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    Thread: Are there ways a trader can control emotion during forex trading?

    1. #1
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      Default Are there ways a trader can control emotion during forex trading?

      Some traders habitually enters trades erratically on impulse in a random manner, unable to control their emotion. This causes untold pain and suffering to such traders. Please advice traders on how to control their emotion during forex trading.



      Note: The question is already fully explored with many answer.
      http://forum.mt5.com/showthread.php?...1#post12757396
      Last edited by PhantomTrader79; 05-13-2018 at 06:59 AM.
      POSSIBILITIES ARE INFINITE IN THE FOREX MARKET, YOU CAN ACCOMPLISH ANYTHING !


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      Controlling emotions is the major task in the forex market. As you can see today at the release of FOMC Rate and conferance, most of the small traders activate their emotions to gain more in the short time and lose the capital that they have.

      There are some ways with the help of which you may control over emotions:

      1) You must have to be confident about your trade. For that you must have to analyse the pair that you want to trade and understand proper stop loss and take profit for the same.

      2) Greed of money is also negative factor which alter our emotions. so do not keep in your mind that you have to make huge money but you have to make consistant profit.

      3) Practice is the key by which you will be confident and avoid the mistakes which you repeatedly do.

      If you really concentrate on quality of trading then you can easily make quantity of profit.


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      a few tips, which you might apply
      • Try to invest your time to analyze market rumors, before trading transactions. Knowing the clarity of the market direction will make it more confident and calm
      • Do not be over confidence! It's better to enter 1 lot than 2 lots if it will burden the mind
      • Do not be too push yourself to participate in the transaction, if you are not sure the direction of market movement. It is better to wait or postpone transactions rather than the wrong positions that cause emotions and psychology to be affected
      • Try to build a winning psychology! It is always advisable to be able to win (profit) at least 3 times in this forex trading. This is to build a winner's psychology instead of a loser (looser). A boxer who wins in his inaugural match will have the psychological impact of the champions in the next game
      • Create a daily target, close a position if it is on target. We can gather with our friends in the real world or play FB, continue our work routines and others
      • Always condition yourself in as comfortable as possible when entering the market for execution buy or sell. Man is blessed with three virtues bestowed by the creator, the mind to think, the heart to pray, and also the time. For that use the three graces from God as well as possible


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      There are no specific ways that a Forex exchange trader can control their emotions automatically, But rather Forex trading emotions are only controlled from trading experience that a trader gains. This means that in this business, As we trade, We are also learning as well. We do not get a fully developed and functional emotional control in Forex unless through the time and hard work that we have put into Forex trading.


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      Are there ways a trader can control emotion during forex trading?

      In my experience, the best time to try to control emotions is before (and not after ) opening a new trading position. Emotions form at the subconscious level in our minds, hence they require subtle re-programming of the mind in order to tackle them effectively. Merely trying to force ourselves to stay sane during a trade will not yield the desired result.
      Trading psychologists advice that traders should endeavour to keep their mind and body healthy in order to be able to cope with the high-pressure environment of trading. Part of their recommendations are things like meditation, daily exercising, psycho-cybernetics, etc. Traders who take the necessary measures to prepare their mind and body well in advance before opening any trading positions have better trading outcomes.


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    11. #6
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      Default

      Are there ways a trader can control emotion during forex trading?
      Emotions if not properly managed could indeed cost us so much in forex. We need to understand how to deal with emotions because allowing this emotions to take control of our trade will result to bad trading which will in turn cost loss of capital in forex. To control this emotions is necessary and traders needs to work on how to manage them for their own good. Ways to control this emotions includes:

      (a) Discipline: Traders must learn to be very discipline by ensuring they follow their trading rules no matter what kind of pressure they are facing in this market. With discipline we will always be patient to still allow our plans take control of our trade which is important.

      (b) Risk management: This will also help us deal with emotions that comes up when we are in a loosing trade. With good risk management we will be able to deal with pressures of exiting a trade faster than expected because we have planned our risk and have used the right stop loss that will help us come out from unfavorable market conditions.

      (c) Patience: Impatient is a huge emotional trauma for traders in this business because when we are in a haste to make money, we can take faster decisions that will in turn hunt us in this market. There is no need rushing to take bigger lot size in this market because this signal greed which would cause loss. Additionally lack of patience makes traders exit a future winning trades because they are quick to judge the market by the recent loss they are experiencing and we know how it hurts when the market later go as we expected initially.


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    13. #7
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      Default

      Emotion are common during trading and many traders are rarely able to control their emotion. In addition, many trading results are not satisfactory because of too emotional in trading. I will share my experiences about controlling emotion in my experience.

      Have fun
      Maybe among us all have a lot of busy outside trading, right? So before starting trading we try to have fun with friends or family, most importantly try your mind and your heart are always overwhelmed by feelings of fun. Do not forget the feelings of fun that you have experienced before because it will help in trading when you feel pressured by market movement. Pressured by market movement will make you into an emotion so by remembering your feelings of fun then you can reduce or control emotion.

      Free time
      Having free time before trading is also required, using free time to analyze market movement or read previous news relating to selected currency pairs to be traded. I can not trade abruptly because it just makes my trades go awry. So this free time we can use to set the strategy, plan and analysis and finally when entering the market we are ready with the possibility that will happen. Something that has been prepared before will be able to reduce our emotions if something goes wrong.

      No regrets
      In trading we never know for sure whether our strategy and analysis can work so you must establish within yourself that there is no regrets whatsoever with the results of the trade. If you are regrets with all the trading results then you will be emotional and want revenge, obviously this is not good because you will get worse. In essence you should be able to accept all without any regrets to control your emotion.
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    15. #8
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      Default

      Are there ways a trader can control emotion during forex trading?
      Ofcourse, there are ways to control trader's emotions and there are multiple ways as follows :-

      1. Low Risk :- This is the most easiest way to get control of trader's emotions. Just lower the risk per trade to minimum say to 0.5% to 1% and overall not greater than 2%. A trader following such a risk management plan strictly will see that he have no to minimum pressure on him and if the pressure is minimum then surely emotions will be minimum & thus they can be controlled with ease.

      2. Trading using pre-defined Method :- Another way to control emotions is trading using a pre-defined Method and doing all the things in the market from entry to exit to stoploss to take profit to trailing the trade, literally everything using a pre-defined Method. Such a method will help you to keep your emotions under control & in check even if the pressure increases. Usually emotions run high when you don't know how to expect exactly this leads you to fear or greed. So, a pre-defined method will always have answers you the situation you are in & you would mostly act according to your plan, which will eventually keep emotions at bay & under control in any market conditions.

      3. Considering Trading output after 'x' amount of trades :- Always consider your trading results or output only after x amount of trade i.e after 10 trades, you can consider how much profit/loss you have made. This will surely keep your emotions down because mostly considering trading output on per trade basis is supposed to make influence under emotions because you are giving a lot more weightage to a single trade & thus this brings in pressure which again leads to emotions outburst. So, considering your trading output or results only after x amount of trade will help you to keep your emotions under control & will release the pressure you would have trading per position.
      I won't be available here, I am on vacation & will be back till 20-21 Dec, take care & trade safely.


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    17. #9
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      Emotions are very bad thing and actually a habit in trading. Let me tell you quick experience:
      You have a good trading capital, you achieve the short and mid term targets in trading and the only thing you need to do is just trade safely and wait for good opportunities. Instead, you decide to trade big risk size trades just because few other trades the other day went losing.
      That is a bad habit and lack of discipline - emotions creep in and you dont see the good part of your trading, just the few losing trades and small loss that is nothing compared to what you will experience in just few days..

      Trade with low risk all time - never risk more than you need to at first. Think think think about that shallow empty feeling when you are left with nothing - You do not want to return there.
      And when you fully remember that empty feeling - you will know what you need to do and trade safely. That however will help you avoid any emotions in trading and set you free from them and - pretty sure improve your overall trading performance!


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    19. #10
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      Default

      Quote Originally Posted by fanatic View Post
      Are there ways a trader can control emotion during forex trading?
      Yes. There are ways to control this during trading and also before trading as a precaution.

      Follow your system
      A good idea would be to trade and follow your system. If your system tells you to do something you do it. Iíve found that if you do not follow the plan that you yourself have made then it leads to more irritation in the long run. Your plan was probably good and it was your plan for a reason.

      Do not overleverage, do not gamble and think you can outsmart the system, do follow your routines and try to follow them every day. I usually do the same things every day, at least when it comes to trading. I have my metatraders set at a certain place and I have my websites open on another monitor, I have my laptop set to a certain page etc. Basically I am talking about consistency and planning. With time you will gain experience that will help with your trading, you will be used to certain conditions like when the market is doing some crazy move and it will not affect you as much as before.

      The market is the market
      Remember that the market is always the same, meaning the market is the market. There are no news or new things for that matter. Do not try to invent the wheel again, it is already there. Simply understand that the wheel is round, often made of metal and that it can roll on the ground. Accept this example.

      Before trading
      You can be ready to trade before you start. For some it means to have coffee next to the computer for others it means that youíve had your sleep. For me it usually means that Iíve been to gym and been standing there screaming at the walls lifting things and throwing them around. The energy is left there and peace and calm can be found in the mind when it is time to trade later.
      This is part of whatís outside of trading and it might seem like a small piece but it is not, many things affect us humans and if everything else can be good then the trader himself can probably feel good also. Telling yourself to be calm and controlled does not work, that will usually only make you more stressed. What does work Is doing the other things besides trading and making sure that they are done in a good way.

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