overtrading

Larisa

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Can peer support or mentorship help traders overcome overtrading tendencies?
 
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.
 
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.
 
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.
 
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.
 
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Having a second opinion is good in my opinion and your mentor or partner can shoulder some of the stress and thinking alongside you.
Will the losses be divided equally too? The question is, what does he mean to you and what do you want from him?
 
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.
 
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?
 
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.
Demo account is a common first step. What’s next for you? How do you manage the emotions when facing losses, since it's not always about profits?
 
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.
 
Demo account is a common first step. What’s next for you? How do you manage the emotions when facing losses, since it's not always about profits?
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.
 
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
 
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
Yes, I agree. A demo account can help systematize trading, but this can only be done if you put aside emotions and trade on a demo account exactly as on your real account
 
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
But it's a very complex skill )
 
Yes, I agree. A demo account can help systematize trading, but this can only be done if you put aside emotions and trade on a demo account exactly as on your real account
But the feelings are completely different when you're losing your own money versus imaginary money
 
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.
The hope that the next deal will be better often leads to greater financial losses.
 
But the feelings are completely different when you're losing your own money versus imaginary money
I agree with you. But still, demo trading can be useful when you can test trading strategies or indicators unfamiliar to you without financial risks, thus seeing the quality of their work. Therefore, I see no point in spending my real money on such checks and losing it if some strategy or some indicators turn out to be ineffective in the market.
 
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