How to be emotionless in forex?

I’m new to this forum and my first question is how to trade forex without letting emotions affect me. I hope all forum members can help me find the answer.

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Choose a strategy in which the decision-making is all objective - let the chart decide for you what you are going to do.

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Hi, check this topic Is It Possible to Trade Without Emotions? Here’s How This Polish Trader Does It! did you visit the education section already? Regards Greg

Welcome to the forum! It 's better to set strict stop-loss orders and only trade with money you can afford to lose. :wink:

To reduce emotional influence in forex trading, develop a detailed trading plan outlining entry and exit strategies, risk management rules, and profit targets. Implementing strict discipline to adhere to this plan and practicing mindfulness techniques like deep breathing or meditation can help maintain emotional stability during trading. Additionally, regularly reviewing past trades to analyze performance objectively can provide valuable insights and further detach from emotional reactions.

Trust your trading system.

some of the answers here might help you:

It’s really important that you backtested your strategy enough. You get a lot less emotional if you know your system is profitable over a longer period. Good luck!

I think the responses here are already pretty helpful. :blush: But if you’re just starting out, then being completely emotionless would be a challenge (I would know. :sweat_smile:). So, maybe this article will somehow help keep the emotions in check? :smiley:

Lots of us, when we start out, think we can control the emotions. You only know that is much easier said than done when you are actually in the zone, and you go against what your strategy or trading plan tells you to do. There are many reasons for this. Here’s one for you that I experienced last November, after 15 years of trading. I had suspended crypto trading for some months, and then needed to move assets from an exchange that was leaving the UK markets. I had a small holding that when I last looked was bumping along the bottom of a range at which I had bought it. I was supposed to sell half and retain the other half (the written plan). I had to stare at this three times to make sure I was not dreaming. It had done a 20X and was going down. It took me about 30 seconds to decide to sell it all, instead of half. The actual gain was nearly $4K. Now I know I will never be able to completely detach myself from my emotions. I promptly reused it to reinvest in ten more cryptos in the same plan. That part of my portfolio, which was about 0.5% of my total, is now nearly 5% of total. Just because I make a plan, doesn’t mean I have to stick to it.

Hi good day Heary1950, you will have lots of exciting emotional dealings through your journey of trading. First of all, like what everyone will advice, set your stop loss, manage your loss accordingly to the percentage for each trade, stop trading after hitting the stop loss for the day and etc.

Just would like to share my experiences in my 7 years of trading with lots of emotions till i almost lost my life. Emotion trading is just like a snowball effect to your life and your trading journey. It is actually a very dangerous habit / culture. You won’t realize it at short term but then only realizing it at the very end of your game which is too late.

How to trade emotionless:

  1. Free your mind from gaining big profits from each trade you take

  2. Expect for the worst and surprise by the unexpected results

  3. Put in head, if SL get hit and it start going towards your initial direction, means is a good lesson for you to do your improvements. That will be your tuition fee

  4. If SL get hit and it doesn’t go your way, you know that you are not ready for the trade yet and re analyze it before entering the trade again. if emotions apply, definitely there will be a counter entry and there you goes for sure.

  5. Do not be afraid that you will lose to achieve the best entry for the trade. Every movement there is a confirmation for entry, free your mind and just wait for the confirmation.

  6. Best emotionless strategy, 1 day 1 trade. Tp or SL, 1 trade 1 day that’s it. Pick the lowest risk lot size amount

To have fewer negative emotions when trading, you need to clearly understand what you are doing, when it should be done and according to what rules. When to enter the market and with what lot, and when to wait for suitable conditions. These questions can only be answered by your trading strategy, according to which you will enter the market and control risks.