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Re: My Emotions and Ego destroyed my Forex account
Posted: Tue Feb 15, 2022 12:45 am
by sebking1986
I had a very similar experience and a few times over trading using an EA when I first got into trading. Convinced it HAD to turn as I couldn't possibly be wrong. Dues the majority of us pay. Learn from them and progress.
Re: My Emotions and Ego destroyed my Forex account
Posted: Fri Feb 18, 2022 3:00 am
by HeavLeighGill
Sorry about the loss, but maybe you will be able to learn from it and keep on going. I think we've all been there at some time or another.
Re: My Emotions and Ego destroyed my Forex account
Posted: Fri Mar 25, 2022 1:37 am
by Ikeda01
This is a perfect example of greed! Emotional trading is a rival for a trader who wants to get a consistent returns on this journey.
Re: My Emotions and Ego destroyed my Forex account
Posted: Fri Mar 25, 2022 2:17 am
by Ogee
The market absolutely loves taking money off people who trade by their emotions, they have no chance of ever winning even in the intermediate let alone long term. If you are not trading systematically you are not trading at all, you're just gambling and the casino (the market) will take your money all day every day.
There are hundreds of books that teach the basics of trading that you do need to know by only a few that teach how to control your risk taking and risk avoidance, two skills that are essential but which to use when?
The best by far is Mark Douglas 'Trading in the Zone'.
Life is a continuous flow of opportunities, how to decide which to accept and which to reject.
Re: My Emotions and Ego destroyed my Forex account
Posted: Sat Mar 26, 2022 2:28 am
by sebking1986
Ogee wrote: Fri Mar 25, 2022 2:17 am
The market absolutely loves taking money off people who trade by their emotions, they have no chance of ever winning even in the intermediate let alone long term. If you are not trading systematically you are not trading at all, you're just gambling and the casino (the market) will take your money all day every day.
There are hundreds of books that teach the basics of trading that you do need to know by only a few that teach how to control your risk taking and risk avoidance, two skills that are essential but which to use when?
The best by far is Mark Douglas 'Trading in the Zone'.
Life is a continuous flow of opportunities, how to decide which to accept and which to reject.
Trading In The Zone - Douglas 2000.pdf
Superb book. Another good one is The Mental Game of Trading by Jared Tender. Some really good practical steps to identifying bad behaviours and then amending them.
Re: My Emotions and Ego destroyed my Forex account
Posted: Thu Jun 30, 2022 11:40 am
by day777
Just another thing to learn from on the forex journey. Going on walks and meditation help me control my emotions so that way I know WHY I am trading in that current moment
Re: My Emotions and Ego destroyed my Forex account
Posted: Wed Sep 14, 2022 4:57 pm
by Jakethetrader
To sustain long in forex trading it's very important to have good control over your emotion.