Many of you have been asking about the ways to control your emotions and be in charge of the situation. We have gathered 7 tips that you might not heard of before but you will definitely agree with us on their effectiveness.
1) Do not play the money game
Are you playing the money game? You need to stop and start playing the game of discipline. Switch your attention to the self-control. Play the game of checking yourself and having the control in your hands. Watch your discipline grow and not the balance (it is good with the demo funds for sure). Let the others go greedy, you are stronger and you can handle it!
2) Skilled trader is watching
Have you heard of any famous skilled traders? Like Richard Dennis, for example. So imagine Richard Dennis sitting next to you and watching you trade. He has carried out so many trades, conqured the market and has become a trading icon and now he is behind your back, eager to see how well you can manage, will you save your face?
Once you realize the responsibility you bear, the emotions will go away, you will cool down and weigh every deal you conduct. Analyze, let your mind think ahead of the trade. Surprise him with your skills!
3) Talk to yourself
“Do I want to be like everyone else and trade without any strategy or discipline? No way, I will do my homework, get ready and make the right choice.” Yes, make promises to yourself, step by step you can assure yourself of your future winnings and encourage the inner trader.
4) Write it down
Why do you trade? What do you wish to achieve? Think of these, write them down. Shape the aim and what needs to be done to achieve the goal. If you can not think of anything particular, then why are you here?
5) No stress
Discipline should not be a burden to you. You must not fight yourself to get organized. You must love the state of being disciplined, as it is your choice to be the winner. Create your own plan and follow it, the process must overwhelm you and make you realize that this is the only right way. Once you love it, you will achieve it!
Postpone being emotional and undisciplined. Promise yourself to be disciplined today only but then start the new day with the same mood. This is a great human trait, putting off things for some other time (which often never comes )So use it in your favor. Cheat your brain and become disciplined on a daily basis.
7) Process VS result
Many traders trade for the result and not for the process sake. Try to see your trading succes not through the profit prism but through the growth of your discipline.
After each trade you can ask yourself: “How disciplined I was this time, where did it take me?“.
If you were 100% disciplined and yet the deal got closed with no profit, you have still done well, praise yourself for the diligence. The error was with the system and not on your side. Yes, it is not what you expected but it is an experience you will be able to use and implement in your strategy.
Do you have anything to add, how do you cope with emotions? Please share with us, we will be happy to hear back.Trade here
NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future.
In accordance with European Securities and Markets Authority’s (ESMA) requirements, binary and digital options trading is only available to clients categorized as professional clients.
GENERAL RISK WARNING
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
77% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.