Let the market do its job???

(This is an mini article series to encourage traders to learn how to be a better trader written by Eric Lye in our Forex Trading Blog)

There is a saying of after you have put in your entry, let the market do its job.  I can't possibly argue that this statement is wrong, however we can't be applying it blindly as well, especially when you are not trading well.


I have seen traders lost control because of this kind of thoughts.  Especially when they have recent losses, the 2nd voice in the head would say something like "arrggh... why am I wrong, why I didn't take the 30pips first...".  

Then next thing that happens, they see the usual setup, went for the entry and close their computer and let the market do its job.  I can't say much for people that are trading part time and do not rely on trading for a living, but for those are doing it for a living or trying to make trading a full time career, I do not think that market has a job to do.  The trader should do his/her job - i.e. manage your trades and yourself.


Trying to trade with your eyes closed is no different from driving on the road with your eyes closed.  It is suicidal.  Then again, I would hear traders saying they have to stay away from the computer so that their psychology won't be affected.  And to me that is really a lame and lousy excuse.  Most successful business did well not because they have a unique product or in our case a special, reliable trading strategy or system; they did well because the manage their operations and risks well.  Thus, as traders we need manage our trades and risks well in order to make this business of us profitable.




Written by
Eric Lye