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Thread: How to reduce the emotional obstacles for a profitable forex trading?

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    Super Moderator RoboForex Trader's Avatar
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    How to reduce the emotional obstacles for a profitable forex trading?

    Learn how to become a profitable market speculator is not so hard. Logic, rules and strategy - it's certainly not complicated science. Challenge comes when you actually try to execute consistently profitable strategy.

    The main reason for this challenge lies in the fact that we are all human beings with our inherent human emotions. From birth, we try to avoid things that scare us, and look forward to the things that allow us to feel comfortable. If you follow this natural course of action in the trade, then you will be in big trouble.

    Logically, the profitable trader buys when the price dropped, and only after the majority of market participants have already sold (red candles), at the level of price support (demand). Buy when everyone just sold - is not so comfortable action. When opening a short position you should find a situation where most participants have already bought - after a big rally in the market, but it challenges your emotional nature.
    Here we look at three easy steps for reducing the emotional obstacles to consistently profitable trading.

    Change the color of candles

    Most traders use the red and green candles, making the price chart is quite attractive to look at, but it may not always be the best option for trading. If you sell after the price rally and on an objective level of resistance (supply), which is a high-probability trading opportunities, then you are probably ready to sell immediately after a series of large green candle. However, to sell after a series of green candles may be not as comfortable, because it creates a strong illusion that the price is going to continue to move on up.

    There was conducted an experiment with the students, showing them a strong rally to a predetermined level of resistance, which suggests the possibility of trading with low risk and a high probability.

    The color of the candles was changed on the black, allowing them to remove some of the emotional tone during selling at the resistance level. In the setting of the green and red candles, the sale after a series of green candles has caused fear among new traders.

    Change the color of candles - it's not so absurd idea, if you are just starting to trade and too concentrate on the color of the candles. You should always remember: the color is not so much important as their location.

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  2. #31
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    What a nice tips and trick to reduce emotion provided by thread starter here. I admit, by changing candle colour will decrease our fear or emotion then we can place order at Resistance or support level without any worry or emotion involve. Not thought before for myself, but now i will to use this method, bro. Thanks a lot.

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  3. #32
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    Quote Originally Posted by topman View Post
    What a nice tips and trick to reduce emotion provided by thread starter here. I admit, by changing candle colour will decrease our fear or emotion then we can place order at Resistance or support level without any worry or emotion involve. Not thought before for myself, but now i will to use this method, bro. Thanks a lot.
    That really works.

    Also, when trader switches from candle to bars, it also can help, because bar has no colour and creates less biases about direction.

    For identifying support or resistance areas it's useful to use even line chart. It means that we are not talking about support levels but areas.
    Try line chart for that and tell us - do you feel any difference?

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  4. #33
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    It is heard enough to reduce the emotional obstacles for a profitable Forex trading . Man are always emotional so it is difficult to remove this we can only reduce this by controlling our mind i mean mentality .We can change the chart settings . We can ensure our success in Forex by acquiring knowledge we should have good control over mind as well as our emotion .Forex is a logical trading . So we need to trade by using logic and knowledge . Emotions drives a trader towards down and impacts his skills and knowledge.

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  5. #34
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    Quote Originally Posted by raazsr1 View Post
    It is heard enough to reduce the emotional obstacles for a profitable Forex trading . Man are always emotional so it is difficult to remove this we can only reduce this by controlling our mind i mean mentality .We can change the chart settings . We can ensure our success in Forex by acquiring knowledge we should have good control over mind as well as our emotion .Forex is a logical trading . So we need to trade by using logic and knowledge . Emotions drives a trader towards down and impacts his skills and knowledge.
    As humans it is difficult to become emotionless. We cannot trade like machines without having any emotions. However we should certainly have to save ourselves from the ill effects of emotions in trading. Proper planning and abiding to our plans with discipline can help us to a great extent.

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  6. #35
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    yes i think from when we know the working every body search for comfortable work and every body want to rich in only one day so i think that is mistake and i think Forex is really comfortable work and also easy if it compared with the other business but also we should have mind and know we only we will be rich in future , so i think > think it beat the emotion , and also i think change is color is good and i will try it ..

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  7. #36
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    Quote Originally Posted by RoboForex Trader View Post
    To Set an order and forget

    The Simple task of clicking "buy" or "sell" may itself be an emotional challenge, because many traders are simply not able to overcome the fear of being wrong. Fortunately, with modern development of trading technology you do not need to press the button when you enter and exit trading positions.
    I interested in the "set and forget". I have been doubt to place an orders during the time when the signal is formed. I doubt the signal be a true or become false. But "set and forget" may help a lot to take any signal without any thinking. It will stop the doubt, as well as orders to be right at the desired price.

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  8. #37
    Trader debian's Avatar
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    Quote Originally Posted by PROPENSITY100 View Post
    As humans it is difficult to become emotionless. We cannot trade like machines without having any emotions. However we should certainly have to save ourselves from the ill effects of emotions in trading. Proper planning and abiding to our plans with discipline can help us to a great extent.
    Yes and therefore the important thing doing this business is we must learn to control ourselves from emotional to make good trades with proper psychological management, so that our account will be safe, and we can achieve our desired of profit we we know always the risk that happen if we take emotional when trading.

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  9. #38
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    If I have emotion then I never do well in the Forex trading, I think that I can make more useful amount of money from the Forex trade if I have not any emotion. It is surely useful to us if we know the way of our removing emotion. It is easy, we need to more conscious for this.

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    Quote Originally Posted by farhanbd View Post
    If I have emotion then I never do well in the Forex trading, I think that I can make more useful amount of money from the Forex trade if I have not any emotion. It is surely useful to us if we know the way of our removing emotion. It is easy, we need to more conscious for this.
    personally i think trade that trade the long term have the chance to reduce emotion when trading Forex,personally i have being able to deal with mine emotions ever since i have chance mine trading style from minute and hourly to daily,though hourly and minute trader,i think having a trading plan will help alots.

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  11. #40
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    thank you for your advice sir, we should be able to control your emotions to be trading well, I often mc because can not control your emotions well, if I once loss then I can not control myself to not op anymore, that there in my mind is to restore the defeat, but should I be silent before, so I was op without analysis and a little gamble so I lost most of my money.

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