overtrading

[Larisa]

Can peer support or mentorship help traders overcome overtrading tendencies?

 

[forexnewadvisor]

Peer support and mentorship can indeed be valuable tools for helping traders overcome overtrading tendencies. Overtrading, which is the act of making excessive and impulsive trades, can be detrimental to a trader's overall performance and profitability.

 

[Larisa]

Peer support and mentorship can indeed be valuable tools for helping traders overcome overtrading tendencies. Overtrading, which is the act of making excessive and impulsive trades, can be detrimental to a trader's overall performance and profitability.

Learning from the experiences of others and seeking mentorship can be crucial in overcoming the pitfalls of overtrading.

 

[ThaddeusFinch]

Can peer support or mentorship help traders overcome overtrading tendencies?

I think they can be effective to promote more disciplined and strategic trading habits.

 

[charles2]

Can peer support or mentorship help traders overcome overtrading tendencies?

Yes, if you are fortunate to have a proven Mentor, If not and you are trading on your own, then as long as you have a proven strategy which covers all the normal caveats then over trading should not be a problem.

 

[FranziskaSchulz]

At the end, it is you who need to control yourself and prevent you from overtrading. Set daily goals and try to make an exact number of trades per day; that can be a good start.

 

[charles2]

At the end, it is you who need to control yourself and prevent you from overtrading. Set daily goals and try to make an exact number of trades per day; that can be a good start.

I fully agree it is down to the individual trader to control him/herself in overtrading, but it is inappropriate to set daily goals or exact number of trades per day, as it puts to much pressure on the individual trader.

It all comes down to your trading strategy, if you have a proven strategy it will involve waiting for your strategy setup on your chart allowing you to take up your positions.

Now depending on your strategy these setups may be frequent during the trading day, or not, we can only trade what the market offers us using our strategy setup.

 

[Emma_Nilson]

Yes it can, but I personally learnt forex by myself by using demo accounts and gathering info from many articles to practise journaling and managing risk. Using a demo account has helped me overcome overtrading because there is no real money involved.

 

[charles2]

So you say you have learned trading Forex via Demo accounts and articles, are you now in a position of trading consistent and profitable over a period of time on a Sim/Demo account or are you now trading Live?

 

[Zerologic]

I think only with a trading plan and discipline able to resolve. Over-trading is often a problem for many traders because of the desire for more profits one of human nature is greed. However, inappropriate greed can be dangerous, especially in forex trading. This may be a bit difficult because we feel like we are fighting with ourselves, on the one hand, the trading plan requires stopping, but on the other hand, the desire tells us to continue trading.

 

[Zerologic]

It’s easier to deal with emotions if you trade only according to a trading strategy, but those who have the problem of overtrading rarely trade according to a strategy; they rely more on emotions.

Following a trading plan with full discipline is a good habit for improving trading skills, this can prevent greed and overtrading. Emotion is human nature but to make higher quality trading, controlling emotion is important to do so