You probably started trading in a short time, thinking of thousands of dollars in your account. You hope for a good transaction that will bring you your wealth quickly and easily. So you can actually multiply a small capital by a fortune.
Well, if these are some of your thoughts, that's fine. However, don't fall into the trap of opening a large number of trades just to make up for losses or make high profits in a single day. This is a mistake that beginners often make. Sometimes professionals do it too.
There are emotions behind such decisions. Emotions repeatedly tell you to enter the market, even if you know that the situation is not very favorable. So the question is when is the right time to stop trading for today?
Spending long hours at the computer can be tiring. Watching the movement of prices, waiting for signals from the indicators and following their own trades requires a lot of attention. And when you're tired, you can't think clearly. That's why you need to learn the skill of saying that's enough for today.
It's hard to say "enough for today". What is the psychological limit when trading in Exbina?
Losing too much leads to frustration.
When you focus only on making high profits, but suffer losses after another, you may feel frustration, fear, and anxiety. But these emotions are bad counselors. Likewise, greed, overconfidence, stubbornness, or excitement will do nothing for your performance.
First of all, you have to understand yourself. Know your reactions, your strengths and weaknesses. This will help you avoid any loss.
You don't have a magic wand so trading is not an easy way to make money
Create a trading plan!
A fortune will not come to you in one day like a magic wand. You need to create and work on a solid trading plan. You have to put aside greed and prepare to go slow. Set the plan along the way. It is not possible to make only winning trades.
What will you do when the trade loses? Will you dwell on it for a long time or will you take a lesson and check what went wrong?
A successful trader benefits from losing trades. Analyzes them and develops tactics for the future. Accept the fact that there will be losses. Learn from them and move on.
Do not over trade!
As I mentioned earlier, you should develop a good trading plan. You don't have to sit in front of your desk all day. You do not need to enter many transactions in one session.
Even more important is to open a position when the chances of winning are high. And with a good plan, just a few trades can yield better results than oversold.
Greed will not make you rich!
Don't be addicted to trading.
Addiction is determined by emotions. Either you want to see how the money in your account grows, or you need to immediately recoup the losses. Either way can cause you to lose control and risk unnecessarily depleting your account.
So when you have a plan in one hand and it only requires you to spend 2 hours a day in the market, stick to it. When the time is up, stop and move on to the next session.
