Fxtalha

How can i control my emotion of forex marke ?

5 posts in this topic

Dear my frends,

 

How can i control my emotion of forex market ? Please describe somting about it.

 

Fxtalha,Bijoynagar,Dhaka.

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প্রিয় মেম্বার Fxtalha আপনার অবগতির জন্য জানাচ্ছি যে, বিডিফরেক্সপ্রো' বাংলা ভাষায় পরিচালিত সফল ফরেক্স কমিউনিটি, অনুগ্রহ করে আপনার পোস্ট, শেয়ার গুলো বাংলা ভাষায় করুন। ধন্যবাদ। বিডিফরেক্সপ্রো'র সঙ্গে থাকার জন্য।

Abu Monsur likes this

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Dear bro Joy,as the question is already asked in English,I like to answer accordingly,hope you won't mind.If English is a banned language here,I request to delete my reply below:-

(Another suggestion I can make is English should be disabled from the system so that nobody can even type)

To the bro Fxtalha................

 

 

Emotions are  one of the biggest problems of being a Forex trader. Almost every beginning trader, who starts with the demo account, experiences a great success in his or her trading, but fails to carry this success to the real money account. The problem is letting emotions get in the way of rational judgments. When we lose, we feel frustration and sometimes even despair. Winning can cause us to lose control over our actions and turn trading into a gambling, or cause a serious over-trading problem. Calming greed and taming fear will help you to overcome trading Forex in an overly emotional way. Here are some suggestions to help you.

 

I believe that the three emotions that traders suffer from are; fear, hope and greed. To be successful we need to suppress these emotions, banish them like demons.

 

Traders who are fearful are generally afraid to lose. They do not follow their trading strategy and close out trades too soon afraid that the market will reverse and they lose all their profit. They lose patience with the market and often close out a position before their stop loss has been hit only to see the market go in the direction they forecast.

Traders who are hopeful are almost in the realm of the gambler that puts money on a roulette wheel number. Everything they do is with the 'hope' that its the right decision. They let bad trades get worse or good trades turn bad or they hope that the market will turn. They never stick to a trading plan. Then there are the greedy traders. These are traders who are never satisfied with where they are and are always waiting for the markets to bring them more money. They never pay attention to what the charts are showing them and are ready to risk more than they should and trade more than they should.

All these emotions are detrimental to making money and being a good trader. Some traders even have all three emotions at some point in time. So how can a trader suppress these emotions?

 

Firstly, don't take high risks by trading more of your capital than you should. A rule of thumb is to not risk more than 5% of your capital on any one trade. If you keep to that rule there is no chance to lose all your capital.

 

Make a plan and stick to it. Make yourself a set of rules and keep to them. For example if you have a rule which says that your risk reward ratio is 1:2 or 1:3 then keep to it. You'd be surprised how many traders reverse their risk reward ratios.

Never overtrade as trading too much does not win you more money all it does is cause you to risk more. Knowing when not to trade is just as important as knowing when to trade. It is also important to bear in mind that the trend is always your friend so trading in the direction of the market and not against it is a much better way to trade.

 

Finally try and keep a dairy of what you do so that you record what you did when you traded successfully or what you did when the trade went bad. In this way you stay disciplined and honour your trading plan as well as eliminate those nasty emotions.

 

Hope this has been helpful to you

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for controlling emotion first you should make a proper plan for regular trade, within your trade strictly you can control your emotion by bound. thanks

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ভালো লাগলো । আমি এগূলো জানি। তোবুও মানি না। সে জন্য আমি এগুতে পারছি না। জয় ভাই যা বললেন সেটার বিষয়ে সিরিয়াস হতে হবে। ধন্যবাদ জয় ভাই।

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