How important is trading psychology to you?

Hi Goldylox
You are a good trader, just keep going.

I just wish I could do more robot like trades. It is my major battle at the moment, I tend to jump in to soon and dump them to soon. It is going to be a long fight before I can stay unemotional (I just love it when my plan comes together)

…Tom

Tom, its a battle for sure…

If I was to teach someone to trade, the very first thing is the mind preparation phase… Even im lacking it still, not going to lie, its my biggest problem myself…

Just make sure you have stops, and DONT MOVE THEM…

Practice using Limit orders, write down your trades on paper, and have a set plan for the trade before you enter it…

Just what ever you do, DONT MOVE YOUR STOPLOSS, UNLESSSSSSSS, you move it into profitable territory…

See what I mean,

Just dont touch the stops PERIOD.

If your trade is thought out, and you have reasoning for profit, your stop shouldnt be an issue…

Oh, I have gotten religon on stops. The worst loss I had on my demo was when I decided thing were not moving and took a nap — and forgot to setup stop loss/take profit… Came back and it had move 60 pips in the wrong direction…

I now have a checklist and those set at the same time I setup the trade now… Can’t forget them then …

And as you mentioned, I check them frequently and only move to protect my profit.

… Tom

Good stuff, thats the game…

As far as jumping to early, and getting out to early, well, think of it like this… How do you know where the price is going? You have some sort of crytal ball? If we all knew where the price was going, we’de all be wealthy,no?

You find out after the trade is over, that, you might have been able to get in a tad later, and hold it for a tad longer, but really, Tom, we Dont know that. its just evident after the fact, which inturn makes you think," why" did you react the way you did…

We just dont know… So I have found there is little use to beating yourself up over it, and just adapt your trading plan to how you react and the production in pips your pulling…

We just dont know Bro, and if someone does, then they should be mega billionaires…

My longest win streak is like 66 trades… But they are for 1-5 pips, so I implement my plan to that.

yeah, do not sleep and forget (your stop loss). :smiley:
it does not matter if the stop is tight or wide, the important thing is to have it setup when you are away from the monitor.

There is a popular saying in the market which says that trading is only 5% technicals and 95% psychology. A trader makes more mistakes with a tired mind and losing mind than anything else.

Steve, you should have opened account with stifx.

Very important, a professional trader friend confirmed to me trading is 95% psychology.

Removing the ego or at least decreasing its influence. A long way for many people.