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Trading Emotions

  • #61
  • Jul 17, 2020 6:20am Jul 17, 2020 6:20am
This is a problem that many new traders face. it is when they let heir emotions take the better of them while trading. Sometimes it is no their fault becasue they are mislead to think tha forex is a chance to become rich in a short while. If you have ever watched the ads that are on youtube then you will agree with me on this one. The ads only show the person wining but not once do they ever lose. Even if they lose hten they are not concerned. People therefore join forex with high expectations and trade with high risks hoping to get a lot out of it only for the to fail because of it. Never let your emotions get the better of you.
  • #62
  • Jul 17, 2020 6:26am Jul 17, 2020 6:26am
When you join forex it i very important that you realise this so that you do not end up making mistakes. Emotions and forex should never be mixed together. By emotions I mean any feeling that may lead you to make wrong decisions while trading. The most common emotion is usually desire; The desire to get rich quickly. You should learn right now that forex will never make you rich. If you think like that then you should just quit before it is too late. You need to have a calm mind and be patient. Sometimes you may think that you have things in control but you dont. Just because a few of your trades have been successful does not mean that you should go on. You have to know when to stop.
  • #63
  • Jul 19, 2020 9:39am Jul 19, 2020 9:39am
Quoting Doomterror
This is a problem that many new traders face. it is when they let heir emotions take the better of them while trading. Sometimes it is no their fault becasue they are mislead to think tha forex is a chance to become rich in a short while. If you have ever watched the ads that are on youtube then you will agree with me on this one. The ads only show the person wining but not once do they ever lose. Even if they lose hten they are not concerned. People therefore join forex with high expectations and trade with high risks hoping to get a lot out of...
True, it's kind of like a "survivor's bias" - we only concentrate on the survivors (winners) in the market and ignore how many losers are there for every one such winner.
  • #64
  • Aug 8, 2020 5:48am Aug 8, 2020 5:48am
Quoting Deepak.Dubey
{quote} True, it's kind of like a "survivor's bias" - we only concentrate on the survivors (winners) in the market and ignore how many losers are there for every one such winner.
This is too true.

One of the biggest hurdles I'm still trying to get to grips with is accepting the fact that swallowing losing trades will actually make me a better trader. Accept the small loses when they come - don't try and force every trade to be a winner. Sometimes a good setup puts you into a losing trade. As long as the % of winners and the R:R is good - suck up the small loses and keep on trading.

It's easier said than done - but it's important to do so!
  • #65
  • Aug 10, 2020 6:09am Aug 10, 2020 6:09am
Emotions are the biggest enemy of yours in the forex market. If you can't control your emotion you can not survive in this risky market.
  • #66
  • Aug 10, 2020 7:41am Aug 10, 2020 7:41am
Trading emotions are a big problem for any trader. The results are never good when applied to emotion trading. So it is very important to give up emotions when trading. For example, if you have opened a trade, now that you have closed the trade before hitting the trade stop loss, it means that you have lost to your emotions. Regular meditation should be done to overcome the emotions. Meditation plays an important role in controlling your emotions.
  • #67
  • Aug 10, 2020 8:29am Aug 10, 2020 8:29am
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 ????.
Emotions affect us less when we have enough understanding of strategy we use. You need to test your strategy on demo to have good understanding of the strategy. You should have an idea of your winning odds and risk reward ratio. The more random trades we do the more we get affected by emotions.
  • #68
  • Aug 15, 2020 9:31am Aug 15, 2020 9:31am
Quoting MattRWR
{quote} This is too true. One of the biggest hurdles I'm still trying to get to grips with is accepting the fact that swallowing losing trades will actually make me a better trader. Accept the small loses when they come - don't try and force every trade to be a winner. Sometimes a good setup puts you into a losing trade. As long as the % of winners and the R:R is good - suck up the small loses and keep on trading. It's easier said than done - but it's important to do so!
Losses are inevitable in trading. Better to manage them and make peace with them. Thinking that losses will never occur will only give you a sense that you’re a bad trader every time you lose. Losses are acceptable as long as you are in overall profit.
  • #69
  • Aug 19, 2020 3:34am Aug 19, 2020 3:34am
Controlling your emotions is most important while trading forex
  • #70
  • Aug 21, 2020 2:10am Aug 21, 2020 2:10am
Firstly analyse your trade idea, set your take profit and Stop loss levels. Make sure you give some space to the market to breathe while setting the tp and sl levels. When the price starts moving against your idea, do not panic and stick to your analysis. The market doesn't immediately starts fetching profits. So stay calm and do not close your trade until you reach your support.
Its quite normal to doubt your analysis when the market starts moving in the opposite direction but at this point you need to remain calm.
  • #71
  • Aug 21, 2020 5:59am Aug 21, 2020 5:59am
one of the way i have able to control my emotion is by creating semi-automated not a robot, it gives me a notification when the necessary conditions have been met.
  • #72
  • Aug 21, 2020 9:23am Aug 21, 2020 9:23am
Quoting Bhankymyk
one of the way i have able to control my emotion is by creating semi-automated not a robot, it gives me a notification when the necessary conditions have been met.
I don't have the knowledge to do something like that, but it does sound very useful!
  • #73
  • Aug 21, 2020 9:46am Aug 21, 2020 9:46am
Quoting mlawson71
{quote} I don't have the knowledge to do something like that, but it does sound very useful!
You can find a programmer to help you with that, just explain your strategy to the programmer, he will program then add telegram notification to it.
  • #74
  • Aug 22, 2020 9:19am Aug 22, 2020 9:19am
Quoting Bhankymyk
{quote} You can find a programmer to help you with that, just explain your strategy to the programmer, he will program then add telegram notification to it.
True, thank you for the advice!
  • #75
  • Last Post: Aug 28, 2020 8:15am Aug 28, 2020 8:15am
Trading emotions are a fundamental problem for all traders, and especially for beginners. It isn't easy to deal with your emotions, especially when you are closing a certain position. You need to learn to suppress your feelings, but you need to remember that you will not be able to get rid of them completely. I advise you to pause between trades sometimes to get rid of the heat of the trade. During breaks, you can listen to calm music or do your meditation. Also, to save your nerves, I advise you to create prudent money management, which will help you trade a moderate percentage of investment and reduce your excitement from trading and minimize the possibility of an account explosion.
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