yes that works haha. i sometimes just uninstall mt4 mobile app on my phone for a few days so i can only trade on desktop at home, so i dont get tempted when out and about- this is when i need some breaks
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You have to detach yourself from the money. Consider it gone the moment you place the trade.
I have read a lot about daily meditation / pre trading routines that a lot of people swear by, or using music to get in the trading zone.
It is each to their own and what works for your personality really no right or wrong way.
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Sometimes that’s what it takes to enforce discipline for oneself. I’ve done similar things too.
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Very well put my friend.
Probability that’s well researched and tested gives it a higher than average probability of happening again.
That’s all were doing is basing an assumption it happened before therefore can happen again .
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Don’t predict! When you don’t predict, you have no expectations; when you have no expectations, you have no emotions; when you have no emotions, you have peace of mind!
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Different traders use different techniques to stay unaffected by emotions while they trade, it all depends on a person’s personality. When I feel that emotions are overpowering me or I am overthinking while trading, I prefer to give myself a break and I give a little pause to trading schedule, calm myself down and then get back to work.
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wise moves here. breaks always healthy
What did you find works best? If any ?
The market is forever there, there are times to trade, there are times to go fishing. You don’t have to trade everyday to become the winner!
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When I do not trade then I enjoy my free time with family and friends, never think for the market. Keep your work and family different, you will be happy.
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It is hard to do trading without emotions as we invest our money in a trade somewhere it built a sense of risk and fear. To keep your emotions in check, a trader must go on with low investments in their initial time and also built some strategies that make their trade profitable. It is very rare for traders to do emotionless trading but having strong knowledge about forex and effective strategies can help you to keep your emotions check while trading.
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I use automated trading systems. As the source of emotional response (often irrational) is price movements during opened trade, you can keep emotions in check if you don’t participate in trading directly but simply set conditions for entry and exit (rules) that do the whole work for you.
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havent gotten to that automation level yet lol but that’s one of my goals is to have my own custom EA programmed
A reliable entry/exit system that works, not exclusively an automated one
If the setup works properly, you can follow it also in discretionary trading mode, it does not matter in which mood you are. If you wait for a trigger signal that worked in the past, you just have to be “awake” and “eagle-eyeing the screen” for the signal to trigger the trade in the future. All those discussions concerning emotions and so on are the results of insufficient entry/exit rules. If you are good in driving a car you can drive it fully drunken or angry like the devil after your girlfriend told you she has an affair with your brother…but only if you are good in it and the technics are burned in your mind.
I mean if you know what you are waiting for infront of your screen, it doesnt matter how you feel (provided you are able to click the buy/sell buttons or distinguish candle bars from beer bottles.
In a nutshell: if i know what i should do, based on visible facts that trigger my actions, emotions are for triggering irrelevant.
I am English, we have no emotions.
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You can’t keep you emotions in check, all you can do is not react to them.
It always sucks when you loose a trade, and it’s always amazing when you win a trade.
It’s a struggle every day to balance yourself out.
At the end of the day, i tap my self on the back for following and loving the process, more so than the reward, cause while learning the process, loosing trades are a part of your education.
I think learning self-control is generally an important thing in everyday life, not just in trading. In order to learn you need to do some soul searching to find out what causes the reactions you are having and then, if the experience is negative, you should seek to remove the source of your anxiety.
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Sometimes in order to stay calm I take a short break, it allows me to rethink my action plan and make the best decision. It really works and I end up getting what I wanted. But it takes me a long time to learn to do that.
Taking rest is especially important in scalping because it’s very intense trading approach and it’s easy to go overdrive becasuse of quick realization of trading result. The number of mistakes increases in case of overtrading that’s why for scalpers optimal trading session is 1-1.5H.
The problem is that it’s not easy to stick to your trading plan in discretionary mode of trading : you want to keep some losing trades for longer or close profitable trades before they hit TP because you are unsure. It distorts results of your trading system it becomes a mix of strict rules and emotional impulses.