Did you lost your temper in dealing to Forex?
yes some times I loose my temper when after good analysis market is against as I open any positions. It makes me tense . I feel to do revenge trading at that time to recover my loss but it is also a big mistake to had any decision in anger.
Of course, but then I stop trading. The trick is not to trade when that happens
There is nothing wrong about losing temper and revenge trade unless it is clouding your clear decision process...People needs to understand their natural instincts carefully...Has to grasp all details before fight against it..They are legacy from our grand grand parents and this is way more important also from Allah..If Allah does not wants us to do it then we simply could not do it...I want to give an example from fighting sport..Muay thai...My favourite muay thai fighter is Buakaw...He is dominating his weight division for a long time..If you watch his matches carefully then you can see that he immediately response his opponents attack..I mean counter attack...Which seperates from good figther than excellent one if you really master it..I think Forex market is a lot like war scene and traders should grasp warior(figther) mind of course like an professional..If you want success in this business you need to be excellent trader being good trader is not enough..I got a plan about opening a thread which subject is Martingale money management...
Trader should be mentally strong in trading because it involves emotions and real money so trader should practice and improve their trading knowledge and experience.
I used to lose my temper quite often but then i realised that it lead me to even worst decisions, so i decided to if i catch myself to lose temper, get away until i calm down and reflect on my mistke
Everybody loses temper
When I lose, then I start trading small lots for a day or two until I cool off
Yeah that's a good advice I even recommend newbie traders to split up their position to small lots and manage them separately. We all know that small lots has more chance to close without slippage.
Probably not because of the slipage (but it is a good idea too) but because of the risk
Scaling down after a loss is always a good idea
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It is not good to lose your temper in dealing to Forex because it will destroyed your plan and method. Someone losing his temper cannot decide and think clearly.