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Money Management..keeping the money... 38 replies

Money Management / Risk Management 8 replies

Emotions (money management)

Hello

The most important factor that should be considered seriously is money management ... avoid emotions ... place your limits each days and dont break ... (place TP/SL) on each and every position ... and there is many more ... please add more points because this is the most if not the only thing that should be taken seriously before even start thinking of placing an order or position ... analyse carefully the market befor doing any thing......


Please traders add more point based on your experience
let the chart to be your chauffeur ... -Forexmnstr-
Make your system as Mechanical as possible...that means that YOU become a robot when trading....learn to Detach from your Emotions.....and w/o getting all Zen on you....acknowledge and observe your thoughts (and hence your emotions).....and cut out the "chatter".....here are some good resources:



http://www.amazon.com/High-Performan... MessageThanks
Definitely cut out the emotions when trading and FYI, trading on gut feeling is NOT a good idea..esp when you trade on fundamentals.
There are three things that emotions comes into play when trading. This is based on my personal experience.

1. Being a perfectionist - You can see this all the time in traders, they cut there winners short and let losers run.
2. Too much money is on the line
3. No confidence on trading abilities and trading system

Merry X-mas and Happy New Year.

FxTurtle
FxTurtle - Patience and discipline is the holy grail
It will take a lot of practice and patience to keep away emotions and anxiety from trading but practice they say makes perfect.
Need correct mind set and disciplines to avoid huge losses and success in this business.

Here is very good video on Trading & The Mindset of Abundance. Enjoy


http://2ndskiesforex.com/forex-video...set-abundance/
Love the video, thanks for that link. And merry X'mas to everyone on FF as well, happy trading!
You should have a discipline like soldiers have.. But it's quite difficult for a woman! But I like challenging, so I'm in Forex
Quoting Forexnuts
Love the video, thanks for that link. And merry X'mas to everyone on FF as well, happy trading!
Merry X mas to you as well
"avoid emotions" @ define emotions in order to avoid them.
if fear & greed are the case, one shouldn't trade at all.
money management has more to do with management than with money.

winning sadly indicates that winning more was the case.
Have confidence in yourself and in the trading method used is what is needed to avoid being a victim of your own emotions.
Quoting 4xplosion
Make your system as Mechanical as possible...that means that YOU become a robot when trading....learn to Detach from your Emotions.....and w/o getting all Zen on you....acknowledge and observe your thoughts (and hence your emotions).....and cut out the "chatter".....here are some good resources:



http://www.amazon.com/High-Performan... MessageThanks

I agree with what you mention in your post. I actually purchased this book from Amazon, it was about $29 or something but was that a waist of my money! Poorly written and poor advice! I wish I kept the money in my pocket!
Argue for your limitations, and sure enough, they're yours. Richard Bach
Quoting GoodTrader1
Have confidence in yourself and in the trading method used is what is needed to avoid being a victim of your own emotions.
Wow ... your first post ... is an advise to me ... thanks mate i appreiate it
let the chart to be your chauffeur ... -Forexmnstr-
Quoting forexmnstr
Hello

The most important factor that should be considered seriously is money management ... avoid emotions ... place your limits each days and dont break ... (place TP/SL) on each and every position ... and there is many more ... please add more points because this is the most if not the only thing that should be taken seriously before even start thinking of placing an order or position ... analyse carefully the market befor doing any thing......


Please traders add more point based on your experience
Well, based on my experience, I would say money management is the easy part of trading Forex. You have full control of the size of your trade and the setting of your TP and SL.
The easiest way to "cut off emotion" is to turn your trading strategy into an EA. At least a semi-automated one which helps you out with the entries and/or exits. For average trader, the only ways to get un-emotional is...

1. years of screen time
2. born without emotions
3. trading tiny capital whereby wins and losses don't make an itch

Good luck!
Quoting Croatian
The easiest way to "cut off emotion" is to turn your trading strategy into an EA. At least a semi-automated one which helps you out with the entries and/or exits. For average trader, the only ways to get un-emotional is...

1. years of screen time
2. born without emotions
3. trading tiny capital whereby wins and losses don't make an itch

Good luck!

Trading systems work as long as you recognize their limitations and have them deploy according to how you would trade the market.
Quoting Croatian
The easiest way to "cut off emotion" is to turn your trading strategy into an EA. At least a semi-automated one which helps you out with the entries and/or exits. For average trader, the only ways to get un-emotional is...

1. years of screen time
2. born without emotions
3. trading tiny capital whereby wins and losses don't make an itch

Good luck!
Love the last one, on tiny itches which do not matter - makes more sense to go ahead with a micro account pre-strategy.
In my experience nothing controls emotions better than thoroughly testing a strategy for at least 2k candles (back test) and then a couple of weeks/months on a demo account before going live. Once you have done that, you KNOW your strategy works, so losses bother you less.

I am down 15pips today and couldn't care less...because I spent hours (more like months, lol) testing my strategy before going live.
Quoting 4xplosion
Make your system as Mechanical as possible...that means that YOU become a robot when trading....learn to Detach from your Emotions.....and w/o getting all Zen on you....acknowledge and observe your thoughts (and hence your emotions).....and cut out the "chatter"
Well said!

Be a market surgeon. Surgeons have the task laid out ahead of time. They don't panic when the patient bleeds more than he or she should. The task is designed to cover all mishaps.

Preparation!
Maybe I prefer the first: 1. years of screen time. I am trading on demo account now. And don't feel confidentially for trading on live. It needs a long period time to control your emotions.
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