Please I need help, I I have a strategy working for me well, but it takes time for the formation to be completed, so, any time I try checking my chat to check if there are possible setups, I will see something that will just trigger my hand to trade, telling myself its just small risk, oh this looks promising… In the end most end as lost.
I checked my journal today saw that 95% of trades i lost were unplanned, Yet I can’t count the many times I have written in my journal never to trade without my plan. Infact when the trades are going against me, I feel terrible and will swear never to repeat such mistake, I but that doesn’t last…
Please, I am worried this habbit seems too hard to let go. And if I’m not careful will destroy my trading skills, coz I seem to be on the same level, I use my strategy to make profit, then use my impulsive trading to wipe out profit. Its depressing, trades I lose via strategy doesn’t give me bad mood as this does. Help!
It seems to be quite common situation. Many experienced traders could underperform just because of their psychological features. There are several ways to deal with this.
You can start with the rules: create a rule that will restrict you from trading in case of breaching strategy rules. For example, if you make one unplanned trade, you should trade on demo for 1-2 days. Of course you need to be disciplined enough to fulfill this rule too.
Another way is to use your strategy for EA. If it is profitable and you can describe it in details, you can just create a bot that would trade stricktly according to the rules of your trading system.
Uncertainties needs to be handled carefully. There is no surprising fact that a forex trader may expose to various risk hazards which may cause him serious losses. A trader needs to monitor his funds carefully here with the help of various risk administration tools and techniques.
so… do you like cheating your self ? then you don’t have a plan my friend , and remember "Smooth sea never made a skilled sailor, impulsive trading means you only thinking in money , get focus in how you pick your trades not in profit;
remember this is a ZERO game , the time and the market will show you how to play the game…
most of the time we are reflecting in our trading style many personal bad habits, and we repeat over and over.
You just need to constantly think about what you are doing and think twice before opening a deal. Yeah, you might lose a little on such delays, but you will avoid rash deals.
The normal thing that happens to all traders. Do not worry because there is solution.
If you have trading strategy and risk management plan then try this step:
If you just want to open the trade check will the stop loss be under risk management plan. Is it 1% or 2% of your account balance.
Only open 1 trade at the time
If you lose that trade you will need to do 50 losing trades to lose 50% of your account.
If you hit 25 trades of those 50 with profit, you will be in profit at the end.
I know it is tempting to open the trade even the all rules are not fulfilled. You need to find another way of trading to fulfilk your needs and that is to open the trade like I have described.
I hope 1 rule is not hard to follow. 1% of yoir trading account.