I don't think so because when we open positions then we can't do anything if the position starts going into loss because if we don't have the decision power that when we have to close a trade in loss then it is useless to sit in front of the trading screen to watch the position is going into loss. We must put SL and TP at the time of opening a position and should avoid opening a position without analysis.
According to me, yeah you are right because if you want to be succeed in forex, so its important to know in which position you are standing in present time and its helpful because if you are at lose position then you do hard work for better position. boss i think there are some traders who go on fore about 5-10 years with single trade too. And there are some who stick with the trade just for few minutes settling for 3-5 pips. So what should we exactly need to do?
well according to me i do not think that there is a any need to watch our position most of the peoples watch their order position continuously but by doing this we are taking tension and fear by doing this and most of the times we loss by doing this so better place a take profit and stop loss limits. If there is a risk control tool in place like the use of stop loss there might be no need for watching the positions. So it is rather use your stop loss and forget the position. You only check it after a long time when you believe your profits should have gotten to your desired level or your position has closed in take profits.
we do not need to be watching out open positions all the time because when you do that then you are not enjoying the freedom that comes with trading in the forex market at all because with the forex market you are suppose to be in a rest after you must have placed your trades because scalping in the forex market is a stressful way of doing forex business. There is no need to actually watching and monitoring your positions, when you open them. That is when you have taken into consideration the risk you can loss and then use stop loss and take profits, you just relax.
No you do not have to watch evrey time you open new position but you may look every while just to check but if you cant it is okay all you need to do is to make make sure you have really studied the currencies and make sure there is no news about them ahead, also analyse you charts very well and the most important thing for long time trading never choose big lot and never forget to sit your stop loss.
of course jab bhi app koi trad karin or app ka account balance bhi ziada na ho to app ko apni opened position / trades ko dekhte rehna chahiye ta ke agar app ziada loss main jane lagin to trades ko close kar din. but agar app ka account balance ziada ha to app ko ziada preshan hone ki zarorat nai ha. na bhi dekhin to guzara ho sakta ha. but trading ke doran careful rehna chahiye.
I don't notice a necessity of observation our trades continuously as long as we've got a decent millimeter and a stop loss . most traders lose massive while not employing a stop loss , and lots of beginners tend to avoid it thinking of if the value would simply retrieve from there so . this is often not a decent plan if you cannot watch marketplace for long , otherwise you wanna kill your account your self .
There are some traders who go on fore about 5-10 years with single trade too. And there are some who stick with the trade just for few minutes settling for 3-5 pips. By watching market movement for sometime you can understand the market conditions and also know well where a particular pair is taking support. a very important thing is to define the targets of the open trades else MC may happen as you have cited.
I am personally waiting for the results of the transaction that I have not only affected me, because for me when dealing with computer over 3 hours then myself always felt saturated and the saturation that can sometimes make a person gets out of control so they can not control himself and if this is the case then we are going to get bad results
jab hmari trade open ho then hmay us main trading ko watch kerty rehna chahea kio k ap kis bhi time usko profit main convert ker sakty ho but ap us main sara din nahi baith sakty is lea open trade ko stop loss or take profit lga ker ap us main relax ho sakty ho is sy ap apna capital bhi save ker lo gy or is main apny target ko bhi hit ker lo gy I think we should do it that watch our open position to make sure so that we can make a good decision and survive more time in Forex.So you watch your trading skill and enjoy your trading with Forex I think it is better for you and remove risk.