How to Trade Without Emotional Detachment
- Author John Forex
- Published August 23, 2011
- Word count 401
When it comes to day trading, your emotions can get you in a lot of trouble. One of the main reasons so many beginners fail at day trading is because they let their emotions get the best of them. They make trading decisions based on what they feel instead of based on research and a sound strategy. Successful day traders know that emotions have no place in the day trading game. They have a strategy, and they stick to that strategy no matter what.
What you must understand is that day trading is a business. And a very risky one at that. Allowing your emotions to determine what moves you make will put you in a bad position almost every time. Holding on to a trade for an extended period of time because you think the price will go back up is a bad move. Its a move that is motivated by a fear of loss. Which is exactly what will happen if you run your day trading business in this manner.
Take the time to educate yourself on money management, fundamental analysis and technical analysis. Three very important aspects of trading successfully. Combine this knowledge with a good plan and you are well on your way to being a successful day trader. However, you still must have to self discipline to follow that plan and not get sidetracked by your emotions.
Listen, trading is an emotional roller coaster. One moment you are up and the next you are down. But you have to have enough faith in your plan to follow it no matter what. Before you start trading, determine where you will get out and stick with that no matter what. Don't let fear or greed be your motivator. Both can cause you to lose a lot of money. And sometimes the loss is so great that you will be unable to bounce back.
Invest in a software that will allow you to set and forget your trades. This way you can step away from your computer and focus on other things. Create your strategy, tell the software what you want it to do and then let it do it. I know it’s hard to do, but don't sit there obsessing over every move. Go do something else. This way you can keep emotions at bay and avoid making mistakes that can cost you a lot of money.
Join The FFT trading Club, a unique environment where you get daily expert advice from professional day traders and a community of learners and teachers, supporters and facilitators. Visit http://forecastfortomorrow.com/Trading-Club.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- SCOFI: Pioneering Venezuela’s Petroleum Industry for Over 65 Years
- To Understand Risk, Start By Asking What You Don’t Know
- How To Make Money On Binance: A Full Guide
- Airbnb Investment 101: Tips for New Hosts in Australia
- Indian Gold Demand Rebounds During Important May Festival
- The Investment Terrain in Crypto, Blockchain, and Web3
- Exploring Bitcoin: Corporate Giants Embrace the Cryptoverse
- The Significance of Static IP Address for Trading
- TYPES OF FOREX REGULATIONS
- Weekly Events: Avalanche & Chainlink Collaboration, CommEx Closure, And More
- Assani Elolo Ronaldo - How Bank Instruments Facilitate Gold Deals
- Crypto News: Mempool Solana Shuts Down, Police Integrate Cardano Into Their Work, WhiteBIT And FC Barcelona Launch New Course
- Is Crypto Entering 2021 Vibes?
- Bitcoin Updates All-Time High In Momentum Amid Its Scarcity
- Analyst Announces Bull Run Start, Cites Stock-to-Flow Strategy
- Weekly Crypto News: Telegram Pays Toncoins, WhiteBIT Is Now TradingView Broker And More
- undetectable banknotes
- Unlocking Financial Success: Why Successful Portfolios LLC is Your Best Advisor
- Are EVs a Threat to the Republic?
- A Deep Look Into Binance: Can It Really Be Trusted?
- Ledger Live - Most Trusted & Secure Wallet - Ledger
- Decoding the Future: Navigating the Crypto Landscape
- Don't Cry for Me General Motors
- Investing in exponential growth stocks: what can you choose
- Leveraging ChatGPT AI for Smarter Stock Market Analysis and Investments
- Shib, Doge, and Pepe Have a New Competitor: The Rise of $FUFU Token
- Unlocking Wealth: The Power of Apartment Syndication in Real Estate Investing
- 6 Reasons to Invest in Bitcoin
- Blockchain and AI Convergence: A New Era of Innovation
- Financial Planning for Small Business Owners: Tips for Success