A day or 2 if a trade has not given me any setup, then I just wait till it does by backtesting. The same goes if I had open trade, I never watch it always, I just leave it and let the trade do by it self. Set and forget. I would concentrate on backtesting and finishing it to anlyze results, experiment new things on the any currency pair. See what pattern emerges on several occasion or seasons of the month.
The only worries of a trader about his/her trade is either :
1. You overleverage yourself
2. You had a loss and did not get over it, instead re trade again to prove the market is wrong
3. You’re lack of discipline in money management , by allowing Greed to control of you, the dark side has won.
4. You are tired and yet you are trading, you mind is weak and have a very poor decision rate being disoriented = not in tune with the market force.
5. You are angry over some thing, and when you made the decision to trade, its too late and You HOPE it to win. The moment HOPE instills inside your heart, that is the time to call quits.
and…. probably many more.
I enjoy my self backtesting always. Probably I backtest more than I trade. I had a teacher doing the same thing, that’s what inspire me, to work hard and never quit. Keep on practicing even it is the 100,000 times. It is well versed inside your head, including the trading plan. I use to journal my plan on a book, and then on a an excel sheet computer, then after on a blog where I can access it anywhere around the world. I like tor ead back How I have done good or Bad in my trades. It gives me the gist to implement solutions, its a way to discipline your trade. It also reflects my money management skill, my psychology in trading.
I remember writing it down of every thing on my conditions such as, sleep for how many hours, dietry health intake. It may seems strange but believe me, it does reflects your condition mentally and health. Just as you are responsible for your health, you must be responsible for your trade. Be accountable and honest, including the loss. It’s part of trading, in every business, either investments, ecommerce, shops or other business establishment, there is always bound to be losses. If not Fibonacci won’t convert everything into Maths and he uses maths as a defining law of nature. What comes up , must come down hence his retracement theory.
So while waiting, do something that is healthy for your mental. If you have a good probability trade, just leave it, let it do by its own. SO what did you do while waiting ?…