How to manage your ego and stay humble when winning a lot so you do not self sabotage ?
Any usefull tips ?
Any usefull tips ?
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- | Joined Jun 2017 | Status: Member | 102 Posts
How to manage your ego and stay humble when winning a lot so you do not self sabotage ? Any usefull tips ?
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.
- | Joined Aug 2017 | Status: Junior Member | 2 Posts
{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
- | 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!
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!
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.
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I have the opposite problem, I lack confidence. Managing my ego is not an issue.
, Going outside your comfort zone every day might fix your problem over the long term I guess.{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
{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.
trade the smallest possible lot size until you are profitable
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...
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{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.
Yes I suppose that an effect of the problem is creating your own opportunities instead of waiting for the opportunity to arise.
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?
{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...
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