Exactly. One should avoid over trading or revenge trading. Demo account is really helpful.
discipline is most important to control any bad trading habits , besides this we the traders have to ensure regular practice in demo or micro.
Correct. When i was a beginner, i also faced a similar kind of situation but then i took the losses in my stride, accepted it then started afresh by practising on a demo account.
Yep. Because of discipline i am able to develop good trading habits.
That’s alright! It happens with everyone. Emotions do get in the way of trading. But gradually
you’ll learn how to avoid them. Just remember emotions are your biggest enemy in trading.
its a good technique to use SP and TP. but as a beginner its difficult to use in practical because of poor knowledge and experience.
Trading isn’t inherently an emotional act, it is our relationship with money which is the source of emotional pressure.
Never think of trades in terms of money. Think about opportunity and risk in terms of percent of your account capital. Just focus on growing your account.
If you are so short of money that you need to withdraw cash from your account to pay your bills, you do not have enough money to trade with and you should stop trading - you are under-capitalised and you will not escape the spiral of emotional pressure that trading subjects you to. Under-capitalised is not measured in dollars.
to be disciplined is not a thing that comes to overnight , just always try to maintain good discipline than last day. thats all.
thanks sir for your nice post
Well, simply put, your trading should be governed by rules you know IN ADVANCE, i.e. before you open a trade. You need to determine SL, TP, position size and honour them. No matter how big was the opportunity you have missed - remember that there are also possible negative scenarios you resolutely cut short by honouring your risk management setting. I wouldn’t recommend to follow the style of flexible risk management - it gradually drives out of of balanced trading, despite some short-term benefits.
I had the same problem, it helped me that I just started to take money less seriously. Yes, it hits the budget when you spend money on unnecessary purchases. But then you realize that money doesn’t mean that much and that allows you to become a good trader.
Plus don’t forget about self-esteem. A good trader understands that he can lose in a day or two, but he will never go negative in the end. Develop your self-esteem and faith in your success, constantly tune yourself to victory.
Previously, I constantly “broke” as soon as I started to lose. I shot deals, started to panic and eventually lost evenwhere I could win. Now I have overcome this and enjoy trading. I hope you can too.
I can’t say it’s greed. It is more a desire to earn and be able to buy yourself the right things. I have a thirst for earnings, too. Probably like most of those who are in this forum
I think risking less then you do at the moment is a good way to start off. Most of the time emotions come, because you risked to much and you are afraid of losing the amount you risked
You are right, the main thing is not to manage trading and understand the market, but to control yourself. I know a lot of experienced traders, that know how to trade and have excellent knowledge of theory. However, their profits aren’t so high as they can be, cause these traders sometimes fall under emotions. A lot of them are trying to control them, so I will tell you how they do this. First of all, learn to risk. It’s mean not only trading, but everyday life. You should not only learn what the risk is, but also traing yourself for losses. Yes, noone loves to lose, and noone want to be a loser, but you should understand that the action (or the process) is not one deal, but the trading month or other period. Traders fall under emotions, as they see each deal separated. To avoid this, just understand that deal is only a part of the whole. Also, if you lost to much one day, it’s better to stop tradiing these day and get a rest to avoid rash decisions.
True; having a particular trading plan is must! In addition, we can’t open any trade position here randomly!
True, if you do that you may as well be gambling.
And the result of gambling is very common; it brings a huge loss!
I think most people on this forum would agree with you.
Practice is the main medicine; there is no shortcut way here!