Controlling Your Trading Emotions

All successful traders have come to realize, it is of utmost importance to have a psychological edge in trading and the ability to control your emotions and stay focused. In this article, we will take an in-depth dive into this topic, and provide practical solutions for building and maintaining a winning mindset.

Negative Emotions:

When trader put his hard-earned money at risk in the market, he can tend to become emotional during the trade. Since our attachment to those funds in our account are strong, any perceived loss results in a feeling of uneasiness and sometimes even panic among some traders.

Some examples of the most common negative emotions that traders experience include the following:

  • Frustration

Getting frustration with yourself or your trading system for making a bad decision in the market, or not feeling confident in your strategy.

  • Depression

Going through a string of losing trades and having to deal with a large unanticipated draw down. You beat yourself up psychologically and may even begin to enter into a depressive state.

  • Panic

You might have put on a position that is much larger than you typically are comfortable with. You may have neglected to use a stop loss order, and now your position is going deeply against you and you begin to panic and feel paralyzed to act.

  • Desperation

Maybe you sold at a support level, but the price shot up from that level and now you are holding a large unrealized loss, and you pray and hope for price to get back to your breakeven level, so you can just get out of the trade without a loss.

  • Greed

You are in a winning trade, but now technically everything on the chart is telling you to get out of the trade and lock in your profits. But you feel in the back of your mind that this is going to be a big winner, and you need it to be to help pay for that Valentine’s Day gift your planning on buying for your girlfriend. Subsequently, due to your blind greed in the market, you wind up taking a loss on the trade.

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.

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