Many people invest in forex market, but few people can only get profits. The successful trader follows some tips to protect himself from emotions. Many investors thinks that the market is their enemy. But actually a trader becomes enemy to himself if he does not controls his emotions. For earning good profits, one need to control his emotions. Many people feel that doing trading is getting mentally ill. Here are few tips that will help you to do trade without emotions.
- First know which trading is suitable for you, either daily trade or trading alternatively. If it is not convenient for you to trade daily, you should trade alternatively when you feel that it is the right time.
- Know what to expect ? That means, if you are doing less work and expecting more, it results in a feeling that you are missing something.
- Always have a proper plan or strategy and stick for that plan.
- Do not excite, when the market is going up. Many traders get excited that if the market is going positive, they put much money in the market. If suddenly the market falls, they may get heavy loss than what they expect
- Don’t fear when you get loss. For example: An investor get $ 15% loss on investment in first hour of the trade, then he stops trading for the day due to fear. But suddenly in the nest trading sessions due to the high in the marjet, the trader has a chance to book for 70% profit. He will then loose the profit as he has not traded due to fear. So do not feel feared when you have loss, losing minimum to get maximum is common.
- Be patient while doing trade, your patience is your winning mantra.
- Know the current market trend and adapt that trend.
- Do not give chance to others to make profits. Be alert about the current market situation
- Do not do over trading. Some people do trading in high quantities when the market is positive on their side. Markets are volatile in nature, so one cannot expect when they will turn negative.
- Do not place many orders, some times you may get confused about your orders.
- Use stop loss for every order, if the market is going positive way put the stop loss to near the market price. Always put the stop loss with profit booking margin.
These tips will help you trade to get profits without bending to emotions.