Beginners - Kill your emotions

Jun 26, 2016 at 07:14
6,779 Views
210 Replies
ilian1
forex_trader_349949
Member Since Aug 07, 2016   15 posts
Jan 04, 2017 at 07:59
owenn posted:
irwanwd posted:
I think everyone should have 'margin call' experience(s) to understand how important emotion is.


what do you mean by this. The emotion is good and we can use it in the trade. Or emotion is good because it can be, only in some cases a driver. What exactly?

I support the second idea.
romat
forex_trader_350141
Member Since Aug 07, 2016   12 posts
Jan 04, 2017 at 08:06
What is all this? Emotions have to be killed. They will only lead you to make bad decisions, how do I affirm this? Well, emotions and reasoning do not get along. Feelings and intelligence do not match.
romat
forex_trader_350141
Member Since Aug 07, 2016   12 posts
Jan 04, 2017 at 08:07
For business you should only think with a cool head.
Member Since Nov 19, 2014   169 posts
Jan 04, 2017 at 08:14
owenn posted:
@irwanwd Because I think it is good, that is, we are human, it is in our soul, it is necessary. But it can be like a sharp sword when it comes to trade because we can make serious and costly mistakes for our capital.


Agree. but..... I think the way people are trading makes a big difference. If you are a trader who..


1. Watches his trade when he´s entered the market.


2. Doesnt have a clear strategy traded for at least 6 Months on a Demo


..then emotions will become a major part of your trading decision instead of a good strategy..












Like all areas of life, emotions affect us...ALL of us. Key is knowing when they can take over and lead to bad judgements so we take steps to to avoid these situations.


Market is no different...this is money and it affects us. If we see the market moving up and down, our heart rate WILL go up and down as well because this is real money we talking about...


If we know that we´ll get angry if somebody steals our car, money, girlfriend/boyfriend, you take steps to ensure it doesnt happen...locks, alarm, being a good partner etc. crimes off passion aint no joke..


Thats why once a trade is open, you HAVE to assume that the strategy will work and hit your target-most of the time without the need to look at it every minute. If you cant, then it means that your strategy needs some more work.


Duane

DRFXSWINGTRADING








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Trade Less, Earn More
Member Since Sep 04, 2015   5 posts
Jan 04, 2017 at 08:17
Trader300 posted:
Bisulget posted:
And for greatest confidence of a newbie trader, I would like to recommend to start with a broker with which you can work through rebate services. @snapdragon1970 if you meant the same than sorry for duplicating
Hello.
I'm newbie.
Really is it possible to work with the rebate services?
Can you recommend one of them or few from them...?
Thank you in advance.

Hi, it will help you to overtrade, thats for sure motivation to trade more.
For newbie it really doesn't matter - you need to blow account few times (anysize..) therefore my advise - after demo, follow the Markets and deposit live acc just for ONE trade (well prepared, correct size,so you'll have first live emotional axperience + or -).
If loose, repeat same when you are ready. This way you not overtrade, will have essesnce of emotions and most important save your money, start thinking about money management :)
Believe me, collecting rebate and significant live dposits not for newbie.
rayet
forex_trader_353291
Member Since Aug 19, 2016   12 posts
Jan 05, 2017 at 08:01
prakash104 posted:
Only 5% traders are making money in any financial markets(stocks,commodities and forex).If you are new to online trading my first advice is not to believe any websites that claim for 100% accuracy in trading.It's absolutely impossible.

My question is can we predict our future?The answer may be we can guess.That's it, we cannot tell exactly what our future will be tomorrow.Same concept is applicable to trading.Nobody cannot predict exactly about what will happen next in the markets.

So forex trading business is all about probability and not exact or accurate.


With emotions there is no need to have compassion, I think it is the only thing that is not negotiated.😄
rayet
forex_trader_353291
Member Since Aug 19, 2016   12 posts
Jan 05, 2017 at 08:01
I say this because the odds of loss are greater when we move through the emotional impulses. Not to mention that if we lose at any given time, we can not fall into a chronic depression or an attack of hysteria. It's pathetic. With emotions is point and apart.
Member Since Sep 12, 2015   1948 posts
Jan 05, 2017 at 11:52
Check out this site its called Chasingreturns by Ann Hunt.
"They mistook leverage with genius".
zack4
forex_trader_350643
Member Since Aug 09, 2016   25 posts
Jan 05, 2017 at 19:42
@snapdragon1970 Have you used this website?
Member Since Sep 12, 2015   1948 posts
Jan 05, 2017 at 20:30
I know the person who owns it, I use my own program to do something similar.
"They mistook leverage with genius".
yumpio
forex_trader_368735
Member Since Oct 13, 2016   25 posts
Jan 05, 2017 at 20:35
@snapdragon1970 You talk about chasingreturns.com?
yumpio
forex_trader_368735
Member Since Oct 13, 2016   25 posts
Jan 05, 2017 at 20:36
snapdragon1970 posted:
I know the person who owns it, I use my own program to do something similar.

If you do it yourself it is better.
Member Since Sep 12, 2015   1948 posts
Jan 05, 2017 at 22:38
yumpio posted:
snapdragon1970 posted:
I know the person who owns it, I use my own program to do something similar.

If you do it yourself it is better.
Yes some work involved to set it up but worth it.
"They mistook leverage with genius".
Member Since Oct 05, 2016   12 posts
Jan 08, 2017 at 07:51
@romat emotions cannot be killed. Emotions is the inner side of us, it is the thing that makes physics move. Each sales manager would tell you that the biggest purchases are done under emotions. Having emotions killed, you will lose drive that makes you trade and get profits. And surely one doesn't have switch on/switch off lever, emotions is the integrate part of our living being. So if you experience them while waking up or having breakfast, you will experience them while trading as well. Our goal is just to use them right.
Member Since Dec 11, 2015   1487 posts
Jan 08, 2017 at 11:18
Keeping a level head is not the same as killing one’s emotions, it’s simply learning self-control for one’s own good.
Member Since Oct 08, 2016   58 posts
Jan 14, 2017 at 15:51
Very true, most of the new Forex traders lose their 1st trading balance since they don’t know how to make dealing with emotions and greed! In addition, I see they always begin their trading process with unrealistic trading result like 100%, 200% monthly profit even more! By the way, if you want to protect your trading capital then please makes a restricted trading plan first and then execute it!
To change your trading result, just change your thinking.
Member Since Dec 11, 2015   1487 posts
Jan 15, 2017 at 12:06
PriceAction13 posted:
Very true, most of the new Forex traders lose their 1st trading balance since they don’t know how to make dealing with emotions and greed! In addition, I see they always begin their trading process with unrealistic trading result like 100%, 200% monthly profit even more! By the way, if you want to protect your trading capital then please makes a restricted trading plan first and then execute it!

And then they often lose the 2nd and the 3rd too. 😞
Member Since May 11, 2011   235 posts
Jan 16, 2017 at 11:33
mlawson71 posted:
PriceAction13 posted:
Very true, most of the new Forex traders lose their 1st trading balance since they don’t know how to make dealing with emotions and greed! In addition, I see they always begin their trading process with unrealistic trading result like 100%, 200% monthly profit even more! By the way, if you want to protect your trading capital then please makes a restricted trading plan first and then execute it!

And then they often lose the 2nd and the 3rd too. 😞

I think I'm on my 12th or 13th over 6 years (if not more) 😀

Each one has a valuable lesson learned and shows that one should never give up, but also be realistic about what capital you use to fund your accounts. If you have $1300 available, fund with only $100, don't start with a $1300 account.
For every loss there should be at least an equal and opposite profit.
Member Since Dec 11, 2015   1487 posts
Jan 17, 2017 at 11:47
xgavinc posted:
mlawson71 posted:
PriceAction13 posted:
Very true, most of the new Forex traders lose their 1st trading balance since they don’t know how to make dealing with emotions and greed! In addition, I see they always begin their trading process with unrealistic trading result like 100%, 200% monthly profit even more! By the way, if you want to protect your trading capital then please makes a restricted trading plan first and then execute it!

And then they often lose the 2nd and the 3rd too. 😞

I think I'm on my 12th or 13th over 6 years (if not more) 😀

Each one has a valuable lesson learned and shows that one should never give up, but also be realistic about what capital you use to fund your accounts. If you have $1300 available, fund with only $100, don't start with a $1300 account.

I completely agree. Your perseverance is inspirational, I don’t know where you found the strength for it.
Member Since Dec 17, 2015   30 posts
Jan 20, 2017 at 12:56
Key to remain calm and with cool head is to be in control of your investment. If you are in control of what is going on, you can be cool enough to make solid decisions. Otherwise, panic happens when things get out of control. I have to add that emotions are the ones that trigger your actions. Thinking is a passive process. So instead of controlling or switching off emotions (which is impossible as already said), we can focus on controlling the money we put into trading, including proper risk management.
I also agree about the important of perseverance, especially if you improve something with each new iteration.
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