Manage your expectations

Yael Warman

My good friend Pam, love her to death, she’s the ultimate single girl. If you were to meet her, you would think of her as the coolest, I-never-want-to-be-married, free-like-a-bird, quintessential single gal. I know better though. We go way back and I know her story. Yes, she is enjoying her single lady life to the […]

Trading Forex? Manage your Expectations

My good friend Pam, love her to death, she’s the ultimate single girl. If you were to meet her, you would think of her as the coolest, I-never-want-to-be-married, free-like-a-bird, quintessential single gal. I know better though. We go way back and I know her story.

Yes, she is enjoying her single lady life to the fullest, but there is a reason why she is single. It was the summer of 2001. As juniors in college, Pam and I decided to go all out on our last summer before having to start adulating and travelled to Italy.

We would spend a month eating pasta and salami, drinking cheap red wine, sun tanning in pebbled beaches and staying in less-than-glamorous hostels. That’s the summer Pam met the love of her life (aka the Italian who broker her heart).

Italy has this way of making everything seem more romantic than it really is and promises of a “together forever” from a tall and handsome Italian with a broker English and a sexy accent took away Pam’s better judgement. I blame that summer for Pam’s seemingly fabulous single life.

What in the world do Italian summer flings have to do with trading, you must be wondering. Well, you see, Pam set too high expectations that summer and no other guy since has been able to meet those expectations, plus the fact that she will at all cost avoid pain, has kept her single through the years.

In trading, you’ll find that if you set too high expectations, you may find yourself blocking any information that would go against your strategy and trying to rationalize or diminish the significance of conflicting information, if or when your strategy doesn’t meet your expected goals.

If you don’t meet your expectations time and time again, you may begin to see that the feeling of disappointment and frustration will grow to such extent that you begin resenting the market, causing you to stop trading altogether.

Managing your expectations can be a key factor in determining your trading success.

It can help you to easily modify your view of the market conditions according to what price action is showing. You can learn to expect that the market will take a negative move and act accordingly, rather than being stubborn and keeping your opinions, even when the market is showing you different.

My wish to both Pam and you, the trader is: May you have the serenity to accept the things you cannot change (like the market) and the courage to manage those you can (your expectations).

Read this next

Digital Assets

FTX co-CEO, SBF’s close associate sentenced to 90 months in prison

Former FTX executive Ryan Salame has been sentenced to 90 months in prison after pleading guilty to criminal charges last September.

blockdag

BlockDAG Dominates Crypto Presales With $34.7M Milestone, Surpassing Floki And Bonk In Market Influence

Discover how BlockDAG’s cutting-edge dashboard and presale achievements upstage Floki and Bonk in the cryptocurrency arena, signaling superior investment opportunities.

Market News, Tech and Fundamental, Technical Analysis

Dogecoin Technical Analysis Report 28 May, 2024

Dogecoin cryptocurrency can be expected to fall further toward the next support level 0.1500.

Retail FX

Canadian broker Questrade taps TradingView charting

Canadian securities brokerage Questrade has upgraded its web platform by integrating popular charting software TradingView.

Fintech

Germany lifts N26’s monthly cap of 60,000 new clients

Germany’s financial regulator has lifted a cap on the number of new clients that N26 Bank AG can take on after the fintech company improved its anti-money laundering controls. BaFin, the country’s financial watchdog, will remove the cap entirely from June 1, 2024.

Education

Animals and the money: Octa broker gathered the most popular slang words in financial markets

If you’ve seen ‘The Wolf of Wall Street’ with Leonardo DiCaprio as Jordan Belfort, you might have wondered why he’s called a wolf in the movie. It’s not just a random label. Animals are often used in finance to describe traders, their traits, or market conditions.

Industry News

Octa’s Global Ramadan Impact

Charity activities are an essential part of Ramadan celebrations. Octa seized this opportunity to implement a series of socially beneficial initiatives worldwide. Read about the projects the broker carried out in Indonesia, Malaysia, and Nigeria.

Digital Assets

Nexo integrates The Tie’s advanced real-time analytics

“Learning to analyze and “hear” the market takes time, but it also takes information. Together with the Tie, we are acting on our commitment to ensure all users have fast access to market sentiment and movements, enhancing their experience, strategies, knowledge, and engagement through valuable data-driven insights.”

Executive Moves

The Financial Commission appoints FastMT’s Aytugan Khafizov to committee

“We are thrilled to have Mr. Khafizov join our dispute resolution committee. His deep expertise in financial trading systems and his commitment to improving trading technologies will significantly strengthen our efforts in providing fair and efficient resolutions for our members’ clients.”

<