Emotional Trading

That is bad and I'm sorry for your loss. You can probably use demo accounts or micro accounts for a while until you get back on your feet.

I have gone back to demo a couple of times. It feels like a step backwards but it is necessary if you want to go forwards

Profits cannot be gained by trading for a long time if emotions cannot be controlled. Emotional trading tends to ruin a trader's investment. So stay away from emotional trading.

Trader need to control emotion because they can't control the market, its impossible retail trader can control the market, so if they can't control own emotion, hence the market will easily to beat us, greedy is one most bad emotion for a trader that leading to get in failure, if one loss already making us emotion stop trading and wait for next day opportunity.

FXOday posted:
Trader need to control emotion because they can't control the market, its impossible retail trader can control the market, so if they can't control own emotion, hence the market will easily to beat us, greedy is one most bad emotion for a trader that leading to get in failure, if one loss already making us emotion stop trading and wait for next day opportunity.

Exactly, emotions always ruin the trading, the only way of making trading profitable is to avoid every sort of emotion and focus on understanding the market.

The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading.

Getting influenced by emotions during trading is one of the reasons people lose money. Sometimes people open trade out of overjoy, sometimes out of frustration. One should open trade only if your strategy permits.

There is no place of emotions in trading. You either win or lose.

FXOday posted:
Trader need to control emotion because they can't control the market, its impossible retail trader can control the market, so if they can't control own emotion, hence the market will easily to beat us, greedy is one most bad emotion for a trader that leading to get in failure, if one loss already making us emotion stop trading and wait for next day opportunity.

You have correctly described every day trading of a retail broker. Its 100% true that a retail trader has no control over the market, he can only perform according the prevailing situation. If you are losing then take a break and start fresh.. Trading under emotional distress will draw you down to more losses.

Usually there are two types of emotions on trading that affect a trader. One is fear and is greed. Fear of losing money and fear of losing opportunity. Due to greed traders open big lots and revenge trade. To be successful one needs to overcome this.

UweMoench posted:
Usually there are two types of emotions on trading that affect a trader. One is fear and is greed. Fear of losing money and fear of losing opportunity. Due to greed traders open big lots and revenge trade. To be successful one needs to overcome this.

I agree with you, most of the traders have fear of losing money but this can be overcome by proper risk management and by being patient, patience is very important for a trader to avoid risks and losses.

We should trade on forex like a numb, bcz feeling can sometimes take you on good and bad moods and from that moment we don't know when to think less. There is no clear cut line that a trader have not to cross for being greedy or fear. So sit like a robot and think like advance human species those have less emotions.

If you say that you'll trade without any emotions, then it's not possible. Emotions will always be there. You can only control those emotions. You can read Trading in the Zone by Mark Douglas. This book is called the bible of the trading psychology and will be of huge help to those who are struggling with their emotions.

eddieteddie posted:
If you say that you'll trade without any emotions, then it's not possible. Emotions will always be there. You can only control those emotions.

Agree with you. Emotions will come since your funds are invested in that but one can surely try to tackle those emotions sensibly.

eddieteddie posted:
If you say that you'll trade without any emotions, then it's not possible. Emotions will always be there. You can only control those emotions. You can read Trading in the Zone by Mark Douglas. This book is called the bible of the trading psychology and will be of huge help to those who are struggling with their emotions.

Yes, Psychology needs to be maintained. I think there is a possibility of loss in a profitable trade in emotional trading. But if I meditate regularly, I will be protected from emotions.

Yes! This is why trading is really just about traders' psychology. It's what controls the prices of any market. Behavioral Economics/Finance is surely an interesting subject.

Emotions are not at all dangerous, it's a matter of controlling them when trades are not going according to your expectations or plans.

Dangerous or not, emotional is not the right trait to have while you are trading, it is quite risky and can lead to the wrong judgment in your trading.

cardigan posted:
Dangerous or not, emotional is not the right trait to have while you are trading, it is quite risky and can lead to the wrong judgment in your trading.

I agree with you, emotional decisions in forex can only lead to losses and risks.