex addicts can easily get onto the market and place trades at any time of day. If you find yourself doing this then you need to consider the fact that you could be addicted.
The only way that you can limit this addiction sign is to be vigilant. Once you have finished your trades for the day you should log off and close the account. This forces you to have to open the website again to log onto your account. This may give you time and warning which allows you to curb this behaviour.
Not Considering the Risks of Trading
When someone is addicted to something they generally ignore the risks related to it. When traders are addicted to forex they will ignore the risks of their trades. They will also ignore the cost of entering a trade because they are only focused on the profits or the act of trading. This is very dangerous because it undermines any risk management plans and generally leads to severe losses.
The only way you can stop this from happening is by having a risk management plan and sticking to it. This will take a lot of control because you have to go against your impulses.
Stress and Insomnia
One way of knowing that you are addicted to something is the constant craving to complete the action. This can often lead to insomnia because you are up all night on the market. The insomnia actually makes you trade badly because you are not able to function cognitively at the right level to trade correctly. This adds stress to your trading because you are losing on your trades. With this added stress you are going to trade emotionally which could lead to even more losses.
The only way to stop this behaviour is by having a schedule and sticking to it. You also have to ensure that you sleep every night.