Mastering Your Emotions While Trading

 

Emotions can have a strong effect on one's Forex trading success & it's important to master your emotions so that you can have the best trading experience possible & hopefully earn the most money possible. Here's 5 simple, yet effective steps for managing & controlling your emotions while trading:

1.) Eliminate Greed

Greed & Forex trading simply don't go together. When trading, make sure that you're being reasonable about your potential, take initial deposit & current market trends into account. Even if you're winning a trade, things can turn around quickly, never get cocky while trading FX.

2.) Anger & Frusteration Can Quickly Drain Your Account

When trading, think of yourself as a robot, an expert FX robot that feels no emotion, no pain, no feelings of "what if my money disappears". The truth is, as humans we feel emotion & apprehension when trading real money, the key is to eliminate this as much as possible.

3.) Take Time To Relax & Calm Yourself

Many Forex traders spend hours trading, many spend the whole day. Take a moment to calm & relax yourself. Workout, go for a run, play your favorite video game, do some yoga, anything to refresh & calm your mind so you can approach your next trades with a clear, fresh mind.

4.) Have A Positive Attitude

Have a reasonably positive attitude & believe in yourself & your abilities. If you're unsure, practice on a demo account & brush up on your strategies to gain genuine confidence in your abilities.

5.) Be Well Rounded

Being a well rounded person really does have a huge effect on your Forex trading success. By being a well rounded person who is able to be successful & effective in many facets of life, you will gain the control necessary to have an advantage in Forex trading.

Best of in Forex

 

The above three are the main one that one must have control while trading.

A deeper insight reveals that of the three, from GREED, emerges the other twom Emotion and Fear..

IMHO, its so simple to conquer these things, but at the same time will be extremely difficult also

Regards

Saivenkat

 

Its really tough to control the emotion in forex. When I face a loss, it become very hard for me to accept it. I am trying to improve and now can keep my mind cool up to 3 consecutive loss.

 

to master your emotions - just imagine that you are trading with demo account))) though when the loses start to be really significant, it`s not so much easy to remember about this and abovementioned recommendations

 

Its very easy to read about ways of controling emotions. But in the real life, day after day we have different mood, personal physical and mental state, so I doubt there are any absolutely effective methods of emotions controling. I just wanna say, that there are such days when trading is just contraindicated

 

The only way to totally eliminate emotions from trading is to use a mechanical system, and to remove yourself from the trading. Otherwise, the human factor will always interfere with trading success.

Thad

 

the best rule i ever heard "you make more money from sitting on your hands than doing something"

 

A lot of people lose money in trading because they fail to control and master their emotions while they trade. That is the main reason why the trader's face the lose. The information given above related to mastering your emotions is really good and efficient for the traders. It could be helpful for the traders to learn how to trade successfully.

 

The steps discuss here for managing & controlling emotions are good and effective as well. Even I think, Eliminate Greed, Anger & Frusteration Can Quickly Drain Your Account and Take Time To Relax & Calm Yourself are more useful.

 

I sincerely think the general emphasis on emotional control in the forex is not exaggerated at all. I have seen many traders replicate the trading strategy of very successful traders but they don't work. The question then to ask is why does a strategy for the same interval win in one trade and fail in another? Simple, the strategy might have been copied completely tactically but not emotionally. And this void is so important that the simplest indiscipline in handling your trades can destabilize the greatest of strategies.

 
Carl Benny:
I sincerely think the general emphasis on emotional control in the forex is not exaggerated at all. I have seen many traders replicate the trading strategy of very successful traders but they don't work. The question then to ask is why does a strategy for the same interval win in one trade and fail in another? Simple, the strategy might have been copied completely tactically but not emotionally. And this void is so important that the simplest indiscipline in handling your trades can destabilize the greatest of strategies.

In forex trading, we should be able to control our emotions very well, because then we will be able to trade with more leverage so that we will still be able to analyze the market with focused and doing the right market entry by bringing in huge profits.

Reason: