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Thread: Emotion Controlling a Big Issue?

  1. #1
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    Emotion Controlling a Big Issue?

    Emotion controlling a big issue for traders?

    Forex trading is a very popular business. Every day many trader's join this business but unfortunately only a few percentage of trader's are successful in this business. There are many reasons to loose money in forex, but the most common thing is to become emotional during trading in forex. We can face the problem of emotion a lot of time in the market, but most of time it take place when we accept profit but market move against us and we get loss. A emotional trader try to do fight with the market, try to take high risk in trading to recover loss, but we all know that this kind of stuff make our business more risky and dangerous for us.

    So the question is how we have to control the emotion during trading? A trader should take forex trading as a business but now days most of time we see that trader's are taking forex as a gambling business, they want to depend upon luck and want to grab a lot of money in short term time. Until we will not take forex as a business till then our greed, emotion, fear won't help us to do good trading. Along with it its very important to know that forex trading business depend 80 to 90 percent upon our trading psychology. Trading psychology is one of the big factor which can help us to do trade with a good mindset.

    Now I would like to disuss few practical points which can help you to reduce the problem of emotion in trading are as follows:

    1. Good forex trading education: Its the main element of our business. "The forex trading education", According to me a good education is very important because by getting a good forex trading education we can take good decisions, we can create better plans for our trading, We can create a good trading system.

    2. Grow your trading knowledge everyday and make plans : Forex trading is full of surprise, I think a trader should never stop his or her learning in forex. We sould learn every day in this business. And we can do that, by growing our trading knowledge every day we can get better idea's to make better trading plans for ourself. We can create more plans and can make our trading system more effective by using them. We can't enter only within Plan A in trading. We should have a Plan B too. We should make plan for each trade and should have a good idea that how we have to react in every type of the market situation.

    3. Right trading mindset: The next thing is the trading mindset, Its very important to keep a good trading mindset at the time of trading, mostly people try to grow their trading balance and they not want to loose any money, look friends forex trading is a risky business and nobody is a master in this business, Market can change anytime so better to deal with losses too. I know that it can give a lot of pain to many trader's but that's the real truth. In forex we can't think only about profit, Loss is a part of this business and its a normal thing here.

    4. Create a good trading system and stick to it: This is one more factor which can help you to reduce your emotion. Now I am since more than 2 year's in this market and according to my experience good successful trader's stick to their trading system all the time. No matter where market going up or down in average they always make money in forex. They have a very strong trading sytsem which giving them profit in average, so we have to also follow them. We can also create a good system like them and can mange our business very well too.

    5. When to enter in the market: Most of time we loose money and become emotional because we don't know that when we have to do trade in forex market. Its right that forex trading is a 24 hour open market where we can do trade for five days in a week. But many trader's want to make money within every second they want to make money very quickly. This type of thinking also not good we should make a good trading analysis, good plan's, strategies to enter on the right time in the market. A trader should have a good sense that when we have to do trade and when we have to not do trade in the market.

    There are many other factors like using less leverage in trading, following money management and risk management in trading, but one thing we have to keep in mind that forex trading is almost a Psychology business. Our business depend 80 to 90 percent on trading psychology. A trader need a good trading psychology use in real market to avoid emotion otherwise these factors can't help a trader to become a professional or successful trader in this business. Hope you will read all these points and will try to work more upon your trading psychology.

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  2. #51
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    Quote Originally Posted by samprazaan View Post
    [lang=id]it is so nice, you have given me so much inputs and increase my knowledge, yes, the important thing for us that we can control the emotion with well and then the knowledge will show us the way to manage the business with well too, and it means, the traders will know some points that have to be followed with right[/lang]
    Good mindset is needed in trading. We should escape dangerous emotions like greed and impatience then alone we can expect success here. First you need that you must first be fully learned about forex trading, then you ought to practice it to acquire trading skills. Concentration, money managment and emotions controls are the key of success to be a disciplined forex trader.

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  3. #52
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    Quote Originally Posted by SuccessfulKartik View Post
    Good mindset is needed in trading. We should escape dangerous emotions like greed and impatience then alone we can expect success here. First you need that you must first be fully learned about forex trading, then you ought to practice it to acquire trading skills. Concentration, money managment and emotions controls are the key of success to be a disciplined forex trader.
    Sir, it is good to control emotion, but let me put something straight, the mind set of the trader may be good, but the emotion would still find its way into the trading life of the trader. This is because it is very hard to control some trading situations in the market, most especially if the trader has lost and got frustrated.

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  4. #53
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    Quote Originally Posted by cozard007 View Post
    Sir, it is good to control emotion, but let me put something straight, the mind set of the trader may be good, but the emotion would still find its way into the trading life of the trader. This is because it is very hard to control some trading situations in the market, most especially if the trader has lost and got frustrated.
    Yes that's clear that when we lose fund any day then first of all we try to think about recovering our loss first and with the aim of that we never able to take a good decision in this type of situation. This is right that the role of our trading mindset is very important at this time when we lose money in forex, a trader need a lot of patience and self control in this situation.

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  5. #54
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    Quote Originally Posted by Hukam View Post
    Yes that's clear that when we lose fund any day then first of all we try to think about recovering our loss first and with the aim of that we never able to take a good decision in this type of situation. This is right that the role of our trading mindset is very important at this time when we lose money in forex, a trader need a lot of patience and self control in this situation.
    good mindset will make the traders get stable emotion and also psychologies, so this is the pillars for them to create a good building in this business,
    good mindset will give them more understanding for what they are doing with take the right decisions to control and manage them

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  6. #55
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    Quote Originally Posted by newentry View Post
    good mindset will make the traders get stable emotion and also psychologies, so this is the pillars for them to create a good building in this business,
    good mindset will give them more understanding for what they are doing with take the right decisions to control and manage them
    Creating a good foundation in trading is really important because this will determine if we can be successful or not in our trading, good strategy, risk/money management and good psychology are the pillars to be a good trader, it is important that we are focused in following the right approach in trading.

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

  7. #56
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    Quote Originally Posted by techboy View Post
    Creating a good foundation in trading is really important because this will determine if we can be successful or not in our trading, good strategy, risk/money management and good psychology are the pillars to be a good trader, it is important that we are focused in following the right approach in trading.
    Learning the basics and then proceeding to learn and understand all the working and psychology of Forex is correct learning. The main reason to work in Forex is earning money. Its one of the very good point is that we can do Forex business from home. We can do Forex as full time. We can use our skills in trading to earn.

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  8. #57
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    Quote Originally Posted by AmitChallenger View Post
    Learning the basics and then proceeding to learn and understand all the working and psychology of Forex is correct learning. The main reason to work in Forex is earning money. Its one of the very good point is that we can do Forex business from home. We can do Forex as full time. We can use our skills in trading to earn.
    Right, there are a lot of reason why traders want to trade in this market, but the task on being successful can also be a very tough goal for all of us, there are huge potential in this market but only those that are willing to sacrifice and do a lot of hard work will become victorious in the end.

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

  9. #58
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    Quote Originally Posted by cozard007 View Post
    Sir, it is good to control emotion, but let me put something straight, the mind set of the trader may be good, but the emotion would still find its way into the trading life of the trader. This is because it is very hard to control some trading situations in the market, most especially if the trader has lost and got frustrated.
    The mind in the trading forex is very good but the emotional in trading forex is not so that good. Between emotional and the mind must be on the balance sheet. The emotional in forex market must being pressure of the mind. And the emotional can not pressure the mind. When emotional take the control, the mind can not do anything. and the opposite.

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  10. #59
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    Quote Originally Posted by aris90 View Post
    The mind in the trading forex is very good but the emotional in trading forex is not so that good. Between emotional and the mind must be on the balance sheet. The emotional in forex market must being pressure of the mind. And the emotional can not pressure the mind. When emotional take the control, the mind can not do anything. and the opposite.
    [lang=id]if the traders let the emotion drives the mind, at this side, they will not get the clear mind to think correctly, and they just lead the emotion take controlling their business and gave unwanted results,
    the emotion come up easily in every situation , for this side, they need to trade carefully[/lang]

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  11. #60
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    Quote Originally Posted by samprazaan View Post
    [lang=id]if the traders let the emotion drives the mind, at this side, they will not get the clear mind to think correctly, and they just lead the emotion take controlling their business and gave unwanted results,
    the emotion come up easily in every situation , for this side, they need to trade carefully[/lang]
    It is never a wise thing for traders to let the emotion take the turn in them, the emotion is really a big issue for nay trader, but traders can still make their success in this if they have the self control. The discipline of the trader would determine the amount of self control they have, and this would in turn determines what they really are as trader.

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