I faced a lot of emotional hiccups when I started trading. But the best thing to control is to gather maximum knowledge about the trading conditions and trading instruments. Also, be sure to have loads of patience and optimism. Negative thinking can mess you big time.
laziness. want quick and easy everything including understanding how to trade better and making money.
I used to be very impatient, without analysing the market properly, I used to place trades which came out giving me loss. But with time, I have realised that patience and adequate research of the market is very important.
A struggle which I have had in trading and which is still present with me is deciding when to take profits. I have always taken them late.
I am working through a new tactic which is for forex trades on the daily time-frame:
in an uptrend -
look for a weak day, i.e. a day with a lower close or a lower range:
the weak day is confirmed by breach of its high by rising price
exit at the close of the 3rd strong day in a series of the next 3 or 4 or 5 days, i.e. a series of days with either progressively higher closes or progressively higher highs
Its quite uncommon to get 4 consecutive strong days in a forex uptrend. The next day will probably be a weak day and at that point you can re-enter and repeat the process.
I’ve heard this before in a book. The reason for the middle third is because you’re waiting to make sure the trend is a healthy one. And the early exit is to avoid price turning against you.
I get FOMO and try to get in as early as possible. I gotta knock that off and just go for that middle third.
Every trader should be disciplined and calm so that he can make a workable plan and handle losses and profits maturely.
I wanted to give up when I used to face certain difficulty while trading, in my initial months of trading. I know it can be hard.
Be confident in your decisions
This happened with me too but at that time I was with a different broker. I shifted to Turnkeyforex after having frequent losses with my previous broker. Someone told me that it is good in terms of analysis and trading platforms. So I changed my plan, worked on my strategies and prepared my mind for almost every situation. And when it worked, I started trading through IG also.
Controlling emotions is one issue which I guess every trader faces and excelling on overcoming it, is not easy for sure. One thing which was too problematic for me, other than controlling emotions was over trading. I have lost quite many bucks because of this habit of mine, however now I am fortunately done with overcoming this issue.
Two things that set me back was that I tend to get overconfident very easily, followed by letting the emotions getting over me, resulting in over trading and making losses
It really helps. One should try different brokers by demo trading through them. This way your mind learns new things and makes new goals.
Not getting upset when I lost money! Big one for me!
We have to learn to deal with the losses in our trading. We must never forget this fact that losses will happen to us and we need to minimize them.
When I was a beginner, my biggest struggle was handling my emotions. I had a huge fear of losing my money in the beginning. But gradually, I realized that losses are part of a trader’s life.
If you want to be a successful trader then you should learn to control your feelings. Be really patient in the beginning as it takes time to understand things
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Patience is the key no doubt, but its hard to be patient. For me, time has taught me the value of patience, i have made multiple mistakes in the past because i was not able to control my emotions. But as i said time will teach.
When I started to trade forex, the biggest struggle that I faced was controlling my emotions. I am a very emotional person and many times, I even over traded that resulted in more losses. It got difficult for me to trade because every time I would trade, I lost and over traded. I got better with time.
Money attachment was my issue at first. Soon as I saw a trade in profit I would do a little wee and close the trade rather than wait to see if it hit TP or even manage the trade in a structured way as per my trading plan I was trying to follow. As such I cut my RRs hugley whcih them amplifed the impact of losses. Over time I have changed my relationship with money to a healthy respect but not one of “need”. Having capital invested that is genuinely spare has helped that. All the time you feel you might “need” that money the more emotionally attached you are to it.
True, trading is a psychological thing and it is important to have a positive mind set. Discipline is a part of good psychology