Remove your emotions as much as possible.

nahiyar

Private, 1st Class
Messages
796
Controlling our emotions is a hard one to master, but is vital.

The best advice i had, and made a difference, was to always think of the money in your Stop Loss risk as lost money when you place the trade. This way no matter what happens in the trade, you have already detached yourself from the loss.
Stop loss and take profits are helping tools that may guide you if you set it properly. In this way a trader is not overexcited in profits. He has to set his own boundries for trading. This is a disciplined trading actual way to face market. If you not remove emotions be aware of them or control them when they are going to be harmful .
 

EURUSD

Sergeant Major
Messages
1,133
Stop loss and taking profit is one way to manage our money in forex trading, how to determine stop loss and taking profit maybe each trader having different method, some use risk-reward ratio to determine best stop loss and taking profit like as with 1;1 or 1;2 which if trader set stop loss 10 pips for risk-reward ratio 1;1 will put stop loss 10 pips also, and for 1;2 risk reward ratio will set target 20 pips for stop loss 10 pips
 

AlecR

Corporal
Messages
87
10 pips for stop loss is too less mate as it will be hit most of the time. There must be enough cushion in stop loss to avoid brokers manipulated spikes. This risk to reward ratio thing works best on long term trading, not on scalping.
 

Etedus12

Sergeant
Messages
181
We should avoid emotional attachment when trading, as much as possible. If you trade with emotions like greed and overconfidence, you'll overtrade and lose. If you trade with fear and lack of assurance, you'll make wrong judgements. To win, have a hard heart
 

7Bulletin

Sergeant
Messages
123
Trading with emotions is like comitting suicide as a forex trader. However, since traders are not robots, we can always use our emotions for the benefit of our trades. Where a man's wealth is, that's where the heart is. For example, the fear of loss should make you avoid overtrading.
 

Olieng38

Sergeant
Messages
131
Emotions must be avoided like plague! If your ego is too big, you'll not humble yourself and use stop loss for your trades. In the end, you'll lose your hard-earned money. If you are overconfident, even if you have experience in trading, you can overtrade the market and that would be your failure
 

DaveT

Sergeant
Messages
336
If you're constantly getting emotional then you're probably risking too much. If you only risk 1% of your bank per trade then it's nothing to get emotional about.
 
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