Trading Psychology of Highly profitable traders

AlmaCap

Newbie
4 0
Do you mean 100% automated trading or EAs that manage you exit strategy for example?
Like automating your own strategies. Inputting your entry/exit points that you analyze and letting it do the whole "patience patience" work for you?
 

AlmaCap

Newbie
4 0
Do you have any automated software to recommend us? Some tested stuff to try on the next week.
I may have just new here and unsure what the rules are about this :)
 

RachelFX

Junior member
21 10
Like automating your own strategies. Inputting your entry/exit points that you analyze and letting it do the whole "patience patience" work for you?
You can enter you these details through your normal MT4/5 platform.
You can set your stop loss and take profit when you enter a trade, or use a trailing stop if you prefer.
Or set up a pending order to enter automatically when it reaches your desired level, and within this you can set SL and TP as well.

Not sure if that helps, or if I have misunderstood.
 

AlmaCap

Newbie
4 0
I was looking at another tool called Capitalise actually, let's you create strategies according to much more than just Price X and Y, also technical indicators and the like - heard of it before?
 

RachelFX

Junior member
21 10
I was looking at another tool called Capitalise actually, let's you create strategies according to much more than just Price X and Y, also technical indicators and the like - heard of it before?
No not something i have heard of
 

J_C_Anderson

Active member
116 17
For sure, emotions in trading are extremely important. Sometimes educated and experinced trader could underperform just because of lack of discipline.
There is a good article on emotions https://forextester.com/blog/emotions-in-trading.

One of the best advices on this issue I`ve ever heared is to make a pause for 15-20 minutes (for daytraders) after each extra profitable trade or a large loss. This would help you to deal with emotions, get back to the comfort zone and trade agein without the infuence of emotions caused by that trade.
 

NVP

Legendary member
36,542 1,849
For sure, emotions in trading are extremely important. Sometimes educated and experinced trader could underperform just because of lack of discipline.
There is a good article on emotions https://forextester.com/blog/emotions-in-trading.

One of the best advices on this issue I`ve ever heared is to make a pause for 15-20 minutes (for daytraders) after each extra profitable trade or a large loss. This would help you to deal with emotions, get back to the comfort zone and trade agein without the infuence of emotions caused by that trade.

20 minutes ?.....thats a lifetime in scalping dude ;)
 

NVP

Legendary member
36,542 1,849
Exactly!

This time is necessary to avoid the trades when you want to "get money back".
jees .....i would spend most of the time sitting on my hands ....hahahahaha

I have to be honest ...most of my best scalps come off an immediately previous loser ....mainly i've been too aggressive on entry ....and the second bite finds the turn........trouble is if i just wait for second bites i also miss a lot of first movers

swings and roundabouts..........

N
 

Stelootse

Newbie
1 0
This is good in theory, but everyone works out personal rules. Also when we are talking about the risk management, way to deal with the emotions we need to keep in mind that this is very individual and varies on the background, experience, soft skills and even the plan you set up.
yeah so the software allows you to set your rules and trades according to that, or sends you email notifications for scenarios that happen
 

CertainWay

Junior member
47 11
JC,
I agree with the waiting time of at least 10 to perhaps 20 or 30 minutes after every profitable or losing trade. Based on my own experience, I have found it to be rewarding to just walk away from my desk once I exit a trade regardless of the result.
For sure, emotions in trading are extremely important. Sometimes educated and experinced trader could underperform just because of lack of discipline.
There is a good article on emotions https://forextester.com/blog/emotions-in-trading.

One of the best advices on this issue I`ve ever heared is to make a pause for 15-20 minutes (for daytraders) after each extra profitable trade or a large loss. This would help you to deal with emotions, get back to the comfort zone and trade agein without the infuence of emotions caused by that trade.
 
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