trading psychology
Sep 26 at 15:33
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5 Replies
会员从Sep 16, 2024开始
18帖子
Sep 26 at 15:33
What psychological aspects should traders focus on to improve their performance and decision making?
Sep 26 at 16:06
aminmohammed11 posted:i think one of the biggest things is managing emotions i always try to stay calm and not let fear or greed take over my decisions when i feel anxious about a trade i take a step back and remind myself of my strategy and stick to it no matter what
What psychological aspects should traders focus on to improve their performance and decision making?
Sep 26 at 16:08
aminmohammed11 posted:having a positive mindset is really important too i try to view losses as learning experiences instead of failures this helps me stay motivated and focused on improving my skills on my olymp trade rather than getting down on myself after a bad trade
What psychological aspects should traders focus on to improve their performance and decision making?
Sep 26 at 16:09
aminmohammed11 posted:Asllamalikum self-discipline is crocial for me i set clear rules for my trading and i follow them no matter what even if i see a tempting opportunity i won’t stray from my plan this helps me avoid impulsive decisions and keeps my trading consistent
What psychological aspects should traders focus on to improve their performance and decision making?
会员从Feb 12, 2022开始
5帖子
昨天11:32时
Books will not give you anything, the best way is you trying it out yourself.... or some experienced trader guiding you initially....
The Rule is - Assume you are always wrong... so that you won't open bigger lots!!
Try a Demo account for 6 months…and then open a YEN live account. Yen account will give you good amount of digital deposit or else in 3/4 weeks your account will be busted.
Observe the market for 6 months on a demo account.
Analyse all currencies of your choice by reading expert posts, indicators for direction on myfxbook, investing.com, tradingview.com etc
Then open two or 3 trades in the direction of the last 4/5 days in that demo account, whenever it reaches the lowest (Buy) or the highest (Sell) point. Let them play out for 7 to 10 hours, once closed then only open 2 or 3 more.
If you have a 10,000 account in a demo account then open 0.5 to 1 lot sizes in currencies and .25 or 0.5 on XAUUSD at any given point of time. You should not have more than total 3/4 Lots opened at any given point of time.
Note that 0.5 XAUUSD on a highly fluctuating day will move -3000/+3000 and 1 lot currencies will move -700/+700, so if you have 3 wrong trades in XAU/USD of 0.5 lots with no stop loss… your account of 10000 will get busted.
Open a highly leveraged account 1:500 or 1000 or 3000, this will help to have more free margin but control this leverage by 3/4 lot sizes opened (max) or 2 / 3 trades opened at one time.
Each currency moves from low to high in 4 to 12 hours everyday and rest of the times they in between…always observe which currency moves at which time.
The movement of currencies are generally tied to the Economic calendar events of 2 and 3 star impacts. You can see this calendar on the above mentioned sites.
Depending on the currencies, Times to open trades are as follows...
1 am to 2 am GMT +1
6 am to 7 am GMT +1
2 PM to 3 PM GMT +1
8 PM to 9 PM GMT +1
Generally if a currency pair starts moving at 1 am GMT +1 it will end its move by 7 or 9 am. Generally the currencies move in groups i.e. all JPY pairs move at the same time, EUR/USD + GBP/USD moves at the same time, within currencies that pair with USDs e.g. USD/PLN, USD/MXN, USD/NOK sometime move at the same time or move one after the other and this ties to 2 and 3 star impacts of the Economic calendar.
Generally any two of the three sets will move at the same time i.e. If EUZ/NZD and EUR/AUD moves then AUD/NZD will be stationary and will move after 8 to 10 hours
i.e. if CCY1/CCY2, CCY3/CCY2 move then CCY3/CCY1 will move after 8 to 10 hours
Eg
GBP/USD, EUR/USD, EUR/GBP
USD/JPY , GBP/JPY, GBP/USD
USD/JPY, CAD/JPY, USD/CAD
EUR/NZD, EUR/AUD, AUD/NZD
USD/NOR, USD/SEK, NOR/SEK
If you see USD calendar 3 stars at 1 pm and 8.30 pm GMT +1… then a trade around 8.30 pm
If you see USD 3 stars impact only at 1.30 pm GMT+1 then trade around 1.30 and wait till the next day morning.
If any of you need more guidance please contact me. I wrote my own software. I can help/guide you on a demo account with no charge(no fee).
The Rule is - Assume you are always wrong... so that you won't open bigger lots!!
Try a Demo account for 6 months…and then open a YEN live account. Yen account will give you good amount of digital deposit or else in 3/4 weeks your account will be busted.
Observe the market for 6 months on a demo account.
Analyse all currencies of your choice by reading expert posts, indicators for direction on myfxbook, investing.com, tradingview.com etc
Then open two or 3 trades in the direction of the last 4/5 days in that demo account, whenever it reaches the lowest (Buy) or the highest (Sell) point. Let them play out for 7 to 10 hours, once closed then only open 2 or 3 more.
If you have a 10,000 account in a demo account then open 0.5 to 1 lot sizes in currencies and .25 or 0.5 on XAUUSD at any given point of time. You should not have more than total 3/4 Lots opened at any given point of time.
Note that 0.5 XAUUSD on a highly fluctuating day will move -3000/+3000 and 1 lot currencies will move -700/+700, so if you have 3 wrong trades in XAU/USD of 0.5 lots with no stop loss… your account of 10000 will get busted.
Open a highly leveraged account 1:500 or 1000 or 3000, this will help to have more free margin but control this leverage by 3/4 lot sizes opened (max) or 2 / 3 trades opened at one time.
Each currency moves from low to high in 4 to 12 hours everyday and rest of the times they in between…always observe which currency moves at which time.
The movement of currencies are generally tied to the Economic calendar events of 2 and 3 star impacts. You can see this calendar on the above mentioned sites.
Depending on the currencies, Times to open trades are as follows...
1 am to 2 am GMT +1
6 am to 7 am GMT +1
2 PM to 3 PM GMT +1
8 PM to 9 PM GMT +1
Generally if a currency pair starts moving at 1 am GMT +1 it will end its move by 7 or 9 am. Generally the currencies move in groups i.e. all JPY pairs move at the same time, EUR/USD + GBP/USD moves at the same time, within currencies that pair with USDs e.g. USD/PLN, USD/MXN, USD/NOK sometime move at the same time or move one after the other and this ties to 2 and 3 star impacts of the Economic calendar.
Generally any two of the three sets will move at the same time i.e. If EUZ/NZD and EUR/AUD moves then AUD/NZD will be stationary and will move after 8 to 10 hours
i.e. if CCY1/CCY2, CCY3/CCY2 move then CCY3/CCY1 will move after 8 to 10 hours
Eg
GBP/USD, EUR/USD, EUR/GBP
USD/JPY , GBP/JPY, GBP/USD
USD/JPY, CAD/JPY, USD/CAD
EUR/NZD, EUR/AUD, AUD/NZD
USD/NOR, USD/SEK, NOR/SEK
If you see USD calendar 3 stars at 1 pm and 8.30 pm GMT +1… then a trade around 8.30 pm
If you see USD 3 stars impact only at 1.30 pm GMT+1 then trade around 1.30 and wait till the next day morning.
If any of you need more guidance please contact me. I wrote my own software. I can help/guide you on a demo account with no charge(no fee).
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