Cool and calm in the face of an enemy, that is Bond, James Bond. When he faced a shootout with terrorists, he knew that he will win. Bond is known for his ability to escape from a tight squeeze and it made him feared by his enemy.

Cool and calm in the face of an enemy, that is Bond, James Bond. When he faced a shootout with terrorists, he knew that he will win. Bond is known for his ability to escape from a tight squeeze and it made him feared by his enemy.

Hmmm ... maybe what Bond does not know is forex trading :D

No matter how good your strategy in trading, but if you are not as cool and calm as James Bond, then you will be experience a lot of trading loss.

Bond

A forex trader capability to maintain emotional stability during trading will be tested from time to time. Each trader is required to be able to remain calm in the face of price fluctuations that occur in the market.

 

Stay cool under pressure

When Bond must jump between two tall buildings, he knew he could do it. There is no sense of hesitation in his decision.

As well, in taking trading decision, a forex trader must put aside doubts, greed and fear. Trader that emotionally involved in trading often make fatal and unnecessary mistake. But it is difficult to learn not to do that.

Often we become disciplined after successfully performed several times trading profit, but changing strategy too quickly after failing in one or two times the entry position means that you are unable to stay calm under pressure.

One of the key to be a good trader is being able to cope with emotional factors that occur during trading and learn not to be involved in it, just like how a poker player maintain his 'poker face' facade.

 

Know when to take a break

When we are in the midst of consecutive losses, consider to pause before fear and greed take over our trading strategy. Not all trades that we do can be won. To that end, a forex trader must be able to accept defeat.

We can rest a few days without observing the market to clear the mind and correct your trading mistakes. Continue to trade blindly following a string of trading losses are often actually produce greater loss, and destroy our psychological state. James Bond too, has been known to take a break every now and then, right!? Be it relaxing by swimming in a pool, socializing in a party, or dating hot girls.

There's always tomorrow for trading. Through the development of correct risk and reward ratio, we can cover our trading losses. Therefore, forex traders are expected to always remember the following points:

  • Limit risks in your trading position with a stop loss.
  • Keep your trading lot in reasonable size.
  • Know always risks and rewards that you will get
  • Make sure you have more than enough funds for trading.
  • Do not make additional order to a losing trading positions.
  • Learn from mistakes and record it in a trading journal.

One of Bond's most dominant trait is his diligence in seeking information before taking action. This is also something that a forex trader should do: making informed decision, instead of emotionally-driven decision.