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Remove your emotions as much as possible.

Discussion in 'Beginners Bootcamp' started by Jeff Martinez, Oct 17, 2017.

  1. Jeff Martinez

    Jeff Martinez Recruit

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    At whatever point you day trade it is profoundly prescribed to attempt and evacuate however much feeling as could be expected, do explore on why the benefit price is the thing that it is and purchase/offer with an alert. Never become tied up with the buildup and purchase resources rashly as that is one of the most noticeably awful things an informal investor can do. This is the way you can deal with your trades and lessening your odds to lose your benefit. Practice increasingly to be great
     
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  2. downtrend

    downtrend Sergeant

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    As much we can we should remain away from emotion while trading. Emotions are big hurdle as well as cause for loss. They some times put you in danger when you go towards greed. .Then it will be hard to manage account with high risks. Emotions should be controlled in time because we are aware of them after their effects.
     
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  3. dianajs

    dianajs Private, 1st Class

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    I don't think that being completely emotionless is possible - after all it's only human to be emotional. But I do try to be as calm as possible when I trade, and not allow my anxiety, or my excitement for that matter, to take control, because I know that will cloud my judgement.
     
  4. Beldavash

    Beldavash Private

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    I would suggest that rather than "removing your emotions," it is more productive to use them - hand in hand with other things, like your intelligence and your instinct - to guide you. We are not robots, or machines, and when we invest or trade, our emotions are very much a part of us, and IMHO, we both can and should use them.

    That being said, it is also important to not let those emotions control us blindly.

    For example, fear is a powerful emotion. We should allow our sense of fear keep us from doing anything rash or thoughtless, but we should also make sure that our fear is not in complete control, because then we would never really jump into trading in a way to make it worth our while.
     
  5. dianajs

    dianajs Private, 1st Class

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    I completely agree with the sentiment, but how do you achieve that? Using one's emotions positively, that is.
     
  6. Beldavash

    Beldavash Private

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    Most of all, I think by being aware of your emotions. It takes time for some of us, but in trading (and pretty much with everything in life), we need to understand which of our actions and decisions are driven by emotions, which ones by logic and intelligence, and which ones by instinct. All three can and should play a role in the decisions, but we make better decisions when we know what is coming from where. Sometimes it's just a matter of taking a step or two back, and asking yourself "Why am I doing this?"
     
  7. dianajs

    dianajs Private, 1st Class

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    Thank you for the thoughtful reply. I completely agree with you. It is important to always be self-aware, or at the very least to strive toward self-awareness as that requires spending time and effort to self-reflect.
     
  8. nahiyar

    nahiyar Private, 1st Class

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    Spending time and evaluation of their trading results will tell them where they were captured by emotions. They should know when they did wrong entry , had wrong targets that result in loss. Although emotions are not possible to eliminate they can some how controlled by effort and practice. This will help to do reasonable trading where traders will do right steps.
     
  9. William Barnes

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    Forex is a decentralized, virtual and global trading platform. All these characteristics of forex market are pointing implicitly to the fact that to survive here traders have to very practical. Why am I saying so? The reasons behind this are many:

    1. This decentralized market allows everybody to trade, not like traditional exchanges, making it a very competitive area of business.

    2. A virtual platform where you trade from anywhere using laptops or tablets, from home or office. So traders usually trade 24/7, making every trade or order very important for you, you can’t miss any significant trade.

    3. Thousands of online brokers, you have to select your trading platform as per your own requirements. So choose wisely.

    So it may be clear to you that, here there is no place for emotions. Rather traders have to be very practical while taking each decision.
     
  10. dianajs

    dianajs Private, 1st Class

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    I completely agree with you. However, this is how it should be, not how it necessary is. Human emotions aren't always ration - one may now they need to be practical but achieving that can be difficult.
     

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