How i control my bad habits during trading forex?

[riddick09]

I would say that it's going to be difficult to handle our bad habits if we don't know what are those. And the first thing we can do is to determine those by experience what are our habits in trading. For sure, we will have it when have our losses and failures in our trades.

 

[jackcm]

So you should ask yourself what purpose of analyzing market is. Analysis is a factor to decide that FX trading is not gambling. Be objective and follow your own analyses, even if you lose because of them.

 

[Decub]

I so much believe in discipline and determination as a means of controlling bad habits in Forex. It is also dependent upon the type of bad habit you display because if it has to do with greed, then you need a lot of learning, determination and patience. Each trader has some degree of character which is not favourable to all and sometimes becomes disgusting to another ear but it takes strong will to overcome this habit.

 

[riddick09]

Well, the traders will eventually have here their bad habits but we aren't going to have here the chance to trade only in those aspects as we will still have good traits and that we can learn the bad habits and determined those to remove it when we are trading.

 

[hadg33]

Well,this forex is so complicated,is there any bad habit in forex,is greed considered as bad habit in forex? Well,greed at times might favour a trader,so I don't think there is a need to control that. It is just like saying a gambler should control the way he gambles. Its an individual thing,if the bad habits in trading is favouring a trader,then the trader should go ahead with it.

 

[Decub]

Well,this forex is so complicated,is there any bad habit in forex,is greed considered as bad habit in forex? Well,greed at times might favour a trader,so I don't think there is a need to control that. It is just like saying a gambler should control the way he gambles. Its an individual thing,if the bad habits in trading is favouring a trader,then the trader should go ahead with it.

There is one thing with being greedy in Forex. It has a way of working on your emotions and increasing your expectations. That is why some people tend to liken it to gambling because when you trade in other to gain very high profit which might not be commensurable with that which you invested, then the tendency that you will lose is there.

 

[hadg33]

I do not agree with you,in business there must always be a greed and that is how it is in forex,hyip and other online investment programs. The more money you invest the higher the profits you target. At the long run,you might be lucky and the trade was successful,you would make good gains.

 

[riddick09]

Well, the traders should have learn that to have control of their habits is to know those fear and I don't think greed is a habit after it's an aggressive emotion. Though, the bad habits are the times we have frequent doing those things even we are not trading such as high risk taker and gambling thinker.

 

[hadg33]

So greed is not a bad habit in forex. So what is considered as bad habits. Emotions have to set in this business cos money is involved. I really want to know the bad habits so that when I start trading I would know how to control it. Controlling emotions is just a minor thing to me. I know what to do when I am feeling emotional about something.

 

[riddick09]

It's not a habit but it's a bad emotion. It's an emotion triggered during our trades. Our bad habits is like that we often do no matter what that should not be in our trading. It's often our action towards something. Like in Forex, we can have here like when we lose our trade, then we try to rush on recovery and increasing the lot size which is a bad habit.

 

[Cutiekc]

Human being are emotional driven and we are born with that so it at times takes long time to master our emotions but there is a shortcut which has been working for me. Which is following your trading plan which was made intially before trading. Sticking to those trading plan makes one stay off being emotional because in the trading plan we have our entry and exist point and what to do as soon as we've reached our target.

 

[sindarin]

It is not that easy to stick with plans, many people said it is easy way but when it comes to practice, what i see is different thing, many traders complain about how they cannot control their own emotion and cannot stick to the plan, that is a good way but not a shortcut.

 

[Decub]

I do not agree with you,in business there must always be a greed and that is how it is in forex,hyip and other online investment programs. The more money you invest the higher the profits you target. At the long run,you might be lucky and the trade was successful,you would make good gains.

Now, let's digress a little; if you wish to generalize it (business), what you mean is that a businessman should be a competitor and not a greedy one because greed is a bad omen in business. Back to the topic, it is a wrong impression to associate Forex with luck (though it happens sometimes) but even if you have the capital (more money as you said) to invest without the skills and rely on your luck you are bound to lose. Now from the thread starter's question, one of the ways is to be disciplined and play by the ethics of the business (Forex).

 

[Cutiekc]

It is not that easy to stick with plans, many people said it is easy way but when it comes to practice, what i see is different thing, many traders complain about how they cannot control their own emotion and cannot stick to the plan, that is a good way but not a shortcut.

Perhaps to you it isnt that easy to stick to plans. For me I know vividly that there are probabilities in forex trading which are either profits or loses and sticking to my trading plans makes my trade prone profits vice versa to the other probalibity. So tell me why I wouldnt stict to my plans? Even at all I am to take risk it should be with caution.

 

[Decub]

Human being are emotional driven and we are born with that so it at times takes long time to master our emotions but there is a shortcut which has been working for me. Which is following your trading plan which was made intially before trading. Sticking to those trading plan makes one stay off being emotional because in the trading plan we have our entry and exist point and what to do as soon as we've reached our target.

I agree a lot in the fact that if you must excel, then you really have to plan yourself, not verbally or in writing but practicing, hence, the need to always stick to plans.

It is not that easy to stick with plans, many people said it is easy way but when it comes to practice, what i see is different thing, many traders complain about how they cannot control their own emotion and cannot stick to the plan, that is a good way but not a shortcut.

Whoever that finds it difficult to stick to plans might always find it difficult to excel in his area of endeavor. Of course we know that he who fails to plan, plans to fail. In relation to Forex and the thread starter's question, that is where discipline comes in. If you discipline yourself to maintain your plans, you will always do and it helps you avoid those bad habits.

 

[hadg33]

Now, let's digress a little; if you wish to generalize it (business), what you mean is that a businessman should be a competitor and not a greedy one because greed is a bad omen in business. Back to the topic, it is a wrong impression to associate Forex with luck (though it happens sometimes) but even if you have the capital (more money as you said) to invest without the skills and rely on your luck you are bound to lose. Now from the thread starter's question, one of the ways is to be disciplined and play by the ethics of the business (Forex).

Of course you must have the skills and strategies before you can start trading forex,your skills and strategies might not be working but you know you have it,but yet,you are still not making profits,you make profits when you are just lucky. It is different saying a pure luck is involved all through, a rational newbie would not invest big in forex and depend on luck to make huge profits.

 

[budado]

Practicing in demo account is the best way to develop discipline. I do hope that in the long run I can end up making one good profit one after another also. I really don't know if I know how to handle my account. But I'm sure I can handle my account once I started to trade and make profit.

 

[Cutiekc]

Practicing in demo account is the best way to develop discipline. I do hope that in the long run I can end up making one good profit one after another also. I really don't know if I know how to handle my account. But I'm sure I can handle my account once I started to trade and make profit.

In a way I do disagree with the demo account being a good place to develop a good discipline based on emothions because the demo accout has just the virtual currencies so trading there will be learning skills and not having emotional discipline.

 

[Decub]

Practicing in demo account is the best way to develop discipline. I do hope that in the long run I can end up making one good profit one after another also. I really don't know if I know how to handle my account. But I'm sure I can handle my account once I started to trade and make profit.

In a way I do disagree with the demo account being a good place to develop a good discipline based on emothions because the demo accout has just the virtual currencies so trading there will be learning skills and not having emotional discipline.

I have heard people argue about this and wasn't so convinced because they were saying different things and just using practicing and earning to interwove it. Now let's look at it from this angle, everyone knows a Demo account is basically for learning and we are talking about controlling the bad habits in trading. One of the bad habits we lay emphasis on is basically emotions but in my own opinion, if you can trade in Demo like a pro, you will, to some extent control that emotion when it comes to real/live trade. They are just the same platform though we tend to attach sentiments because our investment is at stake.

 

[Cutiekc]

I have heard people argue about this and wasn't so convinced because they were saying different things and just using practicing and earning to interwove it. Now let's look at it from this angle, everyone knows a Demo account is basically for learning and we are talking about controlling the bad habits in trading. One of the bad habits we lay emphasis on is basically emotions but in my own opinion, if you can trade in Demo like a pro, you will, to some extent control that emotion when it comes to real/live trade. They are just the same platform though we tend to attach sentiments because our investment is at stake.

There is no way you are going to trade in there like a pro because truely you know deep down is side of you that there are no real currencies involves. So you will tend to take some risks which you can not take with the real account.