I find meditation and mindfulness quite effective as a trader. They help me stay focused on the trading game.
It’s impossible to become emotionless when you trading.
Everything because our emotions caused by particular situations whether in life or in trading, hence you will feel emotions anyway.
The matter here is to decrease their affection on your trading behavior and your success.
It’s tough, but not impossible.
You have to listen to yourself, listen to your needs and your inner voice. Think that this is the best option.
Yes, the easiest way for me to deal with my emotions was the advice to trade on the D1 charts. I do this as follows. Since Sunday I look through weekly charts and start to form a plan about pairs I will be interested in trading during the week and which ones I will not. Further every day I look through the daily charts for signals for entrances according to my trading system. I have no emotions. The only thing I fight curiosity and look at the chart during the day (if the deal is open), but I never allow myself to close deals manually within the day. It’s comforting to have a stop, trailing stop at n-points and a takeprofit. But I think for intraday traders this won’t work, as everything is faster and more volatile.
Are you really convinced that you have to be emotionless during trading? I believe that emotions take the major part in trading and it’s impossible to get rid of them at all. There is chance to restrict their affection on your activity and no more. For this, you need to practice, practice and once practice. Firstly, you should track your reactions in various situations, and preferably, write these reactions down.
Trading is all about regularities and it’s a constant activity, thus situations are repeated. That’s why after you track your emotions, you will be able to learn how to get rid of their affection gradually. Ofc, you have to do it on demo account, and imagine that you are trading real money.
Because the market is dominated by humans, emotions drive the entire market. The market is driven by people’s greed and fear of losing money. To avoid such emotions take a break and always use stop loss to avoid losses.
Please don’t force yourself to become an emotionless guy; it will make you more emotional actually!
Try not to trade when the situation goes out of the hands. Learning how to control your emotions is crucial, and mental health exercises might help in that. Consider learning about it through good and authoritative books and courses on the topic.
Instead of suppressing your emotions, learn how to work on it.
Feeling anxious is normal. You are afraid to enter a trade because you lack confidence. Just try to see trading as a job rather than a challenge. It surely is a challenge but try to stay calm and build some confidence.
Set some rules and follow them like a robot
When trading, having the right mindset can be very beneficial as a trader cannot be completely emotionless. It is easy for traders to engage in irresponsible trades when they are impatient. Practice meditation or any other technique that calms you down when you are trading at a loss or about to.
Mastering the game of emotions is not difficult if we are determined to control them. We have to learn to control our emotions, of course, because we all are human beings and emotions are natural. But as trading is a fast-paced game, mastering extreme emotions like anxiety is crucial. There are courses and books that are helpful in controlling emotions while trading and in general life as well. They can help us control our emotions. Learning to control emotions will take time to master, but with patience and kindness to ourselves, we can learn to control our emotions quickly.
Can you suggest any courses or books I can look into?
That’s exactly what happens. I get impatient when taking a trade and then when I’m in a trade I get anxious and get impatient again.
‘The Disciplined Trader’ by Mark Douglas is amazing. You can definitely check out that book.
I believe the same, as humans we will get emotions but the thing which is important in trading is how to control them. A good command of emotions lets us trade with the mind and produces good results if we are skilled traders. The best way to overcome emotions in trading is to keep proper trade plans and by using stop loss to overcome potential risks.
I believe that’s what is in your psychology. Be a little risk tolerant and patient. To stop being fearful or greedy, create rules, know about the market deeply, go according to your plan, practise well, and maintain a journal, you’re less likely to get emotional during trading.
According to me, the best way is to avoid getting emotionally attached to a trading strategy. Remember that just because it has worked once does not mean it will work every time.
One way to become emotionless when trading is to have a clear trading plan. This plan should outline your goals, strategies, and risk management rules. By following your plan, you can stay disciplined and avoid emotional decisions.
Staying emotionless is to practice meditation or mindfulness. This can help you to focus and remain in the present moment, without getting caught up in your emotions.
By remaining emotionless when trading, you can make better decisions, avoid costly mistakes, and achieve your goals.
I don’t think it is even possible. Being human beings, we tend to become emotional over everything and that’s our basic trait. What you can do is promise yourself that you won’t distract from your trading plan to make trades.