Trading Psychology

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This thread aims to gather the psychological experiences of a forex trader as s/he engage the market so as to help each other become a professional trader. Kindly post your experiences on how to overcome the following:

(1) Fear of Trading leading to no trading activity at all.

(2) Greediness leading to turn the winners to lossers.

(3) Hope of turning the lossers into winners

(4) Excitement leading to pull the trigger without proper trading plan.

Thank you.

 

There are many options for people with psychological problems with regards to trading.

One would be to go see a pychologist or a psychiatrist.

Wouldn't it be nice if they had a rehab center for losing traders, like the Betty Ford Center for crazy celebrities.

Another would be to hire a cold-blooded hitman/killer to trade.

Why?

Because they have no emotions and just do the job, like they do for their Mafia boss.

Third choice would be to buy or code your own EA that has strict money management and consistantly profitable.

A fourth option would be to find a professional trader or a firm that will trade for you and charge 20 to 25% commission.

 

Best Option

The best option is to develop a proprietary trading system and consistently follow the signals with discipline and strict risk management.

 

Agree..100 %...FOREX is a phycological game..

Why go for fear and greed..If you have confidence..it will all balence up..boy the 5 dollar books on confidence building will do million times more good than 100 dollar elliot or EA books.

The fear and greed shapes up when you are not confident about your trade..and confidence will only come with experience.

We do not need 100 PIPS a year ..If you are 100 % confident. like soros says.."if you beleive the market will go your way..betting you house won't be enough"

Just 5 PIPS and 1 year of long wait and confidence building is enough to live...gosh..i think this word is getting to my head..I used confidence 6 times now ..I need a break

 

ok painting a picture here.......

this has helped me many times

ok... we have entered a trade and sure the price will turn

cant close cant close I know it will turn back soo as I close

trade getting worse worse go gone past me mental stop

oh well it will come back it doesnt and we lose 50-100 pips

the best way I have found to pull out of this losing spiral is...

if a trade is going against me i say to myself

HOW MANY TRADES WILL IT TAKE ME TO GET THIS BACK...it amazing that just a little sentence like that at a stressful time will help you pull out of a trade.

thats all you need to say to your self

it will help you to accept the loss

2 losses in a session then I sit the rest out

 

hi,

intuitrader.com:
The best option is to develop a proprietary trading system and consistently follow the signals with discipline and strict risk management.

Hi,

I agree with you....you must have your system stick on your side...profitable system ofcourse...it's better to trade like a robot using your system

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Forex Indicators Collection

 

It's sad that this thread has been abandoned.

After a couple of years since I begin to explore the Forex world, recently I've understood that some books say: "90% of success in Forex is psychology...".

If you don't organize your own life in every sense, don't expect too much from Forex. And that organization implies CHANGE and OPEN MIND. Because the environment where we have grown, has distorted the reality we need to deal with the market. We need to put on more attention to our lives first. You don't need to have confidence in your system, you need to have confidence in YOURSELF.

By the way, I recommend to everybody search for neuro-linguistic programming (google NLP). It's a great tool to start changing your lives.

Have you even tried to delete all your indicators and trade only with the prize?

you just need to do something like that with your life.

Regards,

Marcel

 

If you have good strategy...be discipline...or else just use EA...open the EA and then go out shopping, watch movies, drink coffee, talk with people on the street and go back home after the EA ended.

 

If you got the holy grail.... , you are right.

Otherwise, I use EAs only as a help to automate tasks. But I never let them alone.

90% of EAs fail... You know why? because they are based on 90% losing systems, or made by 90% losing traders!

 

Overall market behaviour changes over time, there are big movements a bit like seasons. You need a system which helps you see when the seasons "change" so as to adapt your trading strategy.

I personally use a semi-automated system (1) for technical reasons - I trade 10 pairs simultaneously and can't be in front of puter 24/24 and (2) takes out the emotions, I only need to manage trades once taken.

Oh, and my favourite saying "There will ALWAYS be another trade tomorrow" (except on Fridays ! )

Happy trading,

Ms_Mel

 
Ms_Mel:
..... Oh, and my favourite saying "There will ALWAYS be another trade tomorrow" (except on Fridays ! )... Ms_Mel

yep... straight to the point Ms_Mel! besides this rule also helps not to let already opened trades to go sour If something is not progressing like you have planned and expected to see - just take what you can take at the moment and leave all your hopes and all potential profits on the table, because you will have another trade tomorrow and you will get the rest of your yesterday trade tomorrow.

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