How i control my bad habits during trading forex?

[Decub]

I believe in the song: old happits die hard. I am as you have a bad happit during trading called foolishness. Cos i didnt prevent myself doing the same mistake. The mistake is that i am ordering a high lot thinking i will make a big money in a short period. I dont even wait for the market trend to be clear enough. What forex needs is patience and i dont have it.

Then I think what you need is a counselor that can help you manage it. There is this thing about Forex that if you are not disciplined enough to suppress your thoughts, imaginations, curiosity and anxiety, you will keep losing even when you have made some profits.

 

[Cutiekc]

Everybody has his or her own flaws and mine is impatient. The optimal way which I used was to actually chose a trading style that will help me. People who are impatience are often the scalpers so I went for that. Any trader who has a bad habit of any kind can have it controled also with a good trading plan.

 

[barood4money]

I do meditation to keep my mind calm and free from excitement. It helps me to trade at high fluctuated market. And it helps me to make quick strategies at some situation.

 

[budado]

Practice in demo account. And if you still can't control your bad habit stop trading for a while. Lets say about two to three weeks. When you return try to trade in demo account and try to relearn trading. Eventually you can end up making good profit without any problem.

 

[Decub]

Even when some bad habbits are those that come naturally, some individually influence theirs and no matter how hard it is, we can always evolve ways to surpress it.

 

[barood4money]

I agree with [MENTION=51947]Decub[/MENTION] what he said. Bad habits are very hard to control. And for that you need a strong will power. But most of the remedies depends on what type of bad habit you have.

 

[kate beckinsale]

always be positive in your life and with your work for which you are working after that this we can easily gain all good habits of life which i wanted to obtain and the person which has good habits is a lucky person

 

[barood4money]

We cant my man, we are all controlled by bad habbits and old habbits never die. We have an arabic saying : who raises with something , die with it. The will to win and selfish has made us blind just like animal. We can hardly get rid of this curse.

I agree with you. It is very easy to get involved into bad habit. But it is very very difficult to get rid of that bad habit. And as we are involved with forex trading to earn, it is quite difficult to control some emotions.

 

[Daisy]

I think we develop bad habits when we trade. Its not helpful sometimes and it makes us lose money. In order for you to loose those you have to identify what they are and then write them down and then ask yourself how you will avoid it. Like if you open way too many trades at once, the next time just limit to one or two good trades. If you leverage too high, just tell yourself to use modest leverage to avoid losing. If you trade at the wrong hours, just remind yourself to trade at the right hours so you can make more profit.

 

[Decub]

I agree with [MENTION=51947]Decub[/MENTION] what he said. Bad habits are very hard to control. And for that you need a strong will power. But most of the remedies depends on what type of bad habit you have.

Some people have very bad emotion when it comes to trade. Greed aside, I know a couple of traders that have a very bad impression about losses. Once he loses, he opens another trade immediately and sometimes with bigger lot sizes and most times, he losses over and again. The next thing is to transfer the aggression to someone else.

 

[gkintl]

Bad habits like averaging down and holding on to a position based on hope etc., cannot be changed overnight. Only determination and constant practice would enable a trader to change bad habits. The entire mind set should be changed for that to happen. Most traders take several months of lean period before developing good virtues related to trading. Proper mind control, determination and practice would assist a trader to attain that level of professionalism in few months.

 

[Daisy]

I know of some ways that will help you. One is to take deep breaths cause it helps when you're stressed out. Next, get up and walk around when there are no good trends. Next, go take a shower or grab some tea if you just lose cause you will feel better and you will not open another losing trade cause you're busy showering or drinking your tea. Have a thumb rule, like if you lose five trades in a row, you will quit for the day.

 

[Decub]

Some of the times, why some traders find it difficult controlling their bad habits is when they fail to really practice how to trade safely in the Demo account. I see the Demo as a place that is as typical as a real account and so should be treated as same. While learning, it provides us all avenue to have our skills and strategies tested and the bad ones corrected.

 

[Daisy]

Bad habits are formed as a result of us doing it daily so to avoid bad habits, just try to not do it daily and it will lessen over time. Its like trying to quit smoking, you have to do it slowly and try to curb it that way rather than go cold turkey at it. Its harder to go cold turkey over a bad habit and just try a good new habit. We tend to repeat things if we do it daily. So, write it down on a piece of paper and try to consciously not do it again.

 

[Decub]

Bad habits are formed as a result of us doing it daily so to avoid bad habits, just try to not do it daily and it will lessen over time. Its like trying to quit smoking, you have to do it slowly and try to curb it that way rather than go cold turkey at it. Its harder to go cold turkey over a bad habit and just try a good new habit. We tend to repeat things if we do it daily. So, write it down on a piece of paper and try to consciously not do it again.

That is where discipline cokes in and discipline on its own could be one of the most difficult thing to come by. Some would recommend looking for an antidote to that bad habit and sticking with implementing it but it requires the trader to take a firm decision about it and stick to it.

 

[gkintl]

I think we develop bad habits when we trade. Its not helpful sometimes and it makes us lose money. In order for you to loose those you have to identify what they are and then write them down and then ask yourself how you will avoid it. Like if you open way too many trades at once, the next time just limit to one or two good trades. If you leverage too high, just tell yourself to use modest leverage to avoid losing. If you trade at the wrong hours, just remind yourself to trade at the right hours so you can make more profit.

Removing negativity from mind is not an easy task. It is a continuous process. Discipline of mind cannot be achieved overnight. One has to train his mind with a lot of determination. Even though using minimum leverage enables a trader to negate risk still it is not the only bad quality that is seen in a trader. Making impulsive decisions results in errors. Avoiding such habits is a tiresome process. A step by step solution should be prepared, as you have said, and the same should be followed meticulously.

 

[budado]

If you have bad habits its good if we can trade in demo account again. Practice is what make us continue to trade and make profit. I do recommend that we spend more time in demo account and make good income in here. I do believe I can handle my account without any problem at all.

 

[Decub]

Removing negativity from mind is not an easy task. It is a continuous process. Discipline of mind cannot be achieved overnight. One has to train his mind with a lot of determination. Even though using minimum leverage enables a trader to negate risk still it is not the only bad quality that is seen in a trader. Making impulsive decisions results in errors. Avoiding such habits is a tiresome process. A step by step solution should be prepared, as you have said, and the same should be followed meticulously.

That's it, it is always our dreams to get over those things that trouble us while we trade all in a bid to trade carefully and with free mind but achieving this becomes a problem. The harder we try, the more it comes and at the end of the day, we only end up doing that which we had wished to avoid.

 

[Master Forex IB]

A trader faces many problems in trading,specially when heis new he feel difficulty in controlling of emotions.He can use Stop Loss and Take Profittolimit his targets. With low lots he canmanage his accounts well that will help him to develop expereince and confidence . More over regular practice will help to cover mistakes.

 

[Daisy]

Bad habits can be curb, just acknowledge them like an alcoholic would acknowledge his problems and then move on from there. Ok, something like this, I fx trader open way too many impulsive trades and then risk high leverage and lost one k today and have no money to pay my baby's milk bills. I do see that as a bad habit and from now on, I will only open trades that will lead to high profit and will not risk high capital and will put away some money to pay for my baby's milk cost. If you go on liking your bad habits like you like alcohol then you will run into more problems. I think its hard to let go of bad habits if we don't do it consciously.