Learning to control emotions in trading is an easy task. Sadly, naïve Singaporean traders always make things complex. They are so busy with the profit factors that they forget to manage to risk efficiently. If you want to succeed at trading, you have to follow some basic protocols. Instead of placing random trades, you need to improve your trade execution process. You might be wondering that control the emotions is not as easy as it seems. If this were so, most of the traders would have millions of dollar profit. In reality, the majority of the retail traders are losing money regular basis. Today, we are going to give you some amazing tips that can help you trade without any emotions.
Open a low leverage trading account
Leverage plays a great role in controlling your emotions. Those who are trading with a high leverage trading account are losing most of the trades since they don’t know how to manage the risk exposure at trading. But if you look at the skilled trades, you will realize the importance of low leverage trading account. Since the leverage is low, you won’t be able to trade with a big lot. Even if you become emotional, there is no way to increase the risks to earn more money. Try to follow this tip since it can cut down your risk exposure to a great extent.
Trading with the trend
You need to trade with the trend so that you can earn more money. If you learn to ride the major trend in the market, you won’t have to wait for another good trade setup. Securing profit from one good trade will be enough. As a currency trader, you should be always concerned about the safety of your investment. If you trade with high risk, surviving in the Forex market will be a tough task. So, look at the long term goals and learn to trade with the major trend. Once you master this technique, you won’t be trading the market with aggression.
Follow a trading journal
Do you know why the elite traders at Saxo are making thousands of dollars profit at the end of the month? They always follow a trading journal. Without using a solid rule it is very hard to make consistent profit from this market. The retail traders are always placing random trades to earn more money. But this is not the professional approach at trading. If you want to keep yourself safe, make sure you learn about the complex nature of this market. Forget the fact, trading is all about taking a high risk. Play it safe and stick to your trading journal and you won’t have to lose money again.
Learn to trade with low risk
Lowering down the risk is one of the easiest ways to control your emotions. Those who are trading the market with high risk are always under pressure. A few losing trades make them vulnerable. So, if you start trading with low risk, you can embrace the losing trades with a big smile. Though trading is a very complicated business, you can easily learn to master the art of trading. For that, you must learn to trade with managed risk or else it will be very hard to protect your trading capital. Always play safe if you intend to earn consistent profit. Stop chasing the market to make big gains in this market.
Controlling your emotions is that hard. Follow the tips of this article and you slowly start trading the market with discipline. Stop thinking about the outcome of the trade and concentrate on your skills. The more you read, the more you will learn. As a result, you will be able to place quality trades with a high level of precision. So, learn to act smart to survive in this business.