💎HOW EMOTIONS CAN AFFECT YOUR TRADING RESULTS

Most of us spend time learning forex trading strategies & market analysis skills but don’t even bother to learn the emotional aspect of trading. It is true we talk more about technical & fundamental analysis, and they are more easier to learn.

However, emotional skills plays a vital role, and especially if you want to become a successful a trader can
become.

The reason why most of us fail in trading is not far from lack of mental discipline and emotional control.

«««So, Why Do You Need to Control Your Emotions when Trading?»»»

With time, for most beginners, you will realize that emotions do not contribute anything to your trading success, rather, it can lead to costly mistakes.

So, its essential to try all you can to manage your emotions and focus on the thing that matter, which is to properly engage the market without fear.

Trading is a game of odds — sometimes you win, sometimes you lose.

...therefore, the way you feel has no effect on the outcome of any trade.

The #1 thing you need is to have a strategy that has an edge in the market — more winners than losers or bigger winners and smaller losers.

Your strategy MUST include rules that clearly defines the criteria that must be met before you engage the market.

With that in place, you shouldn’t concern yourself with the outcome before placing a trade, and even after the trade, the result shouldn’t bother you, as it has nothing to do with the next trade you are going to take.

Profits shouldn’t bring joy, neither should a loss bring sorrow.

Do things like a robot!

NEVER entertaining the feeling of achievement when you are in front of your trading screen as this may lead you to make unnecessary mistakes that will affect your profitability.

For instance, you may be so excited about the last win that you fail to identify the next trade setup, or you place another trade when your trade criteria have not been met.

Similarly, after a losing trade, you may be so worried about being wrong again
that you miss the next trade setup, and if the setup ends up a winner, you will start regretting why you never took the trade.

Important;

» Profitability of any strategy depends on taking all the trade setups that occur in the market and executing them properly

» So, omitting trades or not taking them
properly will definitely reduce your chances of success.

» Worse than that, unguarded emotions can make you to betray your risk management strategies — trading without a stop loss — which is the perfect recipe for blowing your trading account

So...

....The ability to control your emotions is the first skill you have to learn if you want to be a successful forex trader.

...If you DON'T MASTER your emotions, you can sabotage your efforts.

The emotions that hinder your trading success;

🔺 Fear of losing which can make u use tight stop loss or close a trade be4 it plays out.
🔺 Fear of being wrong which can make u not to take the next trade.
🔺 Fear of missing out which can make you to jump from sideline and engage the market at the wrong place/time.
🔺 Fear of letting a profit turn to a loss making u not to 'pay the trader.'
🔺 Greed, when you want to have an unrealistic profit in shortest time possible.
🔺 Hope, which makes you; i) to close a trade that is not working out, ii) not to use a stop loss, iii) increase your stop loss while already in a
trade, iv) or worse still, practice the martingale strategy😂.
🔺 Overconfidence; The euphoria that comes after every win can make you start considering trading as a riskless adventure, which can lead to making poor decisions in the subsequent
trades — for example, trading bigger lot sizes. It often ends with prime tears.
🔺 Inability to execute your orders due to lack of confidence in your strategy
🔺 Exiting a trade prematurely due to the fear of letting a profit turn to a loss.
🔺 Indiscipline which leads you to make careless mistakes when trading
🔺 Lack of commitment which makes you not to take your trading seriously coz u trade only when u feel like trading will be fun. Trading is a serious business and not a hobby!
🔺 Lack of focus on what is happening in the market increasing your chances of making big mistakes
🔺 Impatience which can make u enter a trade when the setup hasn’t fully formed, move the SL to BE too early and get spiked out, or close a trade prematurely
🔺Regrets which brings disappointment or sadness when the market do not play the way you wanted it to.