Beginners - Kill your emotions

togr posted:
It is easy to plan to cut losses and let profit grow
It is hard to execute it though :)

mlawson71 posted:

togr posted:
It is easy to plan to cut losses and let profit grow
It is hard to execute it though :)

Tell me about it. It's very hard to find the balance between cutting your losses and constantly losing.

david791 posted:

Automated trading kill your emontions😄

togr posted:

mlawson71 posted:

togr posted:
It is easy to plan to cut losses and let profit grow
It is hard to execute it though :)

Tell me about it. It's very hard to find the balance between cutting your losses and constantly losing.

well cutting your losses too often or too early does mean you are loosing constantly

ema123 posted:
Restraining emotions is one tough task for beginners as emotions are directed by fear and greed. To avoid emotional trading to certain extent a newbie should set realistic goals first and adopt a tried-tested strategy with discipline. Demo trading is a good idea for the beginners to get to the nerve of forex and enhance their knowledge at first. I know demo misses the factor of real money which actually brings emotions with it but it gives an insight about the trading pattern one can follow.

mlawson71 posted:

ema123 posted:
Restraining emotions is one tough task for beginners as emotions are directed by fear and greed. To avoid emotional trading to certain extent a newbie should set realistic goals first and adopt a tried-tested strategy with discipline. Demo trading is a good idea for the beginners to get to the nerve of forex and enhance their knowledge at first. I know demo misses the factor of real money which actually brings emotions with it but it gives an insight about the trading pattern one can follow.

I am not so sure about how helpful demo trading is in that particular regard. When you trade on a demo account you're not stressed out. You know you're not risking anything other than your time and your pride.

snapdragon1970 posted:
If one can form good habits in demo ,like protecting capital and understanding win/loss ratios etc.they have a better grounding for live, 6 months of repeating good habits in demo logs in our long term memory.

mlawson71 posted:

snapdragon1970 posted:
If one can form good habits in demo ,like protecting capital and understanding win/loss ratios etc.they have a better grounding for live, 6 months of repeating good habits in demo logs in our long term memory.

That's a good point. Some habits should be a second nature to a trader, and what better way to build them but from the safety of a demo account.

PipAKazi posted:
Although this 5% stat is not entirely wrong, yet i will personally disagree to it. It just scares the new traders. If you plan on going to moon without any training, what are you expecting? but if you are trained then stats are just to scare you. This Forex is the biggest financial market, everyone can join in, everyone can earn their bread through it. But train well and you can own the whole bread factory if you know what i mean.

snapdragon1970 posted:

mlawson71 posted:

snapdragon1970 posted:
If one can form good habits in demo ,like protecting capital and understanding win/loss ratios etc.they have a better grounding for live, 6 months of repeating good habits in demo logs in our long term memory.

That's a good point. Some habits should be a second nature to a trader, and what better way to build them but from the safety of a demo account.

Anything less than this amount of time on demo forming good habits is a waste of time, because when things go wrong short term memory kicks in then emotions take over, risking more to get back what was lost, moving stops wider and setting unrealistic targets, were we should be cutting back on risk, stop trading till we are in a calm mode and start planning recovery.

Tssh_Nguyen posted:

PipAKazi posted:
Although this 5% stat is not entirely wrong, yet i will personally disagree to it. It just scares the new traders. If you plan on going to moon without any training, what are you expecting? but if you are trained then stats are just to scare you. This Forex is the biggest financial market, everyone can join in, everyone can earn their bread through it. But train well and you can own the whole bread factory if you know what i mean.

I think with a new trader profit is dangerous and make them delete plan, strategy. If you want success in FX market ' do everything follow plan and never think market so easy, please understood yourself before trading.