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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 emotion must begin by locating first what makes you emotional every time you trade? What is the source of that specific emotion you feel when you are trading. Some factors like, using big lot size not proportional to the account balance can be a major factor of being emotional. Sometimes relationships can also make a trader emotional, like quarrel and misunderstanding with family members, love ones and so on. Write in a piece of paper every reason why you are getting bad emotion while trading and try to avoid trading when you are in that specific state. Most importantly, do not used big lot size in a small account, its a major contributor of bad emotion, frustrations and failures.
      No Guts No Glory!


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    5. #12
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      Emotions are a source of loss in trading. They push you to make irrational decisions, to make bad choices. To get to a winning trade, you have to be able to control them.
      For this, there are several simple ways that all traders should respect.
      1- Manage your risk rigorously on each trade
      To control your risk, you should not risk too much of your portfolio on every trade. It is estimated that a trader should not exceed 1%-2% risk per trade.

      2- Set a maximum amount of loss per day / week / month
      Set acceptable levels, loss thresholds that you are willing to accept without causing you any trouble. If you reach these thresholds, it's very simple, you stop trading, This allows you not to crack psychologically, and to possibly analyze what has malfunctioned.

      3- Take breaks regularly
      Trading is an exhausting activity for nerves. So do not hesitate to take regular breaks in your day of trading but also to spend whole weeks without trading. This allows you to relax.


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      Emotion is very common to every traders and for that its not so easy to get rid of this thing ,for the reason we should work hard on this factor so that we can be on the road of success one day by capitilizing in such field .

      Experience : It helps to fight against the emotion because when we are having lots of practice ,we can understand the outcome of such thing very easily and will get alert to fight such hurdles .

      Have a proper control over winning or losing trades : When traders face consecutive winning or losing trade orders ,they can be diverted from their concentration and that can even make the situation worst and for that instead of making more trade orders in this conditions ,traders should have a proper break and should reset their mind to be on normal stage because overexcitement or depression may be the outcome in such cases.

      Set a target ,close your trading platform: we are having a very common habbit and that is we just keep on watching the charts after keeping the target price and when we see some movement of market in opposite direction,we just get the real panic and can end up in messy situation .So,its better to close the trading platform and watch that in intervals so that the development can be more clearer.


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    9. #14
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      Default Why do we fail to control our Emotion?

      Emotion plays an important role in the Forex business but we fail to control it.Why do we fail to control our emotion?


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      Default

      Quote Originally Posted by forexhelper View Post
      Emotion plays an important role in the Forex business but we fail to control it.Why do we fail to control our emotion?

      When it comes to money, people kill each other, family and relationships get destroyed in the process because of the love for money. When you see your trades floating in negatives you become emotional because of fear that you will lose your trades and it's hard to recover the loses and most of the time ends in blown up accounts. Start treating your trading as a numbers game not a money game and develop a mechanical and robotic approach towards your trading, your trading performance will surely improve.
      No Guts No Glory!


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      Default

      This is one of the questions I wish I had the right answer. I will try to describe how I see it but I have not always been at the best controlling emotions.

      Open trade only when you feel right or you are not distracted by anything else
      Many times I have opened trade when I hurry somewhere, just because it looks fine and it will probably work out - it never does.
      Never open a trade when you dont find full confidence especially if you think of a bigger trade. Always think about past losses how you ended with nothing due to the same thing - emotions and silly, wrongly timed and large risk trade out of nowhere.

      Dont let the market movement influence your emotions
      Sometimes when market is moving a lot and fast, this can really trigger a person and take the emotions out of the roof. Dont ever fall victim to this. Let the market move and take a deep breath because nothing can be changed there. Surely you can chase that move but always remember there are traps and if its not a strong move off from support or resistance - better dont do that.

      Remember, emotions destroy good trading capitals, they have destroyed mine several times so its something we need to take care of and manage, otherwise forex wont be our play field.


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    15. #17
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      Default

      Fail to control emotion, this happens when i first do forex trading but now i'm rarely for emotion in trading. It is difficult to control emotion in the trade if you do not regularly train your psychology in trading. Actually many factors why we fail to control emotion in forex trading but in my experience only 2 important factors for us to control emotion.

      Analysis and management, has an almost accurate analysis or can be said 80% near perfect then you will not be easily provoked by market movements even in high volatility condition. Most traders can not control emotions due to lack of analysis so the position that has been opened is not in line with expectations. When your analysis is against market direction, it can trigger emotion inside you because you are not satisfied with your analysis. Compare if your analysis can reach 80% to get profit then your emotion will not be triggered. You must continue to practice analytical skills in trading and this also will automatically train your psychology.
      In addition to having an almost accurate analysis, you also need management to control emotion in the trade. You do not need good management to control emotion but you need management with the right calculations. You must know the capital strength in trading account and make the management by calculating lot size that will be used. Emotions can also be triggered because you do not have management in calculating lot size for open position. The use of excessive lot size that is not in accordance with the management will make you emotion when open position opposite to the market direction.

      Know what weaknesses are in you to improve how you trade and control your emotions. The biggest enemy in forex trading is not the market but it is within ourselves.
      don't use Luck in the trade but it would be better to use Greed
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    17. #18
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      Controlling our emotions in trading isn't an easy thing, but it's necessary and can't succeed without being able to control our emotions. I know many friends with winning strategies and great trading systems but they are still losing in trading just because of emotions.
      Each trader has a different psychology, because of his character. Trading brings out the strongest emotions. If in life you can't control your emotions, trading is not necessarily for you. You must be strict with yourself and be able to follow strict rules (money management, trading strategy) to be able to last and succeed in trading. The hardest part of trading is not to win but to last because sooner or later, you will be faced with hard scenarios.
      If your decisions are taken by your emotions, it will not be possible for you to succeed in trading.

      Greed and the lack of knowledge are the first causes that prevent the trader from controlling his emotions.
      BTW I already mentioned in another thread some solutions to follow in order to make controlling emotions easier, I'll repeat them brievfly below:
      1- Manage your risk rigorously on each trade
      2- Set a maximum amount of loss per day / week / month
      3- Take breaks regularly


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    19. #19
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      Emotions are really responsible for the loss in the forex trading so We must have to control over it if we really want to gain good income from the forex trading. It needs constant learning and avoidance of the mistakes that we do repeatedly. Most common emotion due to which we will fail in the forex market is the money.

      We come to the market to make money but we go from the market due to failure to gain money.

      Failure to control the emotional factor is due to following conditions:

      1) We are really greedy when we enter in the forex market so we must have to avoid it. Money is the greed factor.

      2) We think that we can easily make huge income in the short time in this volatile market. so just keep this out of your mind and tell it that we will only get small profit over the long period of time.

      3) Without learning the basics of the trading, we will not able to gain any buck from this market. Lack of learning and upgradation is the cause of failure to control emotions.

      More you try to avoid emotional factor, more you will become confident, more you will earn.


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      Frankly we are Human being and not robots and for that emotions are very much common to us and that will come in any form in any time but yes we should have the proper control over the emotions so that we can close our trade orders with profit .Its not that all people are having the same controlling capability and as a result several traders are having different results .The adrenaline rush is also one most important part which actually always pumps us to do something special and in this act we can lose all our profit by getting trapped to greed and fear like emotions .

      To win over such emotions its better to learn the reasons behind that by which we can get out from the situation because all are in our own hand only and we have to act with all those positively so that we can face with those and win the conditions .

      There are some common ways to get pass all such things and those are as follows :-

      1.Learn as much as possible :- Take knowledge related to this field up to the highest level so that you can easily get hold of such emotion because the more we are experienced ,we can handle such problems well.

      2.Utilization of proper trading strategies and plans :- When a trader is complete in his activity ,its sure that the emotion part will act less because that time his mind set will be very cool and nothing much action reaction takes place as he knows how the market is acting .


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