Do you have an EGO while Trading in Forex?

[angelnish]

When you are trading sometimes it is the personal Ego and the bias towards what we think must happen regardless of the facts that markets will not take into account what do we think or want from them.

If we trade with Ego then we may not get any benefits.

What do you think?

 

[NVP]

who are Ego ?

are they a new Broker ?

N

 

[sambazone]

I do, otherwise you loose))

 

[GlenGary]

Ego= Swagger

You HAVE to have this, as its just a mental zone that is built thru confidence and evidence in positive production over a period of time..

Trading is a business of probability.. What a trader has to do is, build up himself with confidence in the followed process of the strategy day in and day out..

WHEN, you can do it subconsciously, Then, you have Swagger, THEN, you can have an ego..

 

[NVP]

if Ego is perhaps described as


"Confidence in ones unconcious competence when Trading"

then sure one needs an "Ego" to be a sucessful trader....and good on you because look at the journey below to get that Ego !

N

 

[spaceage]

if Ego is perhaps described as

"Confidence in ones unconcious competence when Trading"

then sure one needs an "Ego" to be a sucessful trader....and good on you because look at the journey below to get that Ego !

N

Confidence is indeed important, but like everything, too much of anything is bad...

 

[thelazytrader]

Having an ego in trading is bad news. Confidence in the strategy is a must - and the mechanical execution of it...but from what I've seen from working on a variety of tradingfloors...the loudest person in the room is often the weakest in their own trading ability.

 

[Jack Francisco]

If you have EGO while you trade, your going to lose money. You need to beat the H*ll of out it, and stuff it in the back of your trunk and drop it off a bridge. Ego prevents you from seeing the market for what its really doing, it hurts you, it makes you stick to a trade even though the market is telling you different so you are "right". it does incredible amounts of damage.

 

[tanyach]

While trading all of your emotions must be turned off. Those who use ego simply lose money.

 

[kellywilson288]

Well i suggest to kept aside all your ego's and emotion while trading because it really affects your trading so much.Remain cool and calm while trading.

 

[Kinley14]

I feel, market teaches us to let go of our ego, and these lessons that market offers, if we carry onto our lives, we can have a life-changing experience

 

[forever_young]

Well i suggest to kept aside all your ego's and emotion while trading because it really affects your trading so much.Remain cool and calm while trading.

It's true but really hard to follow) We all are human beings, so we will always have emotions...

 

[spaceage]

I don't think it's a matter of overriding your ego, so much as it is a matter of recognising how your ego is affecting your trades. It is only by realising and recognising our own emotions and how they affect us can we start to deal with them. Sweeping them under the rug might work for some time, but it is a quick fix, not an effective solution.

 

[Kinley14]

I don't think it's a matter of overriding your ego, so much as it is a matter of recognising how your ego is affecting your trades. It is only by realising and recognising our own emotions and how they affect us can we start to deal with them. Sweeping them under the rug might work for some time, but it is a quick fix, not an effective solution.

Hi Spaceage,
I don't see much benefits of having an ego.
Ego gives rise to a lot of negative things.. jealousy, revenge etc etc.
If you don't have an ego, you start thinking rationally, because there is nothing that blocks the way you think.
So, y not do away with it rather then just trying to control it?

 

[spaceage]

Hi Kinley14, the point was not to say ego is good. But having no ego means having no confidence. How do you trade effectively without any confidence?
It's only when you have too much confidence that ego becomes a problem. But complete lack of it would spell disaster.

 

[diehardtraderlegend]

Hi All,

I agree with spaceage that ego based on overconfidence is the 'real' problem.

One's need to protect their own inflated egos, knows no bounds.
People will lie, cheat, steal, kill, do whatever it takes to maintain ego boundaries.

Similarly, a trader would continue to hold a losing trade to maintain ego boundaries.

But then how do we tame our ego from deceiving ourselves?

 

[SavantK]

It is like with everything in life... You have to balance it all the time. Too much ego is bad, but having no ego is even worse...

 

[spaceage]

That's why it's important to understand one's one psychology. Thus the emphasis on trading psychology... It's all about mindset.

 

[TheLastBear]

Those traders who have an ego are likely to end up with a loss.

 

[spaceage]

Those traders who have an ego are likely to end up with a loss.

I beg to differ. As I said earlier, it's having too much of it that creates the problem. But you can't trade very well unless you have enough confidence in your trades.