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Impulse Trading and How to Avoid It
Aug 17, 2022 at 10:33
Impulsive trading is more like just chasing profits without an actual plan or strategy. I am pretty sure all of us must have done it at some point. We just take up random trades based on intuition without a valid reason or logic. It is like leaving our trades to our luck which is totally unprofessional and dangerous. Building trading discipline and sticking to our strategy is the only way to avoid impulsive trading. Learn to manage your emotions and think well before taking up any trade.
Medlem sedan Aug 17, 2022
38 inlägg
Sep 02, 2022 at 04:25
Impulsive trading is basically indulging in trading without the thorough analysis of the market, and engaged in revenge trading definitely does not bring desired outcomes. So if you find trading interesting and you think you can do it, try to learn about it first then get your feet wet into it.
Medlem sedan Mar 28, 2021
586 inlägg
Sep 17, 2022 at 08:05
Besides using fibonacci, traders should use other indicators as well to well forecast the market.
Medlem sedan Oct 12, 2016
779 inlägg
Oct 27, 2022 at 10:29
To avoid impulse trading 4 simple tips:
1.First, don't use any market orders for trading. Try to adjust your strategy if possible to use pending orders so that you just put the pending orders in your MT4 account with stoploss and take profit and close the terminal and allow the trades to be executed automatically when price reaches such levels. Next, open the MT4 terminal once or twice every day and adjust or close the trades as per trading your plan. That's it.
2.If the above step doesn't work, then choose a specific time of the day for trading like London session, New York session etc and trade only during that time as per your trading plan.
3.Don't try to memorize your trading plan. Write down your trading plan in a piece of paper or at least on your computer as a file in very simple format like A,B,C,D or 1,2,3,4,...etc which will clearly define your trading plan to anyone without any ambiguity at all and just follow that.
4.If none of the above step is suitable for you, then just implement your trading strategy into a MT4 expert advisor which will execute your trades at a specific time with stoploss, takeprofit , trailing stop and everything else and you just launch the MT4 terminal during that time and don't interfere too much with the trades placed by the EA until and unless absolutely necessary . That should be very simple:))
I hope either one of the above steps or all the above steps will work for 99% of traders to avoid impulse trading.
1.First, don't use any market orders for trading. Try to adjust your strategy if possible to use pending orders so that you just put the pending orders in your MT4 account with stoploss and take profit and close the terminal and allow the trades to be executed automatically when price reaches such levels. Next, open the MT4 terminal once or twice every day and adjust or close the trades as per trading your plan. That's it.
2.If the above step doesn't work, then choose a specific time of the day for trading like London session, New York session etc and trade only during that time as per your trading plan.
3.Don't try to memorize your trading plan. Write down your trading plan in a piece of paper or at least on your computer as a file in very simple format like A,B,C,D or 1,2,3,4,...etc which will clearly define your trading plan to anyone without any ambiguity at all and just follow that.
4.If none of the above step is suitable for you, then just implement your trading strategy into a MT4 expert advisor which will execute your trades at a specific time with stoploss, takeprofit , trailing stop and everything else and you just launch the MT4 terminal during that time and don't interfere too much with the trades placed by the EA until and unless absolutely necessary . That should be very simple:))
I hope either one of the above steps or all the above steps will work for 99% of traders to avoid impulse trading.
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