I try to follow my trading plan, and sometimes I get distracted by psychological factors. After this happens, I try to understand why did it happen and how to prevent it from happening again, however I often find myself in the same situation over and over again.
- How do you react when you trade out of your trading plan? - Do you react differently when the outcome is a winning trade versus an outcome of a losing trade? - Does it impact your trading performance?
stevewalker posted: every rate desecion week I get mad. market stop moving and waiting for the news. At that point I loose my patient and get mad*mad*mad*mad..................
hate it. hate to wait for news.
- for last months I can stop at some loose level. before, I was destroying my account - sometimes - sometimes
those answers 'sometimes' makes account profit or loss.
trader should stick to the plan.
we can not control how much we can win, but we can control how much we can lost!!!!!
Yeah, another reason for not sticking to your trading plan is indeed when the market is too 'quiet' - I then 'create' trade opportunities out of thin air.
It's really hard to identify those situations as they happen - you usually notice it only after the fact, when it is too late. What do helps me is creating a check list for my trade setups and just before a trade occurs, I go over my check list and check that everything is in order. I think the urge opening a random trade happens due to a desire to see some action for adrenaline rush (just as gamblers or even extreme sport enthusiasts).
Phew...I thought I was the only one who breaks the golden rule. I too have managed to create a few trade opportunities out of thin air, and alas, these usually end up being a disaster. There is only one thing worse than tapping your fingers waiting for a trade opportunity to appear, and that is losing your patience and jumping into a trade prematurely. What's the solution?
myfxpt posted: Phew...I thought I was the only one who breaks the golden rule. I too have managed to create a few trade opportunities out of thin air, and alas, these usually end up being a disaster. There is only one thing worse than tapping your fingers waiting for a trade opportunity to appear, and that is losing your patience and jumping into a trade prematurely. What's the solution?
I think a check list goes a long way. Create a clear check list of your entry rules and once you're ready to open a trade, double check that your entire check list is complete - if not, you have no reason to enter the trade, no matter how 'sure' you are. This has helped me to get rid of the psychological factor. Haven't found a better way to do this. If you have better ideas, let me know 😄
Thanks James_Bond. All I need now is a checklist to remind me to use the checklist! Joking aside, a checklist really is a simple solution if applied to each and every trade. Drafting my checklist this morning. Cheers, Gary.
AVERTISSEMENT SUR LE RISQUE ÉLEVÉ : Le trading de devises comporte un niveau de risque élevé qui peut ne pas convenir à tous les investisseurs.
Leffet de levier crée un risque supplémentaire et une exposition aux pertes. Avant de décider de négocier des devises, examinez attentivement vos objectifs dinvestissement, votre niveau dexpérience et votre tolérance au risque.
Vous pourriez perdre une partie ou la totalité de votre investissement initial. Ninvestissez pas largent que vous ne pouvez pas vous permettre de perdre. Renseignez-vous sur les risques associés au trading de devises et demandez conseil à un conseiller financier ou fiscal indépendant si vous avez des questions.
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