How important is control of emotions in trading forex ?

[Steve1]

Hi,

How important is control of emotions in trading forex ?
Yes, it is very much important to control emotions in forex.Whenever there will be a real money involved, the risk will be there, and therefore your emotions will come out. But you can always control your emotions by practicing a lot.
Please share your comments

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[Kampre]

We don't need to control our emotions. Emotion is good in forex trading. What is not good if you become an emotional. Like feeling down when you loss money. Overexcited if you earn money. Simply because you can't concentrate on your strategy. But emotions like patience, greed, Yes greed is good in forex trading. You want to earn more so be it. that's what forex for. As long as you know how to use indicators.

[riddick09]

Some emotions were important or helpful in trading also like being confident to be able to have great strategy and make it effective as on the plan. Just prevent some emotions that greatly affect the trades particularly emotions that makes us failed all over again.

[pinoycity]

It can be hard to control those emotions that we need to control. This is especially true when we are not that experienced yet in Forex. It is difficult to control greed when we see even a small opening. It is difficult to control impatience when we have lost some money.

[luke1]

We can understand to see many people hard to control those emotions that we need to control. This is especially true when we are not that experienced yet in Forex. Because we have to make a choice right away. If we do nothing, we can also lose the money. This is the hard decision which carry our emotion

[kivanger]

very important and can say this the main thing, so many people who talk about self-management, how we can concentrate when emotions come up, I mean how can we be trading if greedy nature, our emotions, and all the vices we intervene in it. that there are actually losses that we've got to get out of forex business

[pinoycity]

Indeed, it is very important to control our emotions. But we should not be so tight with ourselves that we will feel down just because we lost some trades due to some emotions.

[Tariq777]

You can practice to control your emotions with trading in demo account for a good period and then play with the real money. If you just go straight to real acc it won't work out

[JoeltonsInv]

Control of our emotions (fear, happiness, greed, anger, . . .) while trading the forex market is a major decider of whether a trader ends up with profits or losses. This is the undisputable advantage an EA has over a human because it is rare to get all the emotions aside.

[angelako]

Is it really that exciting forex is? do we need to control our emotion in this bussiness?I become more eager to know more on this work.I think this is so exciting to learn.Are into forex already?how is your experienced there?i really want to know.

[Kampre]

Control of our emotions (fear, happiness, greed, anger, . . .) while trading the forex market is a major decider of whether a trader ends up with profits or losses. This is the undisputable advantage an EA has over a human because it is rare to get all the emotions aside.

That's true. EA is good in forex trading especially its automation. But if you are trading for a long time then I guess its going to make you're feeling numb and you don't feel anything anymore. Perfect example is me. After a long time in forex trading I feel anything anymore.

[pinoycity]

Well, it can be an advantage if a trader will cease to feel any emotion when he/she is trading. There will still be some amount of emotions in there but I think, it is manageable. This is an advantage because you are like trading using a demo account.

[Kampre]

Well, it can be an advantage if a trader will cease to feel any emotion when he/she is trading. There will still be some amount of emotions in there but I think, it is manageable. This is an advantage because you are like trading using a demo account.

Emotions is always their. And for me emotions is another indicators. For example. You suddenly feel that theirs something wrong with your trade but you don't know what is it. Then you check and check and then you realize that instead of opening a sell stop you open a sell limits. So if you ignore your emotions you don't check what's wrong and end up making wrong trade.

[pinoycity]

Maybe, it is your instinct running in there when you feel something is wrong. Some people have them, some people don't. But instinct can come up as trust-worthy when you prepare for your trades consistently through out the years.

[Kampre]

I guess so. and experience really helps a lot to develop not only skills but also instinct. Because sometimes if you have multiple trading experience some knowledge just become automatic. Like for example before you always do checking up your indicators but later on some pattern and movement you trade automatically.

[JoeltonsInv]

Well, it can be an advantage if a trader will cease to feel any emotion when he/she is trading. There will still be some amount of emotions in there but I think, it is manageable. This is an advantage because you are like trading using a demo account.

I do not understand how managing one emotions can be like trading with demo account, because one of the
drawbacks of demo trading is that traders are conscious of the fact that they are trading with virtual money so they usually carefree with their trades!

[pinoycity]

I do not understand how managing one emotions can be like trading with demo account, because one of the
drawbacks of demo trading is that traders are conscious of the fact that they are trading with virtual money so they usually carefree with their trades!

I do not understand why you did not understand that trading via a demo account is akin to a trading wherein emotions are managed when you, yourself, noted that a trader can be "carefree" in their trades when they trade using a demo account. Isn't being "carefree" akin to managing your emotions well?

[Cutiekc]

Hi,

How important is control of emotions in trading forex ?
Yes, it is very much important to control emotions in forex.Whenever there will be a real money involved, the risk will be there, and therefore your emotions will come out. But you can always control your emotions by practicing a lot.
Please share your comments

yeah controling our emotion is so important and emotions depends on the type,if is that of fear i would say that the emotion of fear occur when we did not make proper plans or proper analysis.

[Kampre]

I do not understand how managing one emotions can be like trading with demo account, because one of the
drawbacks of demo trading is that traders are conscious of the fact that they are trading with virtual money so they usually carefree with their trades!

Its simple as this. If you trade in demo do you get emotional? If no. If you trade in real account you get emotional? if your answer is yes then you must put your mindset into this. You must think that even if you trade in real account your trading in demo account. So that even if you trade in real account you will not get emotional. Simply because your mind set is now concentrate on your trading and not on your money.

[yaqoobali95]

the three emotions that traders suffer from are:fear,hope and greed. to be successful you need to suppress these emotions. traders who are fearful are generally afraid to lose. so it is important to control emotions in forex trading.