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How to manage your ego and stay humble?

  • Post #1
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  • First Post: Feb 2, 2018 8:37pm Feb 2, 2018 8:37pm
  •  Arnoud
  • | Joined Oct 2015 | Status: Member | 151 Posts
How to manage your ego and stay humble when winning a lot so you do not self sabotage ?

Any usefull tips ?
Trade
  • Post #2
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  • Feb 3, 2018 5:31am Feb 3, 2018 5:31am
  •  MarkFxAnde
  • | Additional Username | Joined Mar 2016 | 641 Posts
Managing ego and stay humble is not an easy task , because every faction in this market place makes us emotional . that’s why we need to keep practice more and more with great discipline. Otherwise we can’t at all.
 
 
  • Post #3
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  • Feb 3, 2018 6:40am Feb 3, 2018 6:40am
  •  jdieieh
  • | Joined Aug 2017 | Status: Member | 291 Posts
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  • Post #4
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  • Feb 3, 2018 9:31am Feb 3, 2018 9:31am
  •  mlawson71
  • | Additional Username | Joined Dec 2015 | 3,529 Posts
I have the opposite problem, I lack confidence. Managing my ego is not an issue.
 
 
  • Post #5
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  • Feb 3, 2018 2:02pm Feb 3, 2018 2:02pm
  •  waverhythm
  • | Joined Jun 2017 | Status: Member | 102 Posts
Quoting Arnoud
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How to manage your ego and stay humble when winning a lot so you do not self sabotage ? Any usefull tips ?
Ignored
you need to realize that money is not everything. there is more in life than just money. sit down quietly and calmly and have some time for yourself to think:
why am i doing this?
what do i want?
what value does it have?

when you can answer these questions perhaps it will make things easier

or you can follow this rule: whenever you have emotions, dont trade. when you are calm, trade.
one cannot always make good decisions when having emotions, they make you blind. no need to eliminate emotions, just control them by following that rule.
it is also a good idea to have a regular job as your first source of income and let forex be secondary. this might make you calmer.
as you make profits, withdraw a certain amount every now and then and dont increase lot size.
just some advices.
 
 
  • Post #6
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  • Feb 3, 2018 10:06pm Feb 3, 2018 10:06pm
  •  tradeWinger
  • | Joined Aug 2017 | Status: Junior Member | 2 Posts
Quoting waverhythm
Disliked
{quote} you need to realize that money is not everything. there is more in life than just money. sit down quietly and calmly and have some time for yourself to think: why am i doing this? what do i want? what value does it have? when you can answer these questions perhaps it will make things easier or you can follow this rule: whenever you have emotions, dont trade. when you are calm, trade. one cannot always make good decisions when having emotions, they make you blind. no need to eliminate emotions, just control them by following that...
Ignored
Great summary, I have to agree with you. It is the great paradox that most of the traders are unable to follow these simple steps. If I would compare their behavior to soldiers in war, they act as it is just a movie and they want to have main heroic role, but in real life same as in real trading, steps to survive and win are completely different.
 
 
  • Post #7
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  • Feb 3, 2018 11:12pm Feb 3, 2018 11:12pm
  •  pro-trading
  • | Joined Jan 2018 | Status: Member | 52 Posts
trade the smallest possible lot size until you are profitable
 
 
  • Post #8
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  • Feb 4, 2018 4:24pm Feb 4, 2018 4:24pm
  •  ForexScotty
  • | Commercial Member | Joined Oct 2015 | 651 Posts
I can share an experience that I had recently if it helps. For months I had been trading profitably. Then I was asked to trade on someone else's account for a piece of the profit. That made me over confident and my ego swelled. But, I found that when it was not my money at risk, but someone else's, I became a nervous wreck. I wanted to succeed for both of us and was afraid of losses. I began second guessing each of my trades. And my confidence and ego went into the tank. And that showed in the equity curve on the client account I was trading and since they did not see the same growth as I had before they contacted me initially, we parted ways.

Now I am back to trading my own account and I am back to normal.

Some people believe that running a PAMM account or managing other peoples money is the way to riches. And it very well may be. But it is not for everyone. At least not for me.

In other words, it has been stated many times that psychology can play a more significant role in trading than charts and indicators. That has been proven to me. Focus on what you know, stick to your own rules and since the market isn't going anywhere, it will be there tomorrow. Don't be afraid to skip a session or two and take a break now and then. IMHO

Happy Trading!
 
 
  • Post #9
  • Quote
  • Feb 5, 2018 10:40am Feb 5, 2018 10:40am
  •  Arnoud
  • | Joined Oct 2015 | Status: Member | 151 Posts
Quoting MarkFxAnde
Disliked
Managing ego and stay humble is not an easy task , because every faction in this market place makes us emotional . that’s why we need to keep practice more and more with great discipline. Otherwise we can’t at all.
Ignored
Yes , I agree somewhat but the problem I have gets to me once I have won consistently over an extended period of time.

Quoting jdieieh
Disliked
{image}
Ignored
Thanks, I have bought the book and will read it as I have heard its also a good book.

Quoting mlawson71
Disliked
I have the opposite problem, I lack confidence. Managing my ego is not an issue.
Ignored
Hmm I do not know if I am lucky or unlucky to have a different problem , Going outside your comfort zone every day might fix your problem over the long term I guess.

Quoting waverhythm
Disliked
{quote} you need to realize that money is not everything. there is more in life than just money. sit down quietly and calmly and have some time for yourself to think: why am i doing this? what do i want? what value does it have? when you can answer these questions perhaps it will make things easier or you can follow this rule: whenever you have emotions, dont trade. when you are calm, trade. one cannot always make good decisions when having emotions, they make you blind. no need to eliminate emotions, just control them by following that...
Ignored
Thanks for the tips , I will be more self aware and see if it helps me out.

Quoting tradeWinger
Disliked
{quote} Great summary, I have to agree with you. It is the great paradox that most of the traders are unable to follow these simple steps. If I would compare their behavior to soldiers in war, they act as it is just a movie and they want to have main heroic role, but in real life same as in real trading, steps to survive and win are completely different.
Ignored
Yeah I suppose that I might become like that after a while .. pretty interesting comparison.

Quoting pro-trading
Disliked
trade the smallest possible lot size until you are profitable
Ignored
I am sorry but this is completely irrelevant to me.

Quoting ForexScotty
Disliked
I can share an experience that I had recently if it helps. For months I had been trading profitably. Then I was asked to trade on someone else's account for a piece of the profit. That made me over confident and my ego swelled. But, I found that when it was not my money at risk, but someone else's, I became a nervous wreck. I wanted to succeed for both of us and was afraid of losses. I began second guessing each of my trades. And my confidence and ego went into the tank. And that showed in the equity curve on the client account I was trading and...
Ignored
I can see why one would want to win more when they trade someone elses money due to the expectations on the other side.
Trade
 
1
  • Post #10
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  • Feb 5, 2018 1:50pm Feb 5, 2018 1:50pm
  •  GeorgeBaile
  • | Additional Username | Joined Mar 2017 | 629 Posts
Quoting Arnoud
Disliked
How to manage your ego and stay humble when winning a lot so you do not self sabotage ? Any usefull tips ?
Ignored
Then use a check list and just focus on your process not on your trading result.
 
 
  • Post #11
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  • Feb 5, 2018 6:18pm Feb 5, 2018 6:18pm
  •  waverhythm
  • | Joined Jun 2017 | Status: Member | 102 Posts
Quoting Arnoud
Disliked
{quote} Yes , I agree somewhat but the problem I have gets to me once I have won consistently over an extended period of time. {quote}
Ignored
Do you trade longer timeframes or do you scalp? Here is what I think: you usually trade the right signals and making profits, and some time you want to guess the market and that's when everything goes wrong. Am I right? in that case you can simply follow the rule: enter only on strong signal, forget every other signal, there are plenty of new signals that will show up sooner or later.
anyway hope you manage this.
 
 
  • Post #12
  • Quote
  • Feb 6, 2018 10:22am Feb 6, 2018 10:22am
  •  mlawson71
  • | Additional Username | Joined Dec 2015 | 3,529 Posts
I am wondering though, can one learn humility on their own if several painful lossess in a row caused by their ego haven't already taught them?
 
 
  • Post #13
  • Quote
  • Feb 6, 2018 11:28am Feb 6, 2018 11:28am
  •  marcmarc
  • Joined Feb 2010 | Status: Retired from the fray | 231 Posts
Quoting Arnoud
Disliked
How to manage your ego and stay humble when winning a lot so you do not self sabotage ? Any usefull tips ?
Ignored

Hi Arnoud,
A very insightful topic to choose.
I deal with the issue in that I do consider my ego and all the stuff that goes with it is at stake when I trade. I trade to earn a living, not to demonstrate what a great trader I am to myself or anyone else. It helps that I was an institutional fund manager for over 20 years before turning to own account forex trading and so have had all the potential ego accumulation that I could derive from displaying my limited investment talents beaten out of me long ago.

In short, park your ego elsewhere and trade with discipline and consistency with the the sole view of making a positive return in an acceptable fashion, nothing else.
Good luck with your trading
 
 
  • Post #14
  • Quote
  • Feb 6, 2018 4:13pm Feb 6, 2018 4:13pm
  •  Arnoud
  • | Joined Oct 2015 | Status: Member | 151 Posts
Quoting waverhythm
Disliked
{quote} Do you trade longer timeframes or do you scalp? Here is what I think: you usually trade the right signals and making profits, and some time you want to guess the market and that's when everything goes wrong. Am I right? in that case you can simply follow the rule: enter only on strong signal, forget every other signal, there are plenty of new signals that will show up sooner or later. anyway hope you manage this.
Ignored
I trade medium timeframes attempting to go with the trend.. so if I hold the trade for longer or scalp it depends on volatility and how far the trend has extended according to the strategy I trade.

Yes I suppose that an effect of the problem is creating your own opportunities instead of waiting for the opportunity to arise.

Quoting mlawson71
Disliked
I am wondering though, can one learn humility on their own if several painful lossess in a row caused by their ego haven't already taught them?
Ignored
What I have noticed is that it is a repeating cycle similar to a combination of this (not exactly though) .. so you learn and then forget

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Quoting marcmarc
Disliked
{quote} Hi Arnoud, A very insightful topic to choose. I deal with the issue in that I do consider my ego and all the stuff that goes with it is at stake when I trade. I trade to earn a living, not to demonstrate what a great trader I am to myself or anyone else. It helps that I was an institutional fund manager for over 20 years before turning to own account forex trading and so have had all the potential ego accumulation that I could derive from displaying my limited investment talents beaten out of me long ago. In short, park your ego elsewhere...
Ignored
Very interesting tips thank you, I will attempt to adapt to this type of thinking and will see how it plays out this time.
Trade
 
2
  • Post #15
  • Quote
  • Feb 7, 2018 12:16am Feb 7, 2018 12:16am
  •  AgusKurniaw
  • | Additional Username | Joined Dec 2017 | 106 Posts
Quoting Arnoud
Disliked
How to manage your ego and stay humble when winning a lot so you do not self sabotage ? Any usefull tips ?
Ignored
It is a difficult is early stage of trading life. Apply the age old saying of Know Thyself. Know your upper limit. Don't try to do anything unless that is tested by you. Be emotionless. Make your checklists to open and close a trade. Always follow your guidelines.
 
 
  • Post #16
  • Quote
  • Last Post: Feb 7, 2018 10:29am Feb 7, 2018 10:29am
  •  mlawson71
  • | Additional Username | Joined Dec 2015 | 3,529 Posts
Quoting Arnoud
Disliked
What I have noticed is that it is a repeating cycle similar to a combination of this (not exactly though) .. so you learn and then forget
Ignored
Those charts illustrate the situation beatifully. And they apply to both fear (in my case) and greed (other people's cases) equally. Thank you.
 
 
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