Agree, Its so important to be our own psychologist and coach. We understand ourselves the best and if we are able to relax and evaluate our psychological reactions, we can manage our emotions well. Its all about training your mind.
Hi everyone.
How do you guys manage your multiple take profit setup.
Like in an example where you have a TP1, TP2 and TP3 because they are key levels, do you close the trade when it hits the TP1 and wait for the market to continue to your target then take a new position to hit your TP2.
I set my TPs based on analysis, but then when the TP1 is hit then I start seeing like it is trying to reverse I close the position and take the first profit, because I am always thinking like, what if the TP1 is where it is going to stop and reverse.
That sometimes happens, but most of the time it happens to be a short correction and continue to the direction it was going.
How do you guys really work this out?
I believe the same, trading psychology plays an important role and we should work on rules strictly to keep the emotions out of trading.
Thank you Paulsy for such an informative article. I am new and have learnt a lot. Thanx
It feels to me that many people try to find a solution by themselves when the easiest solution would be asking to a psychologist, in the same way, athletes and managers do, the only company offering a trading mental coach are ftmo (just for his trades) and overviewfx.
Understanding and managing oneās trading psychology is an important aspect of successful trading in forex.
Youāre absolutely correct. Itās crucial to create a positive trading mindset. Implementing strategies like maintaining a trading journal to track thoughts and emotions during trades, practicing mindfulness and meditation to better control emotional responses, and setting realistic goals that align with your risk tolerance can significantly help in managing oneās trading psychology. Remember, successful trading isnāt just about making profits but also about managing losses and emotions effectively.
how would you differ risk management from money/ capital management?
am not controlling my emotion.
Itās great to see that you are acknowledging the importance of seeking help and support when it comes to trade management, money management, and emotional control in trading.
I get anxious when my trades are not doing well. So now, I work on my mental health through mediation and less anticipations.
Thank you for these inspiring words. It keeps me motivated to do more in my learning journey. KUDOS!!!
Trading requires discipline and consistency, good emotional management, capital management, and the right trading mindset.
Make your trading simple and donāt make it complicated
You have a good balance between trading and life
Take good care of your health and spirit, this is really important
Interesting, thank you this is very useful for me, will try.
Yes, becoming your own coach in trading is crucial. Itās about taking responsibility for your decisions and learning from both successes and mistakes. How do you currently approach building and sticking to your trading strategy?
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Youāre not quite right. First of all, you need to choose a trading strategy that matches your way of thinking and preferences.
Someone prefers to place orders and wait for several days until the trend is clear, and someone wants to trade quickly, because they canāt wait and are ready to close the position as soon as they see a small plus. This begins to test your thinking for strength.
Either way, you have to believe in yourself. If you are faced with a series of negative returns and failures, then you should think about implementing new strategies. This does not mean that you are a failure ā just that your current strategy has weaknesses, and you need more knowledge to detect and eliminate them.
Youāre not quite right. First of all, you need to choose a trading strategy that matches your way of thinking and preferences.
Someone prefers to place orders and wait for several days until the trend is clear, and someone wants to trade quickly, because they canāt wait and are ready to close the position as soon as they see a small plus. This begins to test your thinking for strength.
Either way, you have to believe in yourself. If you are faced with a series of negative returns and failures, then you should think about implementing new strategies. This does not mean that you are a failure ā just that your current strategy has weaknesses, and you need more knowledge to detect and eliminate them.
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