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Steps to Mental Success in Trading
NzeCapitalTrades

Member Since Jun 21, 2020  23 posts WINNINGS (NzeCapitalTrades) Yesterday at 04:50
1. Stops – You must respect your stops. They compel you to take a minute and focus on where and why you went wrong.

2. Consistency – You must outline your strategy at the beginning and stick to it thereafter. Trust in your research and data.

3. Start small – Focus on big wins and you forget the importance of following the pattern. Over the long run, taking smaller positions will give you greater control. Then you can gradually increase your position size as your confidence grows.

4. Lifestyle – You must find a plan that fits around your lifestyle. Looking at 50 charts when you only have time for 5 is a guaranteed way
to waste time and stress. Instead, concentrate on a few very good opportunities.

5. Noise reduction – It’s all too easy to get bogged down in huge volumes of microdata. Breathe for a minute and focus your energy on the overarching picture.

6. Realistic goals – This is one of the best trading secrets. Unrealistic profit targets will quickly lead to reckless decision making. So, set yourself small and realistic goals, particularly to start with.

7. Cutting losses – Going on autopilot and getting out is essential when threatened with big losses. So, prepare mentally and visualise that emergency exit. As Bruce Kovner highlighted.

8. Learn from the best – Pick up books on developing discipline. The Disciplined Trader by Mark Douglas is a great place to start.

9. Trust yourself – Whilst chatrooms and forums can be useful, don’t allow yourself to be overly influenced. Spend too much time on them and you will quickly doubt your strategy when your capital is on the line.

10. Overall picture – Fix your bad habits and practice building that willpower in all aspects of life. You will then find staying neutral when you trade is far easier.

NO EMOTION DURING TRADING
phuduong

Member Since Yesterday at 07:42  1 posts Duong Gia (phuduong) Yesterday at 08:59
Thanks!

NzeCapitalTrades

Member Since Jun 21, 2020  23 posts WINNINGS (NzeCapitalTrades) 9 Hours ago
You are welcome, I love sharing my successful trading tips with others.

NO EMOTION DURING TRADING
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HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice. Past performance is not indicative of future results.