Being a trader, frequently have to act quickly and think fast, dipping in and out of trades as needed. This requires a certain level of mental alertness to pull this off. Additionally, one must have the self-control to follow their own trading strategies and understand when to place good trades.
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If you had the same OCD for your trading setups in stead of for the numbers in your balance, you would be a much better trader
Imagine only entering the most perfect and exact trading setups⌠the balance issue Will automatically get fixed
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Yeah I know exactly what you mean - but you need to try and get past this. This will lead you to make stupid decisions and enter a trade/potentially lose more just for the sake of a few dollars.
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When my balance is low instead of loosing confidence in myself. I just take the time-out and think of where I can improve with my trading strategies.
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Exactly, best thing to do because it can really distract one and might even affect our trades.
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I had traders/mental block when my account got too big, from fear I was going to lose it all. so I decided to withdraw half of it and that took care of my problem. crazy how the mind plays tricks on us
EDIT: Having a small account wasnât a problem for me, since my goal was to become wealthy, but when my account reached a certain amount, I started getting traders blocks
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I have been there. But after practising delayed gratification, I could overcome this.
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This is so cute, btw. There is a positive way in which you can channel this OCD energy into bringing in better outcomes. Create a plan where you get to budget the amount of returns you receive. You might have to revise your plan quite often. If youâre able to generate a good amount, it shouldnât really matter if itâs a round figure. Try to control the OCD by diverting the energy to a hobby or something.
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First of all ensure that your strategy is confirm your backtesting results on a live account . For me i will wait for 30 trades if I have 90% that results match with backtesting results , then I need to setup a calculated stop loss level to lock and protect my account .
By this way you will minimize your fair a lot . But fair is normal in this case , you need only balance fair with convenience
An other thing , you need understand how forex works really and with who you âDealâ . This will give you a very good picture about what forex market is really . it is not as you think
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I think every trader including myself does face some kind of mental block. It just differs from person to person but we all have a very illogical voice in our brain which keeps playing tricks on us. We just need to find a way which would allow us to hush this voice and do things our own way. Thatâs the concept of trading psychology. And you should read about it to get to the root of your problem.
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