To avoid OverTrading

Beginner Questions
1

Hello People :blush:
First of all, Please help me in a practical way :face_with_raised_eyebrow:
Do not offer me reading books and doing yoga
How do you avoid overtrading? How can you manage yourself when you make a loss and you really want to open a new trade? Or when you reach your profit, how do you avoid making more profit ideas?
I really can not do it.
I tried, I asked my sister to hide my phone, I went for walk and thing like this.
I want real-life experiences please!!

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2

Why would you want “to avoid making new profit ideas”? I didn’t understand that part

3

Hello, it is one of reasons why I use EA’s in trading, after developed, my task is supervising server and trading platform. Regards Greg

4

So, sometimes you’re making bank with your trades and you’re like “yeah, I’m done for the day.” But then, you get this itch to keep going, and you start making trades without even analyzing the market properly. It’s like you’re gambling.

5

Thank you Greg!
Can you name some of the EAs you ae using?

6

sure, 9000018- EU-H1-009, 9000019-GJ-H1-006, 9000022-XU-H1-008

7

Not gonna say “Oh you should do yoga and bluh bluh”, but over-trading is an emotional issue and you need to take control of them. Emotions such as greed, fear, and anxiety can lead to over-trading. Develop a mindset of discipline and objectivity and stick to your trading plan.

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8

Agreed. Learn to develop a ZEN mindset instead of yoga…

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9

I can provide some tips based on what other traders have found helpful in avoiding overtrading and managing emotions during trading:

  1. Stick to a trading plan: Having a well-defined trading plan with entry and exit rules can help you avoid impulsive trades and stick to your strategy.
  2. Set clear trading goals: It’s important to set realistic goals for your trades and stick to them. If you reach your profit target, resist the urge to make more trades to earn more profits.
  3. Use risk management tools: Stop-loss orders can help you manage your risk and prevent large losses. Similarly, taking partial profits can lock in gains and reduce the temptation to hold on to winning trades for too long.
  4. Take breaks: It’s important to take breaks from trading to avoid burnout and make more rational decisions. You can take short breaks during trading sessions or even take a day off to recharge.
  5. Have a support system: Having a support system can help you manage emotions during trading. This can be a trading buddy, a mentor, or a coach who can provide guidance and support when needed.
  6. Keep a trading journal: Keeping a trading journal can help you identify patterns in your behaviour and make more informed decisions. It can also help you track your progress and make adjustments to your strategy over time.

These are just a few tips that other traders have found helpful. It’s important to find what works for you and develop a routine that helps you stay disciplined and focused during trading.

2 Likes
10

Good tips!
Thank you.

11

How can I find them Greg? I searched and nothing appeared… Am I wrong or maybe you are joking me or WHAT?

12

Thank you!
Actually I can see other signs such as anxiety in my life so maybe I should change it a little!

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13

I think I need the 5th one more than the others :slight_smile:

14

I developed all strategies which I am trading, so it is not available on the internet

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15

I think it is a mental thing more than a trading tip!
You have to be able to control your emotions or you will have problems in all aspects of your life.
You might overspend money. Over-make love to your partner or even over-think!
So, I recommend you control your stress and try to be calmer, and why not do yoga? I do not do it but It seems to be helpful. Even if you do not like it, go and try other sports. Find something for yourself that helps you to relax.
Wish you peace and love Franziska :heartbeat:

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16

There might be a million ways to avoid “overtrading”, but it all comes down to one thing. Discipline. Overtrading is just a fancy way of saying you are taking trades out of your trading plan. Just be disciplined enough to stick to your plan. Unless if there is a section in your trading plan that says you will place random trades based on emotions such as anxiety, boredom, anger, etc.

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17

Hey there. I looked it up and found these books. I hope they are helpful:

  • “Trading in the Zone” by Mark Douglas - It talks about how our feelings can mess up our trades and how to overcome that.
  • “The Psychology of Trading” by Brett N. Steenbarger - It covers motivation, confidence, and how to deal with emotional ups and downs.
  • “Market Mind Games” by Denise Shull - It uses science to explain why we make bad trading decisions and how to make better ones.
  • “The Disciplined Trader” by Mark Douglas - It teaches you how to be disciplined and stick to your trading plan.
  • “Mastering the Trade” by John F. Carter - It gives practical advice on managing risk, emotions, and analyzing charts.
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18

Here, mindset plays a vital role. You have to leave the market for a certain time after you make profit or loss whatever it is. Implant it in your mind that it I take another entry, it will make suffer loss.

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19

Set daily targets and limits.

Hit either and you stop for the day.

Come back at the end/start of the week, review the prior week’s worth of trades and see where you are. Back to the drawing board or review of your strategy or the current trading environment, perhaps if your losers outnumber your winners or simply net unprofitable.

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20

Thanks for sharing your ideas bro. And I think it will be helpful for me too because I can’t restrain myself from over trading.

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