If you are aiming at totally erasing emotions off while you trade, it is going to take a lot of time, let me tell you. Instead work on managing them well, practice well, have a plan by your side, analyze your mistakes well. The more confident you are, the better you can manage emotions.
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i think you are risking too much.dont go beyond 2% of your equity
You should meditate for some time. Take deep breaths when you land up in such situations. Don’t play with your mental peace. Work on making your mind stable. Or take a break from trading and do something else at that time. Once you feel good, come back and continue.
Thanks. I’ve been doing this and it really helps. Do you use apps or anything else to help with your meditation?
I’m not. I just get anxious a lot.
I think those who take help of apps to meditate is not the real meditation is. Meditation is to feel what is inside your body, the key is to sit still and focus.
Emotions are an integral part of trading and they can not be removed completely. However, they can be controlled, before entering the trade, just reconsider that this much % I want to earn and maximum I can lose this much. Then set up a SL and TP. In addition to this, don’t set big targets for profit as you are already anxious, keep them small :). All in all, always stick to you plan. I hope this will help.
It requires experience. Most importantly trading discipline. So you need to have a well-planned trading plan where risk&money management, entry, during, exit, and backup included. When you start trading you need to stick to your plan at all costs. No panic, no greediness, etc. Greediness might make you some money at moment but you will give away from your discipline which will cost you a lot on the next tradings. That is actually one of the biggest advantages of using automated trading, it eliminates your emotional disadvantage.
I feel drained too if I spent too much time watching charts. True, you need to analyse them, but you cannot spend to much time on them. Rather I suggest having a plan as well as making it a point to set a maximum amount of time before you make a decision.
Certainly. Every novice must have to train a lot mainly to reach emotionlessness while trading. It’s very difficult and some of the traders can’t bear this and give it up. I guess it’s a big mistake, of course everything depends on personal attitude of trader but it’s really very important to understand that almost a half of the success is reached by psychology and right mindset. I wish all beginners would learn more about trading psychology and would pay more attention to it. Unfortunately, not all of them understand that and make lots of mistakes which lead them to deposit dumping. That’s sad.
Emotionlessnees is such a thing which you can’t master in one moment. I think you should try to become emotionless gradually. Stress is a common reaction of our organism on verious unpleasant situations, because we’re human beings and it’s almost impossible to get rid of negative emotions. However we have an opportunity to learn how to control our negative emotions. There are a lot of trainings courses/podcasts from leading psychologists in the Internet. I guess it’s the best way to struggle our emotions, because negative emotions control plays a big role in trading and directly influence the success in it.
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Unfortunately, it is impossible to become absolutely emotionless during trading. I would advise you to trade mid-term or long-term and make stop-losses and take-profits. Try to make your trading strategy as objective as it is possible. Make a trading journal where you can write your deals and the reasons for doing those deals. Every time you feel anxious about the current deals, you can look at your notes and be sure that there are certain facts which led you to this conclusion. More than that, you will be able to learn lessons from the failed deals. Treat failures as the trading lessons, make maximum profits out of your fails.
I would advise the trader to immediately analyze how emotions can affect the result of the work. I think many will immediately understand what the matter is and see the difference.
Sometimes the best way to stay focused is to have a plan. You might find a few ways to channel your energy to help you become the trader you want to be:
https://www.forex.com/en-us/education/education-themes/managing-risk/developing-trading-plan/
You can’t be totally emotionless, i mean c’mon you money is involved and you can’t just like you don’t care but you can find ways like create your own personal rules, don’t follow too much news, know when to relax etc. Such things might help i guess.
It sounds like you have some trading anxiety. If you Google it, there are a ton of articles that suggest ways to overcome it.
You don’t.
Be aware of it
Control it
Use it
it’s that simple but takes practical experience
I think early doors you will always do this, but once you have your risk to reward ratio right and are in a decent position you will control them better
You should make more precise criteria for making financial decisions and trade on bigger timeframes. I would also recommend reducing the time spent watching at charts as it affects psychology.
If you want to reduce the emotional factor, you need to make your trading strategy more objective and accurate.