I’m a totally newbie who hasn’t even started with demo account trading yet but I’m trying to read and grasp quite a bit of the materials including posts here prior to some “paper” trading…
Around 4:30AM today I was looking at a major pair, which seems to exhibit clear trend and I thought it’s a good time for entry, however, for risk management, I didn’t have a good idea on range for my stop loss yet, so, I didn’t take an action on it. Then for the rest of today I was busy, came back home almost 6PM, then looked up the chart, and you know what, the price has moved some 40 pips (the entry opportunity is lost). Man, I felt sort of bad even for “paper” trading… I immediately recalled quite a few pros here stress the importance of emotion control in trading… It really hits home even for someone who hasn’t truly started yet.
These things happen all the time, it’s for the best to learn to just roll with them.
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Emotion is the biggest thing for me. Control them and dont over leverage. Stick to a plan…
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same here, still struggle with it but I’m taking it day by day lol I have my rules set, I just have to stick to the plan everyday and follow them.
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Thank you @mlawson71 @callumxx5 and @justshell for your perspectives on emotion.
In a way it’s a good thing for it brought me to pay attention to it even at the start of my learning journey of fx trading.
Do not pay attention to it. Dont make it a big deal in your mind. Putting too much emphasis on emotions in trading will affect you going forward. The only reason you felt you missed out is because you didn’t have a plan. Thats it. If you had a strict entry criteria then you would have either taken the trade or not.
its difficult task to control emotions when using leverage , because it can make huge profit within very short time. but maximum time traders lost their major equity by using this due to over emotions.
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As a total newbie I wouldn’t consider leverage. My first goal is to gain a decent understanding of FX trading and attempt with “paper trading” as a way to evaluate my learning, once I find such paper trading produces desirable results in a sort of consistent way I would then venture into thinking of how to increase “win” and still with paper trading for some time.