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Remove your emotions as much as possible.

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

  1. RachelEB

    RachelEB Private, 1st Class

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    Healthy body, healthy mind!
     
  2. nahiyar

    nahiyar Private, 1st Class

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    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 .
     
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  3. EURUSD

    EURUSD Sergeant Major

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    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
     
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  4. AlecR

    AlecR Private, 1st Class

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    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.
     
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  5. ScottyCarsonMVP

    ScottyCarsonMVP Private, 1st Class

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    Agree here
     
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  6. Etedus12

    Etedus12 Corporal

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    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
     
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  7. 7Bulletin

    7Bulletin Private, 1st Class

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    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.
     
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  8. beginnertrader2019

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    so true! and something that I need to learn as a newbie!
     
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  9. Olieng38

    Olieng38 Private, 1st Class

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    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
     
  10. DaveT

    DaveT Private, 1st Class

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    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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