How many times... ?!
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  1. #1
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    How many times... ?!

    How many times have you been giving yourself a promise to change your trading?

    Basic approach that traders come with to the process of changing their trading is «giving a promise». So, application of will power seems to be a solution. Is more will power equal to more discipline?
    Various researches show that it isn’t.

    It simply doesn’t work. In the «heat of the battle» you continuously repeat to do the same things, over and over again. And here I mean destructive things – moving stops, making revenge or impulsive trades, overtrading e t.c.
    The main principle we should very clearly understand:

    Destructive actions in the market is a typical response to frustration (revenge trades), boredom (overtrading), anxiety and fear (impulsive trades). In a nutshell, it’s a response to emotional stress.

    Myth 1: Trader must control his emotions.

    It’s impossible, we are human beings, feeling pain, frustration and boredom is a natural thing for us. The key is that it’s actions that make us underperform What we really should control is our actions.
    We can of course control our emotions in some cases, but it's not really a goal - emotions are natural in many cases. It's not the effective application of your attention - to achieve a "zen-like mood", it's more effective to focus on controlling our actions rather than emotions.

    But there’s a piece of truth in a statement that we should eliminate emotions – we should eliminate impact of subconscious emotions. Subconscious emotions are driving our real actions in a way we just can’t understand. We think, that we see things as they are (market), but in reality we see our projections of the mind. Subsconscious emotions, if they dominate our mind, make our perspective narrow, force us to operate within a small frame of mind.

    The only way to eliminate subconscious emotional element is to make it conscious.

    Probably, the best and easily used technique for developing consciousness of the mind is to self-monitor using writing. Keeping a psychological journal is a good way to understand what’s going on right now.
    Once you start feeling some pressure – make immediate entry in your journal – «what are you feeling right now?», «what are your thoughts that go with those emotions?».

    Try to be as specific as possible. Don’t write – «I’m feeling bad» or «Everything is sucks». Widen your vocabulary in describing your emotional states – be as specific as possible. Of course, it’s not very easy, but the more you widen your vocabulary, the more you will increase your emotional intelligence – the more you will be able to realize your trading edge.

    I offer you different process that simply giving yourself a promise:

    Try keeping a psychological journal for a period of at least 3 months, and you’ll see that as your self-awareness increases, your market awareness also will increase – your understanding of the big picture will be significantly higher and your decisions will become much more effective

    Good luck!

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    Last edited by Value trader; 12-27-2013 at 07:56 PM.

  2. #2
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    Frankly speaking , in beginning , when i was a newbie, and didnt take forex much seriously, i promised myself to change my trading and style of trading . But then as i was never taking this business seriously, i started loosing a lot , until i made a final promise to change myself. And thankfully, now i am still obeying my promise, and now i am just using only 2-3 strategies and not more.

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  3. #3
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    My Friend I have changed many times in my trading life. I have tried scalping, intraday and long trading too but I did not get a good success before but now I am trading with mix of all trading style and now I am really doing good. My strategy is simple mix of Pivot Table, RSI and Moving Average.

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  4. #4
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    Quote Originally Posted by ebizripan View Post
    My Friend I have changed many times in my trading life. I have tried scalping, intraday and long trading too but I did not get a good success before but now I am trading with mix of all trading style and now I am really doing good. My strategy is simple mix of Pivot Table, RSI and Moving Average.
    What helped you to improve beyond practice and education?

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  5. #5
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    yes according to my own when I was able to read the direction of the price is good and right to change your mind just based on curiosity and experience that will change all because of the various ways in which it will find a way to make traders comfortable and quiet in the trading

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  6. #6
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    well that was in the past because right now i do not need to change my trading style because i am good with it this way so there is actually no need for me to change anything whatsoever , i trade with the Forex price action and that alone is good for me because i am making money from this use of the naked way of trading called Forex price action .

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  7. #7
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    It is really true of the forex traders including myself. There is this spirit in the forex trading market hat does not allow the trader to follow the pattern or decision that he has made before now. This is the one that is affecting me too on this too. I have changed many trading styles, and still i still do not rigid in my trading decisions.

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  8. #8
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    i never change my trading system and i just need to update it, after spent the time for learning and practicing, feel suitable with my own trading system then i just need to fix, complete the weakness, i do not want to waste my time to learn something that is not suitable with my style, and so, if we have already gotten something suitable, it is better to learn and try to master it then we just change it

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  9. #9
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    I do not trade forex for full time, i have only two ways of trading, i do not want to change them or intent to change them because of the advise i have head many items about the forex. Traders need truth on planning than changing things all the time about forex. The success and usability of my system will help me for sure and always.

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  10. #10
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    We should always learn form our mistakes and avoid their recurrences. In Forex we have to improve ourselves or give up trading. We should understand that we can get success with perfect knowledge of technical and fundamental analysis. If a trader is trading for so many years and no improvement is happening with his trades that mean is he does not want to change his trading attitude and improve himself.

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