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Fibonacci Time Zones is the subsequent row of vertical lines with Fibonacci intervals 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144 etc. This tool is used to define significant price changes on the basis of previous price fluctuations. The main point in drawing Fibonacci Time Zones is to correctly set starting and final points that will determine the length of a singular interval. To build vertical Fibonacci row in the MetaTrader 4 trading terminal, it is necessary to choose “Insert - Fibonacci Time Zones” in the toolbar and mark two pivots. Starting and ending points are usually marked on extreme values of prices (minimum - minimum, maximum - maximum, minimum – maximum and maximum - minimum).

We always hear people saying to control our emotions and trade carefully but we never understand them until we realize what they mean in fact. Below we will discuss this issue in details. Consider an example where we know how emotions lead you to lose: Suppose you have $500 of capital and you are trading. You took a high risk and thus you have lost $200. What finally remained is $300, you get frustrated and open again with an even more risky trade. Again you lose and come to $100. By following the same pace, you will end with zero balance. Let's analyze. You started with capital of $500 and lost $200 with $300 remaining. Your intention is to recover losses immediately and this is what we call an emotion. You have only thought of recovering money and you do not even think whether that situation is suitable for opening a trade or not.

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Forex encyclopedia

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