Trading Psychology - page 2
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fxcruiser
I think our emotion is based on PROFIT / LOSS on each transaction, overall open gain / loss or overall change in equity of the day
all these emotion are NO NO to trading, but we can't held it [ volatility just need about 40 to 60 pip dangling movement within 1 to 2.5 hr to slaughter your blind guess ]
on the other hand , we will be so pissed for +10 to -20 --- but this one also mean NOTHING in term of reasonable volatility
close the MT4 software after 1.5 hour since you open a new trade -- could be a good way to GO FOR it (no emotion , if you can't see it)
we all start the same way -- by watching a beautiful painted palace of the past candles
on the other hand, we try to make sense of forex with pure technical perfect chart and ultimate profitable (small or big ) strategy - let's say, you find it --- will you ever calculate the Drawdown that you have to withstand in the Watching of the forex story unfoldThat's almost true for me. A proven system to trade successfully is the 1st to be in place. After that, if I decide to open/close a trade based on the technical analysis or whatsoever, I'll just do it without having second thoughts. Yeah...and I know that's a tough part on the emotions.
I don't like to watch a trade once I opened it because it can seriously affect my decision. I'll just leave it to hit it's TP or SL and then move on from there.
The bottomline is, everyone knows where the weakest link is in your emotions part, so getting past that will be part of successful trading.
The best option is to develop a proprietary trading system and consistently follow the signals with discipline and strict risk management.
yeah, but that in itself is a difficult thing to do.
Follow trends
To increase your chance of success trading, You should only open position when long-term trends, middle-term trends and short term are all oriented in the same direction.
Don't be too confident about your success. It means don't use all the margin you are allowed to use.
I wish you successful trade.
Exto Capital
Biggest downfall
I'm an educator through a live trading room and find that the biggest downfall of most traders is their money management. I know money management and psychology are two different subjects but they are very closely linked. When you enter a trade with a risk you are not comfortable with it effects your decision making process. I find that risking no more than 2% on any one given trade gives you an emotional disconnection with any one given trade, thus allowing you to manage the trade more effectively. Psychological stresses are something that you will always have to deal with but by following this one simple rule you can eliminate so many "emotional" trading errors. Just as a side note for those that feel this risk is to low. If you have a 2K account and make 2% per day your account is nearly 40K by the end of the year. Give it a try in your trading and see if it helps:)
-Sterling
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.1) Standing aside IS a position. Not profiting is better than losing.
2) Very true. That's why I never let my profits run. (I'm a scalper)
3) Don't hope. Just cut.
4) Failing to plan is planning to fail.
4) Failing to plan is planning to fail.
very true.
Yeah, hoping is a deadly step... Hoping is in our nature, though. If we stop hoping, we will all commit suicide! On the serious note - the moment you catch yourself saying "but maybe", get out of the trade!
Yeah, hoping is a deadly step... Hoping is in our nature, though. If we stop hoping, we will all commit suicide! On the serious note - the moment you catch yourself saying "but maybe", get out of the trade!
i wish i had taken this advice ages ago...