Beginners - Kill your emotions

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.

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.

For business you should only think with a cool head.

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

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.

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.😄

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.

Check out this site its called Chasingreturns by Ann Hunt.

@snapdragon1970 Have you used this website?

I know the person who owns it, I use my own program to do something similar.

@snapdragon1970 You talk about chasingreturns.com?

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.

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.

@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.

Keeping a level head is not the same as killing one’s emotions, it’s simply learning self-control for one’s own good.

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!

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. 😞

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.

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.