Try and detach yourself as much as you can emotionally. Regular exercise helps
Healthy body, healthy mind!
Try and detach yourself as much as you can emotionally. Regular exercise helps
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 .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.
Agree here10 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.
Emotions need to be controlled during the Forex trading as it requires a lot of patience, quick decisions, control of greed, and many more things. So you must be psychologically strong in order to enter into this market.