How to Control Your Trading Emotions and Staying Focused from wisepowder's blog

How to Control Your Trading Emotions and Staying Focused


Trading is challenging enough without the extra baggage that comes from negative emotions. So, it is paramount that we not only try to neutralize the negative emotions during our trading, but in addition we should strive to develop positive emotions that will help build a winning mindset.To get more news about WikiFX, you can visit wikifx.com official website.

　　Developing Positive Emotions

　　Here are some positive emotions that you should work on that will help you improve your trading process:

　　Think Positive – Every action begins with a thought. Think Positive and you will attract positive energy. This is the law of the universe. You must believe in yourself and in this tenet to build a positive trading psychology. Remember, the glass is always half full not half empty.

　　Be Patient – Good things come to those who wait. This is especially true in trading. Do not chase a trade. Instead learn to sit back and let the trade come to you. And if you miss the trade, then so be it, but you will have the satisfaction of knowing you did the right thing. And that is what will pay off in the long run.

　　Be Thankful – The market is making itself available to you to generate profits. Be thankful of that. Know that the market exists to facilitate trade for you. So regardless of a winning or losing trade, just be thankful of the opportunities that the market is providing for you daily.

　　Feel Inspired – No doubt that trading is one of the toughest professions out there, but there is light at the end of the tunnel. Challenge yourself to tackling the market, regardless of how long it takes. You believe in yourself and your confidence in becoming a consistent trader.

　　Be Passionate – Remember, if you love what you do, you will never work a day in your life. Be passionate about the market. Take in everything, not because you simply want to turn a profit, but because you truly love the markets and trading.

　　Be Persistent – A string of losses is natural. It happens to world renown traders, and it will happen to you. A loss is nothing more than the cost of doing business. You either win on a trade, or learn a valuable lesson. Keep at it, and know there are no shortcuts. It takes a minimum of 10,000 hours to master any craft. Trading is no different.

　　Visualize – Every morning you can train your mind. You should visualize the trading day, imagining the setups you will take and the process that you will follow in executing the trade. You go thru each stage of the trade in your mind and feel confident that you will calmly and methodically do the same during the live trading session.There are countless reasons why you should have a trading plan, not least of which is because it will help you to stay better focused and disciplined. A good trading plan by its very nature helps to reduce the negative emotions associated with trading because it acts as a predefined guide or action plan for events both foreseen and unforeseen.

　　With a well-constructed trading plan, you will not be caught like a deer in the headlights, paralyzed to act. Instead you will know exactly what needs to be done regardless of market conditions.

　　So, what are some of the important questions that need to be answered within you trading plan？ Here are some questions that you should address: