When the candle goes up, I find it difficult to control my excitement. I get covet, so some of my trades involve great loss. Does anyone have any recommendations?
First of all, unless you are non-human you will always meet emotional challenges. You need to learn how to develop a ZEN mindset which will accept emotions, but not respond to it as you cannot control what the market throws at you. The only control you have is risk exposure, that’s it.
What I do is to set a T/P below a trending price level where losing traders close their trades or get stopped out - e.g. a support and resistance zone. Then add a S/L at an equal distance away. Then close down my desktop overnight.
Do you have a trading plan or strategy?
Uncertainty about what will happen can cause worry, anxiety and stress. These conditions lead to emotions which cause bad decisions and careless mistakes.
You cannot be certain what the market will do or when, but you know that price must either go up or go down. Make sure you have planned for both using a strategy. Your strategy will tell you what to do if price goes up and what to do if price goes down. Your strategy must ensure that no losing trades cause serious damage to your capital: also that you gain as much capital as possible from winning trades
planning is important , but any kind of trading plan can be useless if there is no prefect money management , so we the traders should focus on Money management first of all.
Initially I also faced the same issue but I developed a trading-friendly mind that helped me fix the emotional issue. Whenever my mind pushes me to take quick entry, I immediately think of my previous losses.
Hmm. The feeling is definitely understandable. And I may not be the best person to give advice on emotions but it might help to have a trading strategy in place. This is just so that there’s a more organized and mechanical system that you can rely on other than your emotions.
Kinda makes me wonder, how much time do you spend watching your trades?
can you please tell , have you any trading mindset or goal ?
I lost so many trades like you
What do you want to manage if you don’t have strategy?
same here friend
This is my area of expertise lol. I find that the best thing to do is have a trade plan in place before you enter and then after you enter, go do something else!
Stop micromanaging your trades. Once the trade is open, find something else to do. I mean, staring at the chart is not going to make your trade a winner… The market does not even know you are watching.
Although I understand what you are saying, when it comes to feeling, my heart does not pay attention to my intellect. I should start controlling myself by setting T/P or S/L on all of my trades.
I do. But I guess i need a feeling controlling strategy. Lol
would you go through details please. i am interested about how you focus on money management.
it is not working on my emotions. i think i should say goodbye to trading
Did I get you right, by mechanical systems you mean EAs?
if we don’t consider the working hours i guess near 10 hours a day. both on my pc and phone.