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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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      Are there ways a trader can control emotion during forex trading? The answer here is yes , but it depend solely on individual traders. Emotion in the real sense of it guide our activities Applying a check on our activities can only be achieved through discipline without which your purpose of trading will only be fantasy and utopia. Working on your mind-set will guide you through to success in this field. Remember ,you can not continue to do the same thing the same way and expect different result. Do your utmost best to inculcate good trading habit of risk management in your trading .Ensure that 2% trading rule ,S/L and T/P are always in place for every trade entry ,with this your emotion is under subjection.


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      Control emotion is very important in Forex trade. Because a trader can makes his capital 0$ by trade with emotion. Though Forex market have earn unlimited profit so every trader want to do that and with emotional he take a trade with big lot and he can get loss his all capital. So control emotion is very important for every trader and a trader can easily control his emotion in Forex by follow some simple rule which are below down

      - At first a trader need to know the proper knowledge of money management and try full use of money management on his trade. So a trader easily can control his emotion on Forex.
      - A trader should use small leverage not more than 1:50. If a trader can do this so he can't trade in big lot so he can easily control his emotion on Forex trade.
      - Never try to over trade and only wait for right entry because if a trader can get loss for over trade so this time at first try to recover his loss and he can't control his emotion. So if a trader can avoid over trade so He can easily control his emotion in Forex.
      - A forex trader should makes a expert trader by knowing everything of Forex because a expert trader can easily control his emotion on Forex.

      I think this the best way for control emotion on Forex trade and I hope if a trader can do this properly so he can easily control his emotion in forex and he can get success in Forex.


    5. #63
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      Emotional trading seems to be the major problem that most trader face in the forex trading market, and it can be very bad if we don't curtail the it. For me it's better we avoid doing what can cause emotional trading rather controlling our emotions in the market because sometimes this may be very difficult to do

      Here are few ways to avoid emotional trading.

      1. Have a realistic goals: this simply means we should avoid think about ways to double our account capital in a month, have a a minimal target

      2. money management
      3. Avoid greed: greed can be very dangerous when it comes to forex market, when things go sideways, emotion will set in.
      4. Have a good trading plan and always stick to it.
      5. Overall it takes self discipline to avoid or control our emotions on the market.


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    7. #64
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      Emotion can be dangerous for us in our all kinds of business. In forex we must need to control our emotion. If we are emotional then we can not make well trade. From some mistake or loss we will be frustrate and upset which will give us big loss. We can not recover it. To avoid this emotion at first we need mental strong set up. We should determine that if we make any loss we do not be upset we will learn from this loss and mistake.our own interest is enough to control our emotion. Beside this more and more practice of trading can give us remove of this emotion. We should avoid this to be a good trader. who are now successful trader they always avoid such kind of emotion always.


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      Emotion is a part of human nature but in forex trading there is a need to control it so that the aim will be achieved. It is a part of the reason why in addition to technical analysis and fundamental analysis, one needs to understand the psychology of trading.
      To control emotion requires discipline, determination and self control. It is therefore advisable that one should cultivate the habit of keeping a trading journal where all the trading activities are recorded, evaluation and reevaluation as the need may be. Then with whatsoever recommendation is there, one needs to be determined to follow strictly the outcome of all the evaluation and reevaluation of the trading activities


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

      Controlling our emotions in the forex market, seems to be one of the most difficult things when it comes to forex market. And this is the area where most of us are getting it all wrong.

      We might as well have a very good trading strategy but without being able to control our selves in the market strategy we are Using won't really matter.

      I think the best thing we Can do is to neglect the things we Can do is to be discipline, because things that can Make us to be emotional can never cease in the market, e.g loss, sometimes too much loss can make us to Wanna loose Control but we just have to be very discipline and always caution ourselves when making a trading decision in the market.


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    11. #67
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      Default Re: Are there ways a trader can control emotion during forex trading?

      We know that forex is the most risky and difficult business in the world where most of the traders lose money for their emotions within a short time. The traders cannot easily control their emotions and they want to make quick money and they open trade one after another but when the market goes against their trade then they make whole capital. So, the traders must have to control their emotions but how? If one want to control ones' greed then they must have to follow some rules which are:

      1) Patience and Discipline: The traders must have to become patient and discipline during the trading time which can help them to control emotions to open more trade with big lot.

      2) Satisfaction with Profit: The traders must have to be satisfied with small profit. Otherwise they will be greedy which can persue them to open more trade one after another.

      3) Money Management rules: The traders must have to follow the good money management rules strictly which can discourage them to open more trade with small invest.

      So, if the traders follow the above rules then they can control their emotions during the trading time in forex market.


    12. #68
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      Default Re: Are there ways a trader can control emotion during forex trading?

      Of course, emotion can be controlled by traders, but before we control the emotion, we first need to know the cause, so that we can find solution to it. Emotions can be caused by greed, low capital, repeated losses, poor account management, impatience, lack of discipline and poor account handling. And the suggested solution to it are:
      1. Discipline
      2. Patience
      3. Using trusted and quality trading system.
      4. Trade with a reasonable capital, but let it be affordable as well.
      5 Use good money and risk management.
      6. Having a strict rules and plans.

      With all these aforementioned points, i am certain that emotion will have no room with the trader applying them all.


    13. #69
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      Default Re: Are there ways a trader can control emotion during forex trading?

      Yes, there are ways a Forex trader can control his emotion while trading. In fact, this is an habit that all Forex traders are advised to take to. Putting our emotion under control is very important to our success in Forex trading. In order to do this, we must be confident. But l would like to remind us that CONFIDENCE does not just come, we gain confidence only when we are knowledgeable, and then KNOWLEDGE comes through LEARNING. When we have all these qualities, especially the "adequate knowledge" I believe everything is going to be OK.

      Also we need to work on our mood too while trading. It is important to acknowledge the fact we find ourselves in a grin mood sometimes. Therefore trader needs to try as much as possible to avoid doing trading when he finds he is helplessly dispirited.


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    15. #70
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      Default Re: Are there ways a trader can control emotion during forex trading?

      Although to be frank, emotion control in forex trading can be very difficult, sometimes with the last ordeal traders have in the market, they tend to swore that they will never repeat such act again which was cuased by uncontrolled emotions but after few weeks of a new trading era, the same trader finds himself doing same old stuffs he swore not to ever do again, as a result of same uncontrolled emotions. This is the single reason why traders get margin call over and over again because controlling a trader's emotions seems to be very difficult but it is not impossible.

      A trader can control his emotions majorly by serious self discipline, once a trader can develop concrete self discipline then he can always control his emotions, he would not be driven by his emotions anymore when trailing the market. Self discipline makes a trade to write his trading rules daily and make sure he sticks strictly to it.


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