When I started Algo trading I thought there won't be any emotions involved and I'll be a free from watching charts. I can't say "sit in front of computer" because that's my profession. It pays my billsJ.
Now even though I have my Algos running 24/7 buying and selling Forex but I don't stop checking App, tradingview or login directly to Oanda web portal. In fact, sometime, I get up in the night just to check if my Algo has taken trade or how much down it is. At one time in past I have closed my trade when 45 pips down only to realize that if I would have kept that trade I would have made 20 pips. My Algo puts stop loss at 50 pips but well, my emotions don't. In addition, this is when I'm doing demo trading. I have recently started live trading with small account. So far, I'm able to control my emotions in live as account size is only couple of hundreds. To be honest it has not gone down 40 pips. If it would, don't know what I would have done. Will see.
By end of the year or beginning next year my plan is to go big.
I want to know how other algo/automated traders are coping with emotions. Thank God, I'm not a full time trader. I couldn't image what I would be doing then.
Now even though I have my Algos running 24/7 buying and selling Forex but I don't stop checking App, tradingview or login directly to Oanda web portal. In fact, sometime, I get up in the night just to check if my Algo has taken trade or how much down it is. At one time in past I have closed my trade when 45 pips down only to realize that if I would have kept that trade I would have made 20 pips. My Algo puts stop loss at 50 pips but well, my emotions don't. In addition, this is when I'm doing demo trading. I have recently started live trading with small account. So far, I'm able to control my emotions in live as account size is only couple of hundreds. To be honest it has not gone down 40 pips. If it would, don't know what I would have done. Will see.
By end of the year or beginning next year my plan is to go big.
I want to know how other algo/automated traders are coping with emotions. Thank God, I'm not a full time trader. I couldn't image what I would be doing then.