Have you improved your trading psychology?

[ThunderGerr]

Forex trading or any other business requires good psychological preparation.
If you are an expert who has a good command of certain tools for work, this is only half the battle.
The second half of success is emotions and psychology.
Everyone has to be able to cope with difficulties and find the way out of different situations.

 

[Purekiller]

I remembered my first account. A real one. "I'll be right back and I'll pay it all back! Ah, no, now!...Oh. Where's my money?" Good thing I had learned to control myself. The first time I lost my little account, I was inconsolable. But I was able to overcome myself and learned how to trade intelligently and without emotion.
But it gave me an incentive to keep on learning and not to give up. I think this is a normal practice for anyone who wants to finally start earning here.
You still have to learn how to be patient. And then, it is a mistake to devote all your time to Forex trading at the very beginning. I mean to quit your main job. There are no guarantees that it "will work" here. Hence the greed and desire to enter the market and close a good deal at any cost.

 

[pashaev]

Over time, the psyche adapts to any activity and to any conditions. The main thing is to remain aware and not to succumb to uncontrolled states.

 

[bigdolly]

Forex trading or any other business requires good psychological preparation.
If you are an expert who has a good command of certain tools for work, this is only half the battle.
The second half of success is emotions and psychology.
Everyone has to be able to cope with difficulties and find the way out of different situations.

Agree, it was really difficult to learn how to accept loss, not go into overtrading and other trading traps that stem from emotional weakness. However as practice has shown what you should do is just remain patient and focus on the process instead of trading gains.

 

[Vivaan Jua]

If I compare myself from my 1st day of trading, then definitely I’m! But obviously it’s an endless process, and always I try to learn from my own mistakes!

 

[Stoic]

it is important not to commit actions in a state of passion ... mistakes leading to losses are made in passion and multiply into a series of losses

 

[PaulaS14]

When I open trades, I like to set and forget about them, only checking on them once in a while to find out if I can trail my SL according to my trading plan. The way I remove emotions is simply by distracting myself with other activities and I found that to be effective. My advice is when you open a trade, and after setting your stops, go and do other things; go work out, play video games, go cook something good, do anything else you like that would keep you away from the charts. This way I am able to remove my emotions, "sit on my hands" and improve my discipline and also prevent myself from doing a mistake; I let my trades work out themselves and don't try to micro manage them.

it really helps. I do the same thing and it takes my mind off the constant staring at the monitor.

 

[KTCiticen]

since I have improved my trading pyschology I have been better off

 

[Ledner]

I have been in traiding for a year now. At first it was stressful for me to experience losses. I studied and read a lot and of course practiced. I think that only with practice and knowledge you can learn to control your emotion.

 

[Paulina_wagner]

One of the biggest, if not the biggest obstacle, for new traders is psychology. It can make or break your trading and you can only work on improving it through trading, trading and trading in a real account. Improving your trading psychology should at least be given the same consideration and effort as you put into creating your trading strategy.

Keeping a journal may be a great tool for you in order to write down and monitor your progress. Those who ignore the hard work required into making improvements to their psychology are missing out on the biggest factor which will influence your trading results.

Improving trading psychology is essential to successful trading. Developing a trading plan, practicing discipline, and managing risk are key components of improving trading psychology. Additionally, focusing on long-term results, taking breaks, and learning from mistakes can help reduce stress and increase your chances of success in trading. By incorporating these tips into your trading routine, you can improve your trading psychology and increase your chances of long-term success in trading.