How do you cope mentally with ups and downs - Page 3
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  1. #21
    Join Date
    Apr 2017
    Quote Originally Posted by Jezzode View Post
    This is a fairly important comment; and one that traders clearly change their mind upon when attempting the learning curve.

    I believe this above statement changes up to three times when making the transition from complete newbie to novice and then finally to professional - at least when considering the mindset which is used when trading.

    1. Newbie: Attempting to predict where future price levels will be according to historical behavior. The average newbie also understands that it's not possible to be correct all the time.

    2. Novice: Stops trying to predict and understands that price is [mostly] random, and that taking the approach whereby you try to predict future price levels is incorrect. Instead, the average novice trader starts to understand that trading is based on probabilities of being profitable; regardless of the market direction - the penny drops and they finally stop trying to predict and actually accept.

    3. Professional: Geared towards positive expectancy, totally understating and accepting that trading is all about probabilities. A professional trader will have statistics backing up each and every decision that they make within the market; this allows them to accept losses as they know over the long term they will still be profitable.

    A fairly big difference from from tier 1 to tier 3 - however a benchmark that I find reliable when attempting to understand how much a trader 'really' knows...
    Agreed. Very good breakdown.

  2. #22
    Join Date
    Nov 2011
    Quote Originally Posted by forexcrisp View Post
    I have to understand the reality of forex. Hers ups and downs are daily routine. We do trading for profit taking but it is not necessary all out trading will be profitable. We nave to accept loss too . If every one is winner then how market will run. At the same time some one is profit and other one is in loss. It is app about market ups and downs where we not cope well.
    You are right every one should think like that , Market not give you profit all the time. You have to loose if you do mistakes or do not follow marker. After loss I will try to do next trading with much care where my loss will be less if I am not in profit. I have to minimize my loss to improve my trading.

  3. #23
    Join Date
    Sep 2008
    Quote Originally Posted by BellamyFX View Post
    Say you short a pair and it goes in your favour 100 pips. You're thinking is now a good time to close the trade? You deicide to hold it and it shoots up 150 pips and now you're -50 pips. You're still holding it because it hasn't hit your stop yet and goes in your favour 70 pips.

    Then it loses some, gains some, loses some and just never seems to stay on a current path. I expect up and down movement of course but mentally it messes with your mind. It's pretty depressing when you're 100pips up and then 24 or 48 hours later it's sitting at -50 or something.
    you are thinking and emotionally reacting like a employee of a company. you go to work and have a task to complete. the company has all the safe guards and procedures in place to ensure you successfully complete your task, and should you not succeed or need help the company provides it.

    As a trader you have to create those procedures " trading style/system" and safe guards "money management". And after it has been tested with time and you believe it to be successful. then you will find it emotionally easier

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