Simply analyzing the economic, political, and social events that may or may not affect the currency prices of a country keeps me sorted to place my next trade. But yeah, without being modest, I do adopt a risk management strategy in case there’s a spike before the important changes.
I think it’s crucial to have a trading plan and stick to it. You might get lucky with one or two impulse trades, but it will likely lead to a blown account very quickly if that is the only method you’re using.
I believe that impulse trading should be prohibited, because it can easily lead to unpleasant consequences such as blowing of your deposit. In my opinion, people should stay calm while trading and never let emotions take over control your mind. It's teh worst mistake, however i understand that it's pretty difficult to struggle with such situations. Nevertheless, if you will train and practice, you will understand that impulse trading will never lead you to success. Also, you have to forget about revenge trading, you shouldn't do it, because revenge trading guarantess that you can say goodby to your money.
Impulsive trading happens mostly when we get carried away by our emotions and deviate from our original trading plan and strategy. It often leads to over-trading as well. Emotional control is very much needed to fight the urge to act upon sudden impulses. We must work on building trading discipline and strictly follow our plan while trading.