When you are in trading, there are two kinds of emotion which must to be defeated, FEAR and GREED, in the intensity of each every trader will feel those both emotion. Trader who tend to careful will be defeated by feel Fear, many opportunities are lost because of fear of losing, many profits are not optimal because that emotion forces you to close your position early.
Trader who want to get profit fastest is tend has a feel greedy, take every opportunities that arised, want to get more and more profit and always use all capital in big scale, Price movements in the forex market itself is motivated by two emotions are, only trader who can afford to defeat these emotion would survive and achieve success.
There are attitudes which must have to help to solve these emotions :
1. Set a reasonable goal
Almost every book which narrate the experiences of success trader is always tell that the success achieved based on the goal that they set. the goal help them to maintain their focus and success, someone will work effectively if he has the goal in his mind even he will achieves maximize work effectively if he knows and really understands what the goal of his job, and what profit of his job that he is doing.
In order for your goals is not too burdensome for you and can be achieved, then
- The goal must be realistic
- The goal must be can achieved
- The goal must be can measured
2. Learning to love to take loss
The saying that often you hear among trader is "learning to receives the loss as a part of game" in any business there is time to get loss when your business has not been known by the peoples , still must doing some promotion to known by peoples, give a discount to attract customers, it way very natural in business.
As well as in forex trading must learning receives the loss to sharpen the skills. don't blame anybody either the broker, trading system etc.. Learning to receives the loss with open hand like you received the profits. look for to know what the thing that cause you get the loss.
A success trader is not who has not ever been get the loss, but is the trader who can push to minimize the loss risk and increase the profit range with the right strategy.
3. You deserve a big victory and fast
Any wrong thought that you receive in life from parent / culture, even in environment where you grew up, most of you who teached that must to work hard to achieve big benefit, harder you work the greater benefit. that thought bring you till now and when you try look for benefit in forex, suddenly your transaction get profit $1000 in five minutes, There is a feeling "not feasible" to get the money in time so fast, you will let the benefit decrease to decrease feeling wrong way. The big benefit that you received is your work hard result, you deserve it.
4. Rule of transaction
Build the rule of your transaction for yourself, the rule that appear from your good habits as long as do transaction and bring you a profit.
examples:
- started with pray and spiritual habit can made you rilax.
- stopped if the goal have achieved.
- multiply reading about fundamental news to broaden the horizon.
- upgrade your knowledge with reading
- dicipline in trading with rule that you created
- sports
- sleep enough
- make priority.
5. Create wise stop loss
Your skills to monitoring and watch price movement limitted by the time its really impossible you are online 24 hours in day, realize of that you begin to use stop loss is the simple preventive step and wise.
Use stop loss as the rule:
- Take maximum stop loss in the mount of risk that has set.
- Stop loss depends on range of channel (use bolinger band)
- Adapt to timeframe you chose.
6. Being Objective
Being objective when watching price movement of market is the important thing. objective trader will receives every input and make it be consideration to take position.
7 characters of objective trader are:
- Did not feel be pressed.
- Did not feel be fear.
- Did not feel be denied.
- No wrong and no right way.
- Confident with the assessment that you create.
- You can analyze the market with a perspective as if he was not taking a position.
- Do not focus on money but on price movement.
7. Revenge trading
Don't ever trading because of revenge, in that situation your emotion will not rilax, you will be angry to the market movement which not match direction with you want, when feel angry arise you will open position to hope change your loss and didnot based on your analysis, so your decision didnot based on clarity of your mind ,finally you will be in loss with big value.
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Trader who want to get profit fastest is tend has a feel greedy, take every opportunities that arised, want to get more and more profit and always use all capital in big scale, Price movements in the forex market itself is motivated by two emotions are, only trader who can afford to defeat these emotion would survive and achieve success.
There are attitudes which must have to help to solve these emotions :
1. Set a reasonable goal
Almost every book which narrate the experiences of success trader is always tell that the success achieved based on the goal that they set. the goal help them to maintain their focus and success, someone will work effectively if he has the goal in his mind even he will achieves maximize work effectively if he knows and really understands what the goal of his job, and what profit of his job that he is doing.
In order for your goals is not too burdensome for you and can be achieved, then
- The goal must be realistic
- The goal must be can achieved
- The goal must be can measured
2. Learning to love to take loss
The saying that often you hear among trader is "learning to receives the loss as a part of game" in any business there is time to get loss when your business has not been known by the peoples , still must doing some promotion to known by peoples, give a discount to attract customers, it way very natural in business.
As well as in forex trading must learning receives the loss to sharpen the skills. don't blame anybody either the broker, trading system etc.. Learning to receives the loss with open hand like you received the profits. look for to know what the thing that cause you get the loss.
A success trader is not who has not ever been get the loss, but is the trader who can push to minimize the loss risk and increase the profit range with the right strategy.
3. You deserve a big victory and fast
Any wrong thought that you receive in life from parent / culture, even in environment where you grew up, most of you who teached that must to work hard to achieve big benefit, harder you work the greater benefit. that thought bring you till now and when you try look for benefit in forex, suddenly your transaction get profit $1000 in five minutes, There is a feeling "not feasible" to get the money in time so fast, you will let the benefit decrease to decrease feeling wrong way. The big benefit that you received is your work hard result, you deserve it.
4. Rule of transaction
Build the rule of your transaction for yourself, the rule that appear from your good habits as long as do transaction and bring you a profit.
examples:
- started with pray and spiritual habit can made you rilax.
- stopped if the goal have achieved.
- multiply reading about fundamental news to broaden the horizon.
- upgrade your knowledge with reading
- dicipline in trading with rule that you created
- sports
- sleep enough
- make priority.
5. Create wise stop loss
Your skills to monitoring and watch price movement limitted by the time its really impossible you are online 24 hours in day, realize of that you begin to use stop loss is the simple preventive step and wise.
Use stop loss as the rule:
- Take maximum stop loss in the mount of risk that has set.
- Stop loss depends on range of channel (use bolinger band)
- Adapt to timeframe you chose.
6. Being Objective
Being objective when watching price movement of market is the important thing. objective trader will receives every input and make it be consideration to take position.
7 characters of objective trader are:
- Did not feel be pressed.
- Did not feel be fear.
- Did not feel be denied.
- No wrong and no right way.
- Confident with the assessment that you create.
- You can analyze the market with a perspective as if he was not taking a position.
- Do not focus on money but on price movement.
7. Revenge trading
Don't ever trading because of revenge, in that situation your emotion will not rilax, you will be angry to the market movement which not match direction with you want, when feel angry arise you will open position to hope change your loss and didnot based on your analysis, so your decision didnot based on clarity of your mind ,finally you will be in loss with big value.
