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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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    3. #21
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      Default The Importance Of Patience In Forex Trading?

      Patience is a part of the Forex business that is important for every Forex trader, Especially the Newbies of this business.
      So What is the importance of Patience in Forex trading?


    4. #22
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      Why do we fail to control our Emotion?
      Because we are humans.

      I wouldn't like to put the word "fail" on to that reaction, since most of the time the feeling is natural. I think it is fear most often. Quite often i explain it like this, the human is not really made to trade. This is the reason we see the 5% only that make profit, a bigger number is 60%, where some claim that the 60 are those that make profit but end up giving it back again. Put it simply the human is not a good trader, those that do and those that can do are outliers.

      Now that you've read that big explain you should understand that humans have emotions, that is natural and for them not to be able to trade is then also not that natural. This is what i am saying. There are things we can do but to do trading very good probably means that you'r not a regular normal person (what ever that means)

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    6. #23
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      Default

      Emotion has become an integral aspect of the Forex trading business and it is obviously inevitable, It is quite impossible that a Forex trader will be in this business and have a full 100% control of their emotions, Thus a large amount of training of emotional control is needed by all traders.
      The main reason why we cannot control our emotions is because of the fact that we Humans are created by the Creator to be very emotionally weak. And this is why we all make emotional mistakes while we are taking all important Forex trading decisions. In order to fight this control of our emotions and stop it from taking a huge toll for us, We have to just trade more, Practice more and then as we practice in the Live accounts, we would notice that we will be improving based on our ability to control our emotions.


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    8. #24
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      Being a human we cannot over side the emotions because it matter with the personality and natural characteristics. When we talk about the emotions in forex trading that simply leads towards greed which is earning more in less time. Its hard to control emotions in forex trading but as a trader if we use pre-decided rules then we can do so, we cannot control this market as a individual but we can control our self. A trader need to decide his share from this market on the basis of his learning/skills and investments then he can better handle this issue other wise his emotions leads him towards greed which will leads to earn more decision and at the end trader will suffer a lot.

      Scientists say that the self-control is based on a limited power source, which is substantially depleted as it is use. Perhaps the first trying to self-control can be exhausting, using a lot of your energy. so its hard to get control over it but if trader use rules to control it then he may consume less energy and follow his strategy well and this practice can leads towards success. Most of mentors advise to follow the controlling rules in writing or make a check list to follow which can make the self control possible, such checks can be performed before initiating any trade and can be followed while monitoring the trade.


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    10. #25
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      Patience is essential to become a good forex trader. Traders should fight the temptation to boil under pressure and stressful situations. Managing stress will cause profits to significantly increase. Traders should come to the conclusion that making fast money with trading is not the answer. You must break a sweat. You must be dedicated and commit long hours to practicing trading, and learning trading. In addition, you must possess the patience to succeed. It might take a long time to gain these qualities, but in the long run you will be a profitable trader.


      Most traders fail because they make quick, irrational decisions without doing any research. They do not possess the patience to make an effort to learn about forex strategies. Traders should possess the patience to learn about forex tools such as the Macd, stochastic oscillator, boilinger bands, rsi etc. They should also possess the patience to learn about economic conditions such as inflation and unbemployment. Making emotional, uneducated decisions will lead to losses.
      Patience is also needed after a trade is placed. You must be willing to have patience if a trade goes in a wrong direction you did not anticipate. It is important to have a good trading strategy in place. To create a trading strategy you should identify your trading instruments, pinpoint which signals would cause you to enter and exit trades, figure out the minimum and maximum duration of your trader, identify the maximum number of trades you will make in a certain time frame, and forecast the hours you will want to trade. Having a trading plan will prevent traders from quitting to early. Overall, traders should have patience during the whole life cycle of a trade. This is during the entry, holding, and exit of a trade. It is important to pre-plan your entry points, exit points and even your stoplosses to get a good trade.


      Patience can be developed through time and effort. To be more patient, I suggest using a demo account before you actually start trading. Usually, you will use the demo account for a month or until you make consistent profits. In addition to making you more patient, it will make you more confident. You can practice your skills and it will reduce your stress.


      Traders should have the patience to learn about the forming of trends, trend correction and highs and lows of a trade. In addition, traders might lose patience when a trading signal has failed in the past. This might cause a trader to overtrade or lose money.


      Trader can develop patience by engaging in physical activities. One might go for a walk, listen to soft music, play sports, or meditate to gain patience. I would suggest taking deep breaths on a regular basis if you feel overwhelmed in trading.


      Patience is a virtue that every trader should possess. When a trader is in a losing position, a trader should have patience and understand that this is a temporary situation and things can change. The market is always moving and changing. The trader should have the patience to learn from his/her mistakes.


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    12. #26
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      The Forex business has dangers, When i say dangers i mean that the Forex currency business is a business that is unpredictable at all times, Wht we did and made profits today will not help us get the same profits tomorrow when we do the exact thing again. This really calls for all Forex traders to add patience to the list of things that they need to learn so that they can trade well.

      Also i am a swing/Long term trader so i need an extra amount of caution and patience in my trading. I always have to wait very patiently as i wait for my trades to hit my TP or Hit my SL.

      Also there are times of losses where a Forex trader can have consecutive losses and a huge draw-down. Such a trader equally needs to be patient and slowly recover all their losses and this might take as much as 1 - 3 months, Depending on the amount of draw-downs that they have in percentage.


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    14. #27
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      As a human being trader we are prone to make mistake because we attach too much emotion into something which we might not be at full control. We fail to control our emotion because we don't accept the risk and we are not ready to loose. The moment we start to take full responsibility for our action and also don't attach too much emotion to which we are involved with for monetary gain, that moment we can act rationally and it will help us to become a better trader.
      Yesterday's wins and losses are yesterday's wins and losses -- and the yesterdays are gone


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    16. #28
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      Emotions are part of our genetic make up and we are expected to manage them, not necessarily to control them. You can not control how you feel pain, fear, joy or love but you can manage the way you react to others or situations when these feelings arise. I said that to say this: even if you feel fear, on a particular trade you can choose to manage the fear and still allow the trade to run.

      Emotion can push a trader to make the wrong entry but not often. If for instance you just made a big loss and you get "ANGRY", you may be tempted to take a bigger trade in the opposite direction with a view to taking a revenge on the market and recovering what you lost. However you can manage that emotion of anger and wait to analyze the market for a better opportunity. Emotion of fear can also cause a trader to close a trade too early with small profits or even with big loss.

      What is the cure? (1) Have a good trading strategy that you have tested (2) Determine your targets for take profit and stop loss (3) Make up your mind not to interfere with the trade and if possible you can close your trading platform. (4) Ensure that you have used a small volume in relation to your equity because if there is the possibility of a huge loss you will always be tempted to check on the trade to see how it is doing.

      With a good risk to reward ratio you should be able to win more trades than you loss and have more profits building up your equity. This in turn will help build your trading confidence and you will be able to manage your emotions better, should they arise with any trade that you take. What is funny is that when we make a loss we blame emotions but when we make profits we attribute it to our skill. Think about this.


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    18. #29
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      We fail to control our emotions because of temptation. Greed is a popular temptation that causes us to lose our discrimination. Other temptations include lust, anger, sloth, gluttony, pride, When these temptations are uncontrolled they can lead to emotions that will ultimately destroy us. We can even get in trouble with the law. We can make decisions that hurt us and everyone around us. Our emotions become so strong that we cannot reason anything out. In trading, the most experienced emotions are stress and greed.


      To keep our emotions under control there are many steps that you can take. First, you can plan your success. Come up with a trading plan beforehand. You should ensure that you follow the trading plan throughout your trading time frame. Second, you can learn from other trader on how they handle their stress. You can also learn from their mistakes. Third, you can use stop losses. This is especially true if you are a swing trader. Make sure your stop losses are reasonable to reach. Fourth, use lower leverage. Lower leverage decreases the volatility of the trade. By utilizing these methods, you can significantly lower your stress in trading. Fifth, you can learn all you can about forex. You can utilize use a demo account and get books on foreign currency trading. The more information you have, the more confident you will be.


      Other techniques you can use to control your emotions is to relax. You can go for a walk, listen to soft music, or practice yoga . I prefer to meditate or take deep breaths in and out.


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      The only thing that burns our emotion is "impatience", not only in trading activity but in all aspects of our life. Patience is the key when talking about trading, all good strategies is useless if we have no patience while implementing them. Waiting the price to move as our set up plan, waiting the right time and entry level, waiting the trade to go in our favor all need the patience.


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