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Part1. How to set smart trading goals?

Elani Updated 15 Aug.  in #Miss Dukascopy 2014 #Trading Psychology
If someone asks you: “What are your trading goals?” you will probably answer: “I want to make more money”. But it sounds like a desire and not a goal. Trading goals are steps you need to accomplish in order to achieve your desire. And successful accomplishment of your trading goals depends on how SMART you will set your goals.
Specific Trading Goals
If your trading goal is not specific, you will neither be able to focus on it nor take specific actions to achieve it as your efforts will become di…
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Stix avatar
Stix 15 Aug.

Habit in trading is the best, I feel. :)

MrSami avatar
MrSami 17 Aug.

treating trading this way is the approach I like.

isomere avatar
isomere 25 Oct.

Le sérieux et la Méthode!

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How to cope with trading stress

Elani Updated 15 Aug.  in #Miss Dukascopy 2014 #Trading Psychology
Have you ever experienced a trading stress? Have you ever been in a situation when you don’t know what to do or know what to do but don’t do it?
  • The first step in coping with trading stress is to know what to do. Knowledge comes from studying, analyzing and making decisions based on that analysis.

[list][/list]…
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Sharpshooter 16 Aug.

You're right, dear Stix). Happiness never hurts))

Stix avatar
Stix 17 Aug.

Sharpshooter I think happiness is a state of mind... You can have a love but forget to enjoy it. Trading was a monster to me... But I loved it all the way through. And now it's a bigger love, than when I started. Just a state of mind, my view. :)

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Sharpshooter 17 Aug.

Stix, I would add that sometimes happiness - is the mood on the right way)

Stix avatar
Stix 17 Aug.

Sharpshooter Medically, that's true and I couldn't agree with you more. Happiness stimulates Endorphins. If we have Endorphins running around in us, we think and do happier things, which make us happier. And so it grows. I am maybe a bit ahead of my time, if I may, but I think that our happiness (Endorphins, Serotonin, Dopamine) is the first thing that we should think about in the morning. Then, as we smile at others during the day, everything is brighter... And so it grows ! Well, idealistic but let's see. :)

isomere avatar
isomere 25 Oct.

Oui, on peut généraliser à l'ensemble des situations de stress

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Do you have a trading stress?

Elani Updated 15 Aug.  in #Miss Dukascopy 2014 #Trading Psychology
During trading everyone experiences a number of emotions such as fear, greed, hope, anxiety, etc. All these emotions cause stress. There are 2 types of stress – positive and negative. Positive stress can help you develop, be stimulated to take important actions. But if the stress is too much so it exceeds your ability to cope, it can have a negative impact on your mental and physical health. Negative stress can be diagnosed through a variety of symptoms such as irritability, lack of confidence, …
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Stix avatar
Stix 15 Aug.

Always have the bills covered. You will think in the prefrontal cortex, otherwise. As I understand. :)

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isomere 25 Oct.

le backtest sérieux est la clé!

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Stages of emotions in trading

Elani Updated 14 Aug.  in #Miss Dukascopy 2014 #Trading Psychology
Traders enter the market with the intent to maximize gains and minimize losses. But most of them are not purely rational robots and emotions often cloud their decision-making process preventing them from acting in a rational manner.
Knowing you can never be 100% rational, you should try to understand the range of emotions you may experience and how it may affect your interactions with the market. Here are the stages of a psychological cycle of trading:
Optimism – It all starts with a positive ou…
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sammart1947 14 Aug.

agree with you! Almost each trader passes through these stages...

Stix avatar
Stix 15 Aug.

Mostly, I think it is just a job. :)

isomere avatar
isomere 25 Oct.

Parfaitement juste!

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Emotions in trading: Boredom

Elani Updated 14 Aug.  in #Miss Dukascopy 2014 #Trading Psychology
With a progress in trading career, you start to feel that the daily routine of markets analysis and trades review no longer carries as much excitement as it was at the time you started out. You can find yourself bored with your monotonous trading routine especially when there are very little movements in the markets. You want to feel productive and constantly look for trading-related things to do. And that feeling of boredom should not be overlooked as it may cause overtrading that may end up in…
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Sharpshooter 14 Aug.

Бывает и так)

sammart1947 avatar
sammart1947 14 Aug.

and very common among experienced traders.

Stix avatar
Stix 15 Aug.

Two monitors help... Am able to watch on the one and do other things on the second. :)

isomere avatar
isomere 25 Oct.

Mon ennemi)))

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Emotions in trading: Revenge

Elani Posted 14 Aug.  in #Miss Dukascopy 2014 #Trading Psychology
Many traders commonly enter revenge mode trading after a trade, which they were sure would be a success, but went wrong causing money loss especially if that loss was greater than what he could handle.
As they get angry, they may try to make up for the losses by jumping into the market again and they are likely to fail and have a greater loss than the previous one.
Here are the causes.
[list][/list]…
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Sharpshooter 14 Aug.

+1

sammart1947 avatar
sammart1947 14 Aug.

anger and revenge are not good friends for traders.

Stix avatar
Stix 15 Aug.

I don't have anger in me... If it fails, the trade, then it failed. There are always pips. :)

isomere avatar
isomere 25 Oct.

Non, faut être dérangé pour faire ça!!!

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Emotions in trading: Euphoria

Elani Updated 13 Aug.  in #Miss Dukascopy 2014 #Trading Psychology
Winning in Forex is both pleasant and dangerous as after experiencing a series of winning trades or after a single large win some traders become euphoric and kill their trading account.
Here is a scenario of an euphoric behavior.
  1. You place a trade by following your strategy and close the position with a win that was to some extent lower than your ‘take profit’ point. Not bad!
  2. Then you plan and place another trade and close it at your Take Profit point. Great!
…
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Sharpshooter 13 Aug.

Особенно вреден, на мой взгляд пунтко 8."You want revenge. But stop or your account will get wiped out! "Но я это еще называю "обида" на рынок)) Сколько таких обид было. А потом баланс тю-тю( Стараюсь не "обижаться")

Elani avatar
Elani 14 Aug.

согласна, поэтому написала отдельный блог на эту тему =)

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Sharpshooter 14 Aug.

Спасибо. Правильным курсом идете, Elani.) Много плезных подметок. Особенно для новичков) Правда, к сожалению, часто трейдеры любят учиться на своих ошибках((

Stix avatar
Stix 15 Aug.

I think it euphoria goes with time and pips. :)

isomere avatar
isomere 25 Oct.

Pire que la peur!

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Emotions in trading: Greed

Elani Posted 13 Aug.  in #Miss Dukascopy 2014 #Trading Psychology
Greed is a typical human feature showing someone’s excessive desire to possess more than you need. Having a healthy amount of greed can be stimulating and may motivate us to do more and achieve more. But in day trading it is a dangerous emotion as it may make you make extra trades trying to squeeze some extra pips and it can be crushing in case the price reverses unexpectedly. If you are observing the market is moving upwards, the greed may tempt you to make a trade even if the trading system di…
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Elani 13 Aug.

thanks! :)))) very interesting comparison with hunters and farmers.

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taxi_driver 13 Aug.

yes it is, because a hunter doesn't like a trading-plan, doesn't follow rules, trade without Risk-Money-Management. To be a profitabel daytrader is a long travel. First three years don't expect with win, in the fourth year when you trade only by 0, you are good. After that, if you're still here, you can slowly expect with win. In this time, you learn to control your emotions and then after that is trading only routine and when your trading is boring, then you've done everything right.

sammart1947 avatar
sammart1947 13 Aug.

agree with taxi_driver!

Stix avatar
Stix 15 Aug.

I like a small but reasonable Limit Order. :)

isomere avatar
isomere 25 Oct.

l'avidité est mauvaise conseillère!

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Emotions in trading: Fear

Elani Posted 13 Aug.  in #Miss Dukascopy 2014 #Trading Psychology
Fear is a feeling completely natural for all humans and other living creatures but undesirable one in a trader’s mindset. It is the opposite emotion to greed. Fear stops us from doing risky things and it is necessary to have in healthy amounts. But if someone has an excessive amount of fear it will not allow moving forward and will prevent form doing things that may be necessary.
No one wants to lose money and after losing a trade you may become too fearful in making the next trade. But you shou…
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sammart1947 13 Aug.

good blog post

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Sharpshooter 13 Aug.

У Вас, как всегда, качественные блоги)) И по поводу страха. Мне, к сожалению, его очень не хватает на рынке. ((Везет тому, у кого он есть (в умеренных дозах).

Stix avatar
Stix 15 Aug.

As I understand my strategy, the fear is all but gone. :)

isomere avatar
isomere 25 Oct.

La peur est un second cerveau!!

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