Emotion in Fx

Imamul posted:
Emotions and greediness is difficult to control for the beginners when there is a large amount. But in micro account there is no chance. So, of course it can be suitable for beginners

There is no chance for what? I am not sure I get your point.

If your starting with a micro account you have to think about % gain and not how much your making cash wise,that is not easy to do but it will be great training for when you can invest more,I have seen some micro accounts do extremely well but mostly on other financial products.

snapdragon1970 posted:
If your starting with a micro account you have to think about % gain and not how much your making cash wise,that is not easy to do but it will be great training for when you can invest more,I have seen some micro accounts do extremely well but mostly on other financial products.

I've always viewed micto accounts as training tools, they're not for making a big profit or anything. They definitely have their uses though.

Yes it is an excellent training tool,then ramping up capital ,same method is used by institutions ,starting with a small amount then gradually increasing capital.

Very true. An institutional account is probably around $1m though!!! But the idea is still a sound one. No point starting to risk your life savings if you don't know what you are doing

The process is what they focus on first,not profit ,risk reward is always being monitored,bigger account plus it's someone else's money.

The brain is a pattern seeker ,by Marketdelta has some useful insight.

What do you mean?

BlueDino20 posted:
What do you mean?

BaldoN posted:

mlawson71 posted:

Imamul posted:
Most of them time newcomers attacked by the emotions and after having some losses they try to take revenge from here. As a result they lost their whole equity. For removing emotions and others worst activates they should be more disciplined on practice account. Otherwise they will not come out from current losses.

That's true, but how do you propose to gain such discipline?

The discipline comes with screen time and experience :)

thats true... enough screen time will be realize the market. When we got a real picture of market then we can make a plan. When we have plan there is no emotion. Because formula is there.

I think its always important to try and separate emotion from financial results.

Don't go throwing good money after bad.

Traders can get emotionally attached to trades and don't know when to take a loss

I think need more than just screen time. I can look at chart for days and don't know what to look for. Someone needs to teach and learn how to trade and what to look for before look at chart

HumbertB posted:
I think need more than just screen time. I can look at chart for days and don't know what to look for. Someone needs to teach and learn how to trade and what to look for before look at chart

babypips.com

Beginning your trading journey with the practice of trading performance with demo account, any foreign currency exchange trader can expect to improve his trading skills and real trading acquaintance here. However along with knowledge acquisition any trader can take benefits of his demo trading account for developing his attitude which will facilitate him certain basic factors like control of sentiments, thinking rationally, utilizing money in effectual way and developing analytical mentality etc.

no emotion only skill

NanoPips posted:
no emotion only skill

Easier to say - difficult to achieve. But with good skill the number of losing trades should be lower and therefore the affect of emotions

mlawson71 posted:
How do you propose for a trader to learn to control their emotional responses during trading?

“ The key to trading success is emotional discipline.”If you want your profits to go up you need to learn to control your emotions. Learning to control your emotions requires patience and persistence.
You can talk a walk in between your trades. Meditate for a while. Do not get too much affected by profits or losses. Learn to remain indifferent to some extent. Avoid looking at your current P/L while you trade. Use your mind and trust your gut feeling.
Also remember controlling emotions alone will not let you become a successful trader. It is just one of the things to keep in mind while you trade forex , not the only thing.

smith_fx posted:

mlawson71 posted:
How do you propose for a trader to learn to control their emotional responses during trading?

“ The key to trading success is emotional discipline.”If you want your profits to go up you need to learn to control your emotions. Learning to control your emotions requires patience and persistence.
You can talk a walk in between your trades. Meditate for a while. Do not get too much affected by profits or losses. Learn to remain indifferent to some extent. Avoid looking at your current P/L while you trade. Use your mind and trust your gut feeling.
Also remember controlling emotions alone will not let you become a successful trader. It is just one of the things to keep in mind while you trade forex , not the only thing.

OR you can program EA which will trade 24/7 without emotions for you

togr posted:

smith_fx posted:

mlawson71 posted:
How do you propose for a trader to learn to control their emotional responses during trading?

“ The key to trading success is emotional discipline.”If you want your profits to go up you need to learn to control your emotions. Learning to control your emotions requires patience and persistence.
You can talk a walk in between your trades. Meditate for a while. Do not get too much affected by profits or losses. Learn to remain indifferent to some extent. Avoid looking at your current P/L while you trade. Use your mind and trust your gut feeling.
Also remember controlling emotions alone will not let you become a successful trader. It is just one of the things to keep in mind while you trade forex , not the only thing.

OR you can program EA which will trade 24/7 without emotions for you

A better option, in my opinion.