Emotion in Forex trading

There are meditation techniques that can be used to control emotion and body chemistry. I use them to remain as calm and emption less when trading

togr posted:

Teejy88 posted:
Its incredibly hard for the average person to take emotions out of trading or anything to do with money. The main reason a lot of people fail is when their emotions get the best of them and they start to chase loses.

Emotions can be avoided by
 - strictly following trading plan
 - creating robot which strictly follow trading plan

I would add on this that proven track record creates confidence and helps with uneasiness and anxiety. It is a lot easier to deal with emotions if one already knows that this is working. One can form a trading system by demo trading. Somebody said that it is possible to test a system manually in MT4, right? One needs to be also a little bit of a gambler, and an addict, but not too much ;)

Prest posted:

Ognjan posted:

Prest posted:

Adribaasmet posted:

Greenwood posted:
Are you saying that emotions are good or bad?

I think, good emotions are supportive but bad emotions are not.

A human body and reactions of a brain are not indicate a different emotions. Emotions are chemical reactions inside body. In this way, there is no differ between good and bad emotions. There is only your chemistry.

That doesn't help one bit. The problem we have is how to deal with emotions in trading. It doesn't matter about the chemistry

hehe😄
What do you know about how to use a body chemistry?
1. Using a psychology rules and principles to affect your emotions.
2. Using external chemistry to affect your own chemistry.

Yeah that is great idea, take LSD and trade $100,000 customer account :)

Guys there is no easy road to be successful trader, just a hard work and trading plan.

togr posted:

Prest posted:

Ognjan posted:

Prest posted:

Adribaasmet posted:

Greenwood posted:
Are you saying that emotions are good or bad?

I think, good emotions are supportive but bad emotions are not.

A human body and reactions of a brain are not indicate a different emotions. Emotions are chemical reactions inside body. In this way, there is no differ between good and bad emotions. There is only your chemistry.

That doesn't help one bit. The problem we have is how to deal with emotions in trading. It doesn't matter about the chemistry

hehe😄
What do you know about how to use a body chemistry?
1. Using a psychology rules and principles to affect your emotions.
2. Using external chemistry to affect your own chemistry.

Yeah that is great idea, take LSD and trade $100,000 customer account :)

Guys there is no easy road to be successful trader, just a hard work and trading plan.

The reaction caused by LSD may be unpredictable.
LSD is for romantics,
the trader needs to be maximum indifferent and cautious and attentive.
Therefore, this stuff is not suitable...😂😂😂

If it were easy then everyone would be trading Forex and making a tonne of money. Nothing worth doing is easy in life

ChristianBeach posted:
If it were easy then everyone would be trading Forex and making a tonne of money. Nothing worth doing is easy in life

Brilliant! Forex - not easy, risky, expensive.

Understanding mindset in trading was a break through for me.

Learning the nuts and bolts I would say is the easier part, controlling your emotions and developing the mindset to apply what you know is the key to unlocking success.

REB_FX posted:
Understanding mindset in trading was a break through for me.

Learning the nuts and bolts I would say is the easier part, controlling your emotions and developing the mindset to apply what you know is the key to unlocking success.

In this case; meditation is a very useful practice! It helps to build a stable metal progress.

AniLorak posted:

REB_FX posted:
Understanding mindset in trading was a break through for me.

Learning the nuts and bolts I would say is the easier part, controlling your emotions and developing the mindset to apply what you know is the key to unlocking success.

In this case; meditation is a very useful practice! It helps to build a stable metal progress.

Yes, I know a few traders who use meditation every day, and find it works very well

REB_FX posted:

AniLorak posted:

REB_FX posted:
Understanding mindset in trading was a break through for me.

Learning the nuts and bolts I would say is the easier part, controlling your emotions and developing the mindset to apply what you know is the key to unlocking success.

In this case; meditation is a very useful practice! It helps to build a stable metal progress.

Yes, I know a few traders who use meditation every day, and find it works very well

That’s the beauty of meditation; it helps a lot! It will help you to take smartest decision during your trading sessions.

ComebackKing posted:

Adribaasmet posted:

Greenwood posted:
Are you saying that emotions are good or bad?

I think, good emotions are supportive but bad emotions are not.

You are going to experience both good and bad emotions and you are going to have to deal with them in order to be successful.

+1

In order to keep your emotions under control and not have them affect your trading, a trading plan is must have. Second option is automated trading.

FMovingAverage posted:

ComebackKing posted:

Adribaasmet posted:

Greenwood posted:
Are you saying that emotions are good or bad?

I think, good emotions are supportive but bad emotions are not.

You are going to experience both good and bad emotions and you are going to have to deal with them in order to be successful.

+1

In order to keep your emotions under control and not have them affect your trading, a trading plan is must have. Second option is automated trading.

Automated trading has much more advantages over manual trading, not only elimination of emotions.

togr posted:

FMovingAverage posted:

ComebackKing posted:

Adribaasmet posted:

Greenwood posted:
Are you saying that emotions are good or bad?

I think, good emotions are supportive but bad emotions are not.

You are going to experience both good and bad emotions and you are going to have to deal with them in order to be successful.

+1

In order to keep your emotions under control and not have them affect your trading, a trading plan is must have. Second option is automated trading.

Automated trading has much more advantages over manual trading, not only elimination of emotions.

Of course. For example if we are talking about people that still are on a 9-5 job whilst doing trading on the side, automated systems give the possibility of not having to be glued to the screen all the time. Not to mention backtesting possibility for a new strategy... And much more.

Yes; of course automatic trading systems can help; but in that case, traders need to use good automatic service that it very rare in reality.

AniLorak posted:
Yes; of course automatic trading systems can help; but in that case, traders need to use good automatic service that it very rare in reality.

I stick to Manual

You can use a trading systems and manual together. A good trading indictor will help with direction or trade selection and then you can use manual analysis to identify if you want to trade or not

togr posted:

FMovingAverage posted:

ComebackKing posted:

Adribaasmet posted:

Greenwood posted:
Are you saying that emotions are good or bad?

I think, good emotions are supportive but bad emotions are not.

You are going to experience both good and bad emotions and you are going to have to deal with them in order to be successful.

+1

In order to keep your emotions under control and not have them affect your trading, a trading plan is must have. Second option is automated trading.

Automated trading has much more advantages over manual trading, not only elimination of emotions.

In my experience, patience is the most important 'emotion' when using an automated system. Any system will hit bumps in the road, but if you have history with a system and it's always managed to get through the bumps, have patience and stick with it.

Adribaasmet posted:

Greenwood posted:
Are you saying that emotions are good or bad?

I think, good emotions are supportive but bad emotions are not.

Emotions have no place in trading.

Best way to beak emotions is to learn how to trade , use a micro account and practice for a year. There is no easy fix for emotions in trading. Only experience and confidence will help