Hi guys. How you keep your emotions in check. I’ve realised that I actually know forex trading but I keep losing because of things “FOMO, Greed and revenge trading”. I think technically I’ve acquired enough information to make my first million but I just need to conquer myself now, please suggest ways to conquer my emotions.
Trading Mind Game. So here is the need to manage psychology. If I can’t manage psychology, it’s very difficult to survive in the Forex market.
TRADING IN THE ZONE - Mark Douglas
The bible of trading psychology.
I am using EA’s to keep my emotions on low level. Regards Greg
Here’s another great link. tradertom.com His psychological treatise is brilliant - and at no cost.
according to all traders school is really important but if there is no regular level of practice , any kind of knowledge can be useless , so we should take practice besides this.
Trading in the Zone is excellent as mentioned but also check out The Chimp Paradox by Steve Peters. Not trading specific but a great practical manual on how you can separate that part of you that is impulsive from the more logical part of your brain required for trading.
Keeping emotions in check is the most important and toughest task when it comes to trading. In order to succeed and follow your trading plans, you need to control your emotions. It is not something that can be teach as it comes with practice.
I usually listen to music to keep my emotions
Check out these threads regarding emotions, greed, fear and discipline which may be helpful to you. There are a lot of tips from other traders on how they were able conquer their emotions.
You mentioned greed and revenge trading - and as a result you lose money. So you are aware, deep down, that these negative forms of trading are making you lose money and yet you seem to keep going in this wrong way. Allow me to suggest to set a strategy that manages to dampen those negative feelings and emotions you may be feeling so that you manage to be more realistic and wiser while trading. Negative feelings like greed and fear need to be put aside and you need to be careful and as wise as you can.
its a very common strategy to keep emotions on low level but its all about very short time approach , nothing without it.
Yeah you’re quite right that we can’t fully get rid of our emotions, however our missions as traders is to master their controlling, you know. Of course accoriding to science emotional repression isn’t good for our health, but we can show them on other places such as gym for example. To my mind, gym and sport are very good for outburst of emotions such as anger and we always have to try various things in order to prevent the appearance of emotions while we’re trading.
It’s a common thing I guess, lots of traders give up trading mostly because they can’t handle with their emotions, I wish we had a trading pscyhology school, you know, where we can master the practice of emotions control.
It always helps me to take a break if I start to feel emotional. Take a walk, listen to music, have a nap, workout, or whatever relaxes you and makes you feel calm. Then you can go back to trading with a level head and think more clearly about the next decisions you make. Hope this helps!
We always face a fear in forex trading, because we are scared of losing the money. I mean, what more than that could be bad? This is why whenever you are feeling like bottled up due to this, it is always advisable to take break and do something fun in your personal time. Once you are confident, then you can always trade again.
This unfortunately is going to take time and discipline
Absolutely agree with you. No matter what how much do you know if you can’t apply this.
discipline really comes with time, only with the experience of each trader and with an understanding of how to do and how not
Really true. Discipline is the main foundation in your trading, so it does take a long long time for that to happen.
some craftsmen really have enough time and less, it all depends on our perception of something