Do you have an EGO while Trading in Forex?

angelnish

Active member
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?
 

GlenGary

Active member
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..

:cool:
 

NVP

Legendary member
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
 

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spaceage

Junior member
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

Junior member
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.
 
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.
 
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

Junior member
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
 

spaceage

Junior member
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

Junior member
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

Junior member
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.
 
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

Junior member
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... :D
 

spaceage

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