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Trading Emotions

  • #21
  • Apr 29, 2020 3:45am Apr 29, 2020 3:45am
Quoting jollypk
{quote} We can minimize the risks i guess you are right to very extent. A proper trade management plan can be helpful as it enables us to exit the market either if the target is hit or loss occurred on that specific date. Better not to trade on that date and it will be good if we review our trade plan for any necessary amendments.
Could not agree more. I'd just say one thing, sticking to your trading plan is necessary.
  • #22
  • Apr 29, 2020 5:52am Apr 29, 2020 5:52am
Quoting Slinge
Do feel scared about entering or closing a particular position in market ?. This is one of the downfall of most traders the tend to allow their emotons control them which leads to wrong decisions. Does your emotion affects you while trading and how do you overcome it ????.
It depends whether you want to stay in the game or not. If you feel excited about a trade - I should say over-excited - then something could be wrong.

There are basically two philosophies in this trading lark - long term or gambling. If you have, say $500 to gamble, go for it. I suppose you have the rent money and the food money in your other pocket? That shouldn't scare you or worry you. On the other hand, if you want a career in trading you will have a lot more than $500 and will have played the demo market, gone through a couple of brokers and learned a lot before you risk 1% of your capital on a trade. You will be sitting at a decent computer (maybe with a back up and a UPS) and a few small losses won't bother you. You will be concentrating on managing your profitable positions.
Gone to a better place
  • #23
  • Apr 29, 2020 11:15am Apr 29, 2020 11:15am
Quoting Slinge
Do feel scared about entering or closing a particular position in market ?. This is one of the downfall of most traders the tend to allow their emotons control them which leads to wrong decisions. Does your emotion affects you while trading and how do you overcome it ????.
Imho, I think it's normal because we are human being, not angel. As long as we live, every decision we make, we have our own fear. We can't dismiss it. The only thing we can do is to manage it.
Silent is PROFIT ^_^
  • #24
  • May 8, 2020 1:39am May 8, 2020 1:39am
Hi, i was struggling the same issue with you with trading in forex market at the beginning stage. kinda depress of why the market is against our direction. so i know you.
but you know what? i started earning some profit after i invested in some knowledge while copying others signals (i mean those really successful). what i believed is that, i invest small, but earn big!
Don’t give up ya. meet you at the top!
  • #25
  • May 8, 2020 8:51am May 8, 2020 8:51am
Quoting Slinge
Do feel scared about entering or closing a particular position in market ?. This is one of the downfall of most traders the tend to allow their emotons control them which leads to wrong decisions. Does your emotion affects you while trading and how do you overcome it ????.
Maybe reading this will help: https://www.forexfactory.com/showthread.php?t=997137
You'll get what you give.
  • #26
  • May 9, 2020 1:02am May 9, 2020 1:02am
Feelings for every transaction are there. reducing trade volume will reduce emotions again. sometimes, you definitely have to close the order and don't need to know it then your order has profit
  • #27
  • May 9, 2020 7:59am May 9, 2020 7:59am
You don't need to know what? I don't follow.
  • #28
  • May 11, 2020 11:38am May 11, 2020 11:38am
I'm forward testing a trading system and I witness price rise 100% of the investment, I wanted to take the pips, but I was taught to exit when your system says exit, I'M feeling some kind of way.
  • #29
  • May 11, 2020 1:20pm May 11, 2020 1:20pm
One thing that has helped me the most was to admit/see my flaws and weaknesses and to openly find ways to overcome them. In terms of being scared, I only ever felt scared when I overleveraged, you should trust your plan.
  • #30
  • May 11, 2020 2:21pm May 11, 2020 2:21pm
Quoting havo
Whenever you feel FEAR or any kind of negative emotions its because 3 things (1 or all of them) 1.- You have NO idea what you are doing right from the start (or worst, you "think" you know but its NOT true lol), therefore you are not sure if it makes sense the trade you placed and the result its totally random/unexpected.. specially if you lose 2.- You are risking money you can not afford to lose! and im not talking "risk only 0.00000001%" money, im talking about whatever you have in your account its TOO MUCH too lose in the first place, it WILL...
The whole point is control. Emotions are always gonna be part of us as humans since we are not machines. And there isn't really anyway to eliminate that. You can control it by accepting the outcome, whether win or loose, and a good risk management. To gain control, we need to be conscious of the emotions. We need to know when we are overly happy with a good trade and when we are sad.

What kind of emotional state are you in before you trade. Did you have an argument with someone recently?, are you stressed? Things like that can dampen your consciousness to your emotions. We need to get to the "UNCONSCIOUS COMPETENCE" area and that takes time and effort.
  • #31
  • Jun 4, 2020 12:02pm Jun 4, 2020 12:02pm
Negative emotions are a trader's main enemy. It's the main obstacle on the way to success. The inability to control your emotions leads to irrational and thoughtless actions. In the end it leads to loss of deposit. But I have some advices, which I stick to myself and can advise you as well.
- Don't focus on money.
It's an important point. A lot of people keep counting the money in their account. You don't have to do that. Treat money as numbers, and calculate the profits at the end of the month. And never put the amount on the account, which is too big for you, because the psychological pressure will be extremely high.
-Make your trading journal.
It will help you to analyze your trading and identify errors. You can keep the trader's journal manually or use a third-party service. Most importantly, you must understand that it is impossible to always trade in profit. Losses in trading are a part of trading. You should try to trade in plus for a longer period of time - month, quarter, year.
-Trading system.
You must have a trading system. In its absence, a trader is destined to fail. The more and clearer it is formalized, the better. You should have no doubts about entering/exitting a deal, everything should be marked in the system as much as possible. The next no less important rule, which I will refer to the same point, is confidence in my system. It should be tested on history for at least a year. Then to trade on the real account with a minimum amount and analyze the final result.
  • #32
  • Jun 4, 2020 1:45pm Jun 4, 2020 1:45pm
I think boredom also contributes to negative emotions that affect trading. If you are bored, you are likely to make a stupid trade. So you should keep yourself curious about something happening in the market.
  • #33
  • Jun 5, 2020 6:40am Jun 5, 2020 6:40am
I believe emotions actually effect a lot while trading but when your mindset and concepts of trading are clear you can easily overcome your emotions.
  • #34
  • Jun 5, 2020 7:02am Jun 5, 2020 7:02am
I think it does help but it depends on the person how easily they overcome their emotions. Some people are far more anxious than others by nature.
  • #35
  • Jun 10, 2020 2:27am Jun 10, 2020 2:27am
Quoting mlawson71
I think it does help but it depends on the person how easily they overcome their emotions. Some people are far more anxious than others by nature.
Emotions can not be completely avoided but at least to some extent one can try not to bring in between trading.
  • #36
  • Jun 10, 2020 11:47am Jun 10, 2020 11:47am
One can certainly try but depending on their personality it can be pretty hard.
  • #37
  • Jun 12, 2020 12:10pm Jun 12, 2020 12:10pm
True. Personality and psychology play important considerations when you want to develop your strategy. You have to take into account if you are a person of high patience or low.
  • #38
  • Jun 12, 2020 12:32pm Jun 12, 2020 12:32pm
Hello, there is always something to be learned from your posts.
  • #39
  • Jun 19, 2020 2:54am Jun 19, 2020 2:54am
Quoting Dionmarx
{quote} Emotions can not be completely avoided but at least to some extent one can try not to bring in between trading.
Exactly. Emotions are a part of human nature and a big deterrent in trading, so we must do things that help us to keep them at bay when we trade, which happens only with time.
  • #40
  • Jun 19, 2020 6:24am Jun 19, 2020 6:24am
Quoting FancyBanksy
One thing that has helped me the most was to admit/see my flaws and weaknesses and to openly find ways to overcome them. In terms of being scared, I only ever felt scared when I overleveraged, you should trust your plan.
That's really good that you have the courage to accept your mistakes. Not all traders are able to do that. It is really important to accept one's faults while trading and learn from them. Being scared is fine , but overcoming that fear is what good traders do.
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