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I already been there! and have bad Experience about emotional trading! I loss big money! the reason why it happen is because first, I am not so sure what I am doing and how FX market works, secondly, I got greedy and want more profit, but when market move against my Trading position! it make my worlds crumble :D lol
but my suggestion to avoid emotional Trading is by learning from your past experiences, if you already know how market works! I am so there is no more emotional trading, as long you not to greedy I am sure your fx investment will stand for a very long time
PS.Risk comes from not knowing what you're doing. maybe emotional Trading comes from not knowing what your doing :)
just my 2 cents.
When a trade goes against you and you invent a new swear word, that is a symptom of emotional trading.
Step into the the FX Doc's office for just a moment and let's have a look . . . Say "Ahhh!"
Hmmm. I see... the diagnosis is this: You are ill with the disease called "PositionSizosis" (also known as "Trading with a position size that is too large!")
If you don't change your behavior, then my prognosis is this: You will blow your account quickly at this pace--or die of a heart attack. You must STOP IT immediately.
Here is my prescription Mr. Trader: Reduce your position sizes until no "new" words come out of your mouth, even if your stop is hit.
Trading can be both fun and profitable as you slowly work your way into the top 10% of traders and become good at what you do. Inventing new words is a counter-productive part of journey. We all pass through it, but must do our best to quickly learn and go on to the next challenge.
Just because you CAN use a 1000:1 leveraged account and put .10 lots on a $50 account doesn't mean you should! Use 50% of the position size you were just thinking about using. That might just do the trick! FXCM told me that they have done extensive studies, and their clients with lower margin do better overall. Interesting?
Remember. 1% per day turns $100 in $1,000 in 12 months. That's 10x your money in one year. Isn't that enough? Why are you trying for 10% in one day? Look to the trees and remember how slowly they grow. Look how strong and beautiful they are. Be patient and you will succeed beyond your wildest dreams.
Success to you!
Curiosity killed the cat.
Emotions aren’t the scary part; it’s when you begin to consider the watertight determinism of the emotions, that’s when the walls really begin to breathe. You can go to the ends of the earth to escape the fate of your emotions, but what is, just is. Just because you identify them, does not automatically mean you will be able and fit to handle them, or will be exempt from suffering them and their consequences. Its not a dilemma of modern man, the problem goes way back, right back to Plato; the problem of acting against ones own better judgement, they called it Akrasia in ancient Greece. I.e. if we know the optimal way of acting to reach our goal, if we have a fool proof plan, if we can see the promised land shining like a beacon, and all we have to do is follow A, B and C...well, good luck with your fool proof plan, good luck with A, B and C.
Life, and by extension the market, shows you what you are made of, ignore it at your peril, sooner or later it will break you down, physically, mentally, emotionally and spiritually. Greed, fear, hope, stress, cockiness, denial etc, are all as much a part of you as love, jealousy, hunger, loneliness etc... they all come into your life against your will, at the very worst of times, at the very moment you are at your weakest, and they all take you off the road you believe you should be on, and put you on the road you need to be on.
Do you want to try and fight it? Its a perilous road, you might not return, you might lose your money, your wife, face mockery and humiliation and maybe even lose your mind. The problem is not if you can circumvent emotions and fate once or twice or even ten times, its if you can do it for the rest of your life.
Don’t give it your soul; try to automate as much as possible. :)
good luck with your fool proof plan, good luck with A, B and C.
Life, and by extension the market, shows you what you are made of, ignore it at your peril, sooner or later it will break you down,
The problem is not if you can circumvent emotions and fate once or twice or even ten times, its if you can do it for the rest of your life.
Don’t give it your soul; try to automate as much as possible. :)
Ha ha TT, thanks... i reserve the right to get carried away with myself every now and again.
Stairng at charts on screen and having feeling like you are losing money without being into market :)
Because I'm targeted by the crime testers and they tried to give me examples of failing trend models for taunting, I started writing up all the failure models. Here is the excerpt from my book. I think the community watchers care about the traders' atmosphere and their images for trading accepted or not decision making. It's the matter of the food and thought reader issues. I studied enough of Food Choiz food contaminator chemicals from Malta and their study sites in the Balkans. So, if you don't know why oranges are bad for foreign students in the US or ethic foods consumption is needed in Ireland, just guess about such covert industry materials.
In my case, the best attitude is the knowledge from the experts and mimicking. Keiichi Tani was in Cuppertino and started the M1 candlestick reading like many poor professor style. He got a ship after 3 years of trading and he brought out the same Ehime name ships for the Malta jobs. I learned further from other companies like Wagamama and Umami in Cyprus. Just be the same and a business person mentality works. But for the failure teaching toward me, it's the lack of concentration time quick decision making by the third person's effects. So, I'm writing a book to remind me all 108 failure models I'm getting from the thought readers I know.
I read somewhere once that 95% of all Forex traders lose 100% of their money. How true those words seem.
Letting emotions creep into trading is not profitable.
I have a theory about trading that I would guess nearly everyone goes through at one time or another. It goes like this:
"The Seven phases of the beginning forex trader"
It all starts with No 1. Conservatism - after all the trader has read, he/she approaches each trade with tight stops and predefined limits just like the articles and books said. Then comes No. 2. Success - Good, well thought out trades bring profits, so quickly! Much better than I thought. Which leads to No. 3. Overconfidence - This trading method works every time, I am a genius. I am the best trader in the world. Of course that leads to No. 4. Greed - If I can make this much with one lot, then I can make twice as much with 2 lots. but all of a sudden there is No. 5. Denial - That's ok, the price will come back down, it always does. The top of the fibo is just above it, don't worry. No reason to close it now. Next is No. 6. Panic - No No No, it has to come down, I can't close now, look at how much I will lose. The balance is still up, It is not a loss if I do not close. And finally, my absolute favorite No. 7. Despair Margin call, what is a margin call?, what happened to my positions? its all gone, its all gone....
I think a lot of us here turn to programming to remove the emotion from the equation. The EA doesn't care what the price is, it just does what it is told in the code.
i like your theory , thats fine