How to become emotionless in forex?
Apr 29 at 11:35
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7 Replies
Member Since Mar 23, 2024
26 posts
Apr 29 at 11:35
Becoming emotionless in forex trading involves disciplined practices to mitigate the impact of emotions on decision-making. Firstly, traders must develop a well-defined trading plan with clear entry and exit criteria. Secondly, employing risk management strategies, such as setting stop-loss orders, helps limit emotional reactions to market fluctuations. Additionally, sticking to predetermined trading rules and avoiding impulsive actions are essential. Regularly reviewing trading performance objectively can also help detach from emotions by focusing on statistical outcomes rather than short-term gains or losses. Finally, cultivating mindfulness and psychological resilience through techniques like meditation can further support emotional detachment in forex trading.
May 03 at 06:33
Gwydaer posted:Yeah I also think that's the only solution others inevitably involve emotional response especially when trading is carried out using high leverage.
Pursuing automation, if possible, will also eliminate the vast majority of 'psychological' hurdles that people will experience during trading.
May 05 at 05:49
bardachok posted:100%, I'd never look back. The free time also allows for further system development, research, client onboarding etc. Still requires monitoring during volatile news events though.Gwydaer posted:Yeah I also think that's the only solution others inevitably involve emotional response especially when trading is carried out using high leverage.
Pursuing automation, if possible, will also eliminate the vast majority of 'psychological' hurdles that people will experience during trading.
Mottos are corny. Just find an edge, test it rigorously and trade it.
Member Since Dec 13, 2023
32 posts
May 05 at 15:21
You become emotionless when you treat it as a business instead of wins and losses.
Member Since May 08, 2023
55 posts
May 05 at 20:23
It's impossible to be emotionless, that is why people resort to EAs. However, I would say that over time with some decent understanding of the market, this feeling of anxiety and uncertainty will be reduced. It will not go away entirely though.
May 07 at 15:26
Gwydaer posted:I trade with an advisor, but it doesn’t really give me psychological comfort. I worry the same way if I traded manually.
Pursuing automation, if possible, will also eliminate the vast majority of 'psychological' hurdles that people will experience during trading.
May 08 at 08:23
Is it your own system? I'm happy to let my systems run 24/7 (except for major news events) because of the back-end testing. Definitely needs some watching with volatile news triggers though.
Mottos are corny. Just find an edge, test it rigorously and trade it.
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