Step back and keep yourself busy with something else before you trade again.
In my opinion, the main thing is that you need to relax on time. Fresh forces will help to be in good shape at the right time.
I agree. It’s better to rest regularly if for a shorter time than to get burned out and to need a long rest.
I have been trading for some time in the forex markets and i know that trading is not easy and we have to decide on which time frames will best suit us so that we can make some profits.
Which time frames do you prefer then?
You need trust in your system which comes through backtesting.
You need a psychological state of positive well being - if the rest of your life is crap so will your trading emotions be
You need to think in probabilities and with a casino edge as suggested by Mark Douglas.
You need to have already gotten used to losses by having been kicked in the teeth multiple times
You need to have diminished the role than money plays in your life so a loss ain’t no big thing
You need to sit up straight at your trading screen and breathe deeply.
You need to focus on perfecting trade execution not on wins or losses
It would be quite something to achieve this state of mind especially considering that the entire exercise of trading is for making money.
Not really - of course it’s all about money - but it’s amazing what a take it or leave attitude in life can do for you
There’s nothing you’re going to be able to do about your emotions.
Try your hardest. Discipline yourself. Bite your tongue. Whatever method you can possibly come up with. It’s not gonna work.
You need to understand that.
What will get you through the emotional factor, is time & experience.
Sure. Some good advise, given above, will help a lot – Having those rules in place in which dictates your every move. Cause all you’re doing there is obeying. And that is good! It’s the best we can hope for. Honestly.
But that doesn’t necessarily mean you can avoid the emotions, through it.
The more time passes by. The more experience you gain. The more comfortable you get. Confidence becomes you. The more the emotional aspect will slowly disappear.
Think about that.
Be careful of the battles you choose. Especially early on in your career. Going after emotions, changing the way you react in situations, in my opinion, is almost pointless.
Now…Focusing on obeying your rules, systems, learning what works, learning from your mistakes…those should be much more important issues.
I meditate and listen to forex podcasts on Spotify or read “Trading in the Zone”. While trading, I be in a quiet place and listen to jazz music.
Hey am Vitctor am an African Nigerian, new here, pls I need a mentor
With experience, this emotion thing does vanish with time.
Well, first of all, correct money management and the creation of your trading rules will help you to control your emotions. In any case, you will not be able to get rid of your emotions completely, but thanks to the rules, you can stop in time and not make a mistake. And to calm down, I advise you sometimes to distract from trading and meditate or just listen to relaxing music.
I always advise you to pause to soothe your emotions. It is essential to break away from such hard work and just meditate or do your favorite thing, except trading, of course.
Little things here can help, for instance,
If you go through your list of markets,flag the ones you are interested in first but don’t place the position, do something different first eg go manage your current positions, delay the entry so you avoid the excitement of finding a market that matches your entry criteria.
Place an order- Don’t set a deal, place an order so criteria have to be met before you get in. Another great way of avoiding the immediate emotion of a market move.
Unnecessary course changes - if you see something that raises questions, note that question down, if you have written that question down 3 times it is worthy of attention, otherwise its a random thought or emotion of a current move.
well said.music certainly helps, and regular breaks, with exercise.
“I don’t want to be at the mercy of my emotions. I want to use them, to enjoy them, and to dominate them.” ― Oscar Wilde
i really like that quote! well said.
Emotion has no place in trading. If you trade with emotions, you will always face losses. You need to create a checklist that will work according to the checklist. And must meditate regularly. Meditation controls emotions so it should be done regularly. And not to mention one more thing you have to do according to discipline.
I always go for a stroll outside when I get overwhelmed. Or some good tunes can also flip the mood.