Traders who have been able to tame their own emotions is surely successfull
How to control emotions in Forex tradeing
Each of us has heard at least a hundred times that the biggest obstacle standing in the way of success is just us. Traders who have been able to tame their own emotions will surely appreciate this phenomenon. Some professionals have even gone so far as to pay professional coaches who are pushing them into the arts to get away from their own emotions a little further.
Four tips that will move you forward in the art of fighting emotions.
Use business diary
In, a long-term bisiness that works very well. The power of the diary is not only in the analyzes of your previus actions on the market, but also in your own feelings that you felt before you press the tap. Each trader should try to work with the diary as deeply as possible and not just try to describe the factual situation on the graph, but the emotions before entering the market.
Twice the measure, once the cut
An old saying, which also applies to the currency markets. In cases where you risk your own money, or if you try to evaluate and invest properly, it pays off to think well. Keep in mind that large companies are summoning commissions when making big investment decisions, and look at every risk from different angles of view. Let’s get inspired here that we do not have to decide for every business for weeks, but letting every market entry give us rational thinking instead of the feeling that this business is the right one.
Count up to ten
A classic practice that applies wherever you need to resist an unexpected decision. If we counted slowly before each trade with deep breaths up to 10, we would certainly save a lot of emotional decisions such as unnecessary shifts in stop loss, cutdowns, premature closure …
Follow the plan
If we always kept our plan, how would trading be simple. It also happened to you that you have a business strategy, but then you see a formation that does not fall into your business plan, but you just know that this is a wrong? Well its not, belive me. So keep your rules and do not change it. The change it only if we are optimized after a good long-term test.