Emotions when trading - page 23
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You and your opponent have decided to ruin us :) . Now there will be at least a page answer, two or three more pages - and I will easily open an office to receive traders who have been brainwashed by the market :)
That's fine. The topic of emotion in trading is quite important as it has already been defined - it is psychology that is a barrier for many of us. Everyone can do analysis and make good decisions. But then you don't manage to reach the target. Emotions get in the way. So it would be interesting to know who is learning how to overcome this barrier.
Yes the general trend has to be seen. And follow it. But in the shorter term! On which one depends on you. Some people prefer to trade on 15 minutes, others on ticks. The bigger the timeframe you trade on, the more you actually get stuck! If at higher harmonics you can already see the beginning of the reversal and get out of the deal, then, as I wrote earlier, like a silly Masha or a giraffe from the joke at lower frequencies you will see this reversal already too late!!! That's where the emotions and psychology come in!!!
When you read books, do you take notes? Do you absorb anything you read? Or do you listen to those ignoramuses who tell you: "Well, read more... There are so many authors out there..."
When you trade manually on small time intervals - you have less time to analyze and make decisions. When you trade on larger timeframes, you have more time for analysis and decision-making.
Do not swim against the current. Learn from others' mistakes or your own. And read smart books, so that it would not be like in the principle: "In one ear flies in, in the other flies out. You don't have to follow everything in the literature. Take only what you think is appropriate. You yourself said that suddenly something interesting and useful will appear in a dialogue... Well in books not less useful. Simply not all authors should be read, but only those who write bestsellers in their kind. It is clear that there are plenty of dumpsters everywhere.
This barrier is easy to overcome - automated trading, I don't see any other glimmers to overcome emotions.
You have to grow up to a robotized trading. The automated trading still needs to be matured. In any case, this is the foundation. If you trade robots right away, and do not know anything about anything - it's not right. It's like when you learn to write only on the keyboard, but never with a pen on paper. It's like that.
When a trader understands that emotions are bad for him - then he should switch to robots
PS. The less "rubbish" a trader has in his head, the faster he will reach his goal. Theoretically, the traders who submit their ideas to the trading system, the more they understand the trading strategy, the easier it will be to attain the goal.
When a trader understands that emotions are bad for him - then he should switch to robots
PS. The less "rubbish" a trader has in his head, the faster he will reach his goal. Theoretically, the traders who do not know what to do with the market, and who do not know what to expect from the market, do not get lost in the clouds.
A pullback to the 1.57 level - that's overkill.
You've written yourself that it may happen - it looks like that... but in fact... And it happens very, very often!!!
Here you say "trading on the news is a way to lose money". There is no risk management in this statement - that is, playing with the maximum lot. But why? If you play with an acceptable lot, let's say a minimum one, the trade becomes no riskier than yours!!! But the profitability may grow many times over! After all, we are not trying to catch the general movement from point A to point B, we are trying to catch all possible oscillations of the price along the way. This is what I strive for.
So in general sitting in a drawdown or trading against the market (even a correction at a moment) for a long time is not good. Why? Let me explain. It's elementary - take the two points given by you - the low point, at which you open in a trend, and the high point of the pullback. Suppose you opened only at these points. Do you think you will make a profit on the whole move? In fact, only half (not including spreads and commissions). Your profit will start only after the midpoint - the second transaction will cancel out the minus that arose on the first trade. But the saddest thing can happen if the chart reaches a midpoint and breakeven will continue its upward movement) In general, it would be better to either not enter against the pullback, and enter at the high point of the movement (the only problem here is determining this high point) or try to catch both pullback and retracement - as I said before I strive for this!
Experience is good. But everything in our world is relative. The main law of Forex is "Past profitability does not guarantee future profitability"! So you may very well be confronted with certain circumstances (maybe even with the ones I suggested). What will you do about it? Reduce the minimum lot by half and continue to believe in the trend? ))
I, too, think that trading on several pairs at once is harmful. But everyone has his own opinion.