Key to remain calm and with cool head is to be in control of your investment. If you are in control of what is going on, you can be cool enough to make solid decisions. Otherwise, panic happens when things get out of control. I have to add that emotions are the ones that trigger your actions. Thinking is a passive process. So instead of controlling or switching off emotions (which is impossible as already said), we can focus on controlling the money we put into trading, including proper risk management. I also agree about the important of perseverance, especially if you improve something with each new iteration.
I would simply like to add that even the most experience trades make noob mistakes. I think the reality is we fail to understand who we are, thus not realizing why we make the decisions which we make. Al though I believe most of the forex systems out there are based on a crap, the reality is that some people follow very strick rules which provide excellent results.
I have read that joke in forums, but when we trade we need to stick closely to the saying: 'The trader need to have patience like North American Indian and on the same time the discipline as a soldier of Wehrmacht'
Clert posted: Good advises, it is practically impossible to leave yourself wit cool had during trading unless you burn your head a couple of times :-) if you understand what I mean
Hahaha, be careful when you play with the fire! 😉
Hahaha, that is one interesting mental image. Kind of true too, I have definitely had moments when I’ve felt like my head was on fire while trading.
If that happens, best to stop trading and seek medical attention immediately, or at least have an extinguisher within reach! 😁
I believe that moving of price towards TP is the best extinguisher ever 😉😁
If it doesn't you risk spontaneous combustion! 😲 Which ironically happened to me last night (@mlawson - that's like 17 or 18th bust now in 6 years 😳) - Note to self (again!): don't change your strategy if it's been working for over 6 months! 😡
As to my emotion (pertinent to the thread) - Ah bugger!, ok, refund, let's go! (no emotion... been doing this too long for that) 😁
Ouch, I’m sorry that happened. Last night I did the best thing I could possibly do – I closed all positions and I went to bed early, because I needed a good night’s sleep. No strategy can help you if you’re too tired to think.
I would also add here: do not run after market. Make your plan for entry and exits and wait market to come to your planned levels (ex. supports or resistances, touch trades if you use MA's etc. - then shot :)
Ostrzeżenie o wysokim ryzyku: handel walutami obcymi wiąże się z wysokim poziomem ryzyka, który może nie być odpowiedni dla wszystkich inwestorów.
Dźwignia stwarza dodatkowe ryzyko i ryzyko straty. Zanim zdecydujesz się na handel walutami, dokładnie przemyśl swoje cele inwestycyjne, poziom doświadczenia i tolerancję ryzyka.
Możesz stracić część lub całość początkowej inwestycji. Nie inwestuj pieniędzy, których nie możesz stracić. Zbadaj ryzyko związane z handlem walutami i zasięgnij porady niezależnego doradcy finansowego lub podatkowego, jeśli masz jakiekolwiek pytania.
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