Developing YOUR Heart-Mind Trading Edge. - page 5
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Hello traders,
Planning to pick up our discussion later this week.
Make it a good one!
Healing Trading Wounds
Many times when we go out on a fun adventure, we carry some kind of first-aid: bandages, antiseptics etc. It's usually wise to have on hand, as the likelihood of being hurt is very probable. In trading, the chances of hurt are very great, especially for newbies. So what should a trader "pack" before venturing into the trading wild?
Well, what does your trading room sound like when you "mess up"? "You fool! How could you?" Or, "Dummy! Why do something like that!" The list of things we say to ourselves can go on and on. Those types of words do not build for a healthy "other trading You."
In your trading first-aid kit, be sure to pack the following:
Love of self
Words of kindness
A gentle disposition
These would actually work together to speed up the healing process and produce a healthier trader. A healthier and more experienced trader will trade better over time.
Have a great weekend.
Hello Traders,
Hope you are having a great week. Next week I think I'd like to post a bit more on how to recover from trading wounds.
Until then,
Take care and trade well
Recovery from Trading Wounds
Hello Traders!
Hope you all had an enjoyable and restful weekend.
This week I want to touch a bit on recovering from trading wounds. Anyone who has been trading for any length of time would have to admit that, at times, trading can be painful when we incur losses. That pain, is very real! In preparation for the next post, which will probably be toward the end of the week, find some quiet time and isolate an instance or two when you know you experienced a trading wound. Don't let the memory take you to a place where you can't trade this week. Just locate it and isolate it. We'll pick this up later.
Have a good one.
Hello Traders,
My sincerest apologies for not being able to continue our discussion last week as promised. Had a very hectic week. Planning to post tomorow about how to recover from trading wounds.
Until then, trade well.
Okay Traders, Here we go... First and foremost, as a person, you must love yourself. Being a trader is an extension of the belief you have of yourself. You must know that no matter what, no matter what you do, you will like and love yourself. Nothing you could ever do in your trading career would topple how you feel about yourself. Have a healthy self-image...not one that is too high or too low. Secondly, acceptance. Accept the reality that you will do something that you would wish you hadn't done. You may not be aware of it, but price action itself has an effect on your mind, that if you aren't prepared for, you'll find yourself making mistakes and not understanding why. Your trading system should have a built-in buffer to deal with losing trades. Things get sticky when you have real, emotional hurt because of a losing trade. I tried to encourage a trader once who was having a bad losing streak. They said that the reason it started was because they took too large of a position. It was quite obvious that they were dealing with some deeper emotional issues and were afraid or maybe too proud to admit it. If you can't even admit to yourself how you are feeling, how will you ever fix anything? The other side of that defensive mechanism is denial. People in denial mode are actually deceiving themselves. in order to protect themselves from feeling emotional pain. Once in that mode, how can a person improve? You must learn how to process through the pain effectively. Enough to chew on for the weekend. Will pick this up again. Finish your week emotionally strong.
Analyzing Your Emotional Equity
Hello Traders,
Hope you had a restful but productive weekend.
Later this week, I will post something that every trader can do to gauge the level of their emotional equity. It will serve as a starting point to determine whether you need a trading break; need to take inventory of yourself etc.
All the best...wait for the market to present your trade entries...don't be in a hurry.
Gauging Your Emotional Equity Level
Hello traders,
Had another hectic week...my apologies. By Friday, I was just too mentally exhausted to think clearly.
Let's talk some now about emotional equity. By now I hope you understand the impact emotions can have on your trading...and yes, it can be seen in the charts. Just look at what happens to price during the time the economic data is released; especially if the data was a surprise to everyone.
Your trading equity chart also shows the same, but how can you use it to give you a heads-up as to what is going on with you the trader? I presume it is every trader's goal to be trading FX to make money. If they are trading and not making money, then several things could be the issue: 1. Their trading method (including money management) might need an adjustment. 2. Issues with the broker's platform. 3. The trader themselves. If the first two are working well, then it must be the third.
Below is a trading history graph from an MT4 platform (used with permission). Simple trendline analysis will show a trader when they need to be very careful. Notice the red circle? Should the trader's equity dip below that line, the trader needs to stop and take stock of themselves. Should they ignore that first warning and continue to trade and their account balance goes below the horizontal blue line, something is definitely wrong.
That little tool should help you, if you take it seriously, and are honest with yourself and what is happening to you emotionally and mentally.
Until next time...trade well.
That's a very interesting review with great positioning, though I still cannot understand to total extent what is dealing with heart-mind trading edge. Is it meant that you shouldn't allow your emotions take control over you when you lose some pips? Which exactly relation to strategy it means? I just didn't get it fully what the super tool is this.
That's a very interesting review with great positioning, though I still cannot understand to total extent what is dealing with heart-mind trading edge. Is it meant that you shouldn't allow your emotions take control over you when you lose some pips? Which exactly relation to strategy it means? I just didn't get it fully what the super tool is this.
Hello Reifolg,
Not sure which post you are referring to. Please clarify.
Thanks.