Beginners - Kill your emotions

RPatell posted:

mlawson71 posted:
@Lesterkobi Sometimes it can be difficult to concentrate on profits if one's anxiety is getting in the way. I think it's a good idea to both try to concentrate on them and to look for ways to manage one's stress.

@RPatell Does it help you on a long-term basis too?

@mlawson71 Yes, it is part of my life, not just when I am trading. I know in some cultures it is more popular than in others but everyone can try it and see for themselves 😄 I think if we are healthy we can better concentrate on the profits and what matters.

I agree about that. In order to focus, we need to be calm already. I think I will look into meditation more.

csc2009 posted:

TiffanyK posted:
To be honest, I used not to believe in meditation. The thing is that you really need experience and patience in order to turn off your emotions sometimes. But to get to this actual point – there is no better way than using meditation. It will really help you become more calm, reduce the stress and most important, it can help you handle your emotions. Meditation is something really simple but VERY HELPFUL. I recommend it to everyone!
(based on real experience from my side 😄) Cheers!

Is it really? I should give a try.

Yes, do not hesitate. Give it a try – I am completely sure that it will help you 😄

Risk to reward ratio also helps keep you calm, money management is one of the most important aspects.

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

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.

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

What do you mean by rebate services? To get rebates on what?

leopoldo 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

What do you mean by rebate services? To get rebates on what?

I think it's a reference to rebates on trades, some brokers provide credit or cash rebates on every round lot traded for example usually through a loyalty program.

leopoldo 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

What do you mean by rebate services? To get rebates on what?

I mean get rebates for trading.
There are lot of companies but i dont know which it better

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.

Well it was yet long ago when I was interested in it and participated in such things last time, I used to work with forex cash back cloud, but really not sure if they are the best for it nowadays.

Bisulget posted:

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.

Well it was yet long ago when I was interested in it and participated in such things last time, I used to work with forex cash back cloud, but really not sure if they are the best for it nowadays.

Why are you not interested in such services anymore?

xgavinc posted:

leopoldo 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

What do you mean by rebate services? To get rebates on what?

I think it's a reference to rebates on trades, some brokers provide credit or cash rebates on every round lot traded for example usually through a loyalty program.

Thanks for the explanation. Got it and now all clear 😄

CliveCampbell posted:

Bisulget posted:

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.

Well it was yet long ago when I was interested in it and participated in such things last time, I used to work with forex cash back cloud, but really not sure if they are the best for it nowadays.

Why are you not interested in such services anymore?

There was such a period in my life when I needed to stop trading, and some time later came back to forex already with other brokers. For that time, rebates were not my principal interests and I was not at all a newbie trader.

Five star discussion, really! Tips such as to follow the trend, to automate if possible, the meditation, proper money management etc. I personally found plenty of cool things shared here. Maybe finding a trading mentor/coach could also help in dealing with the emotions. They cannot be completely killed as it was already said. Losses can and will always happen but the ability to accept them and recover is what makes the difference.

Rather useful thread I shall admit, and in my vision of this situation new trader should check how do emotions run in trading and then step by step make friends with them. There is just nothing like turn on/off button.

Sotarbin posted:
Rather useful thread I shall admit, and in my vision of this situation new trader should check how do emotions run in trading and then step by step make friends with them. There is just nothing like turn on/off button.

One cant turn off emotions in trading but you can manage your risk, to much of it and you will be on a rollercoaster of emotions, only risk a small % of your account 6 out of 10 trades are going to be wrong in normal conditions.

mlawson71 posted:
I would say that most new traders ruin their account balance because of lack of emotional discipline, to be honest. You either learn and start over or you quit.

Exactly. Many say that it is not easy to have mastery of the emotions, but I believe that if you work the discipline you can change anything.

VickyJones posted:
Five star discussion, really! Tips such as to follow the trend, to automate if possible, the meditation, proper money management etc. I personally found plenty of cool things shared here. Maybe finding a trading mentor/coach could also help in dealing with the emotions. They cannot be completely killed as it was already said. Losses can and will always happen but the ability to accept them and recover is what makes the difference.

I think for the control of the emotions there is very good literature of training and personal improvement. Yes it is possible to control the emotions!
And of course there will be losses, so they can not fall apart every time they occur. Just learn and keep trading.

snapdragon1970 posted:

Sotarbin posted:
Rather useful thread I shall admit, and in my vision of this situation new trader should check how do emotions run in trading and then step by step make friends with them. There is just nothing like turn on/off button.

One cant turn off emotions in trading but you can manage your risk, to much of it and you will be on a rollercoaster of emotions, only risk a small % of your account 6 out of 10 trades are going to be wrong in normal conditions.

If you can learn to be calm when everyone else is panicking, you can get some great trading opportunities, try to think a few steps ahead so you wont make as many stupid trades, waiting for the right entry, forming a bias is useful but be ready to switch your decision too, I have seen some top traders sticking to a trade because they refuse to change their minds.

I think everyone should have 'margin call' experience(s) to understand how important emotion is.