Omar has posted an excellent article on the subject of controlling emotions when trading. The old mantra was that to be successful you needed to suppress all feelings.
Lahore, Pakistan -- (SBWIRE) -- 06/19/2014 -- Emotions are one of the worst obstacles to successful trading. Many traders can’t control their emotions when trading as a result they fail miserable. Omar from Forex Mentor PRO Program describes his journey of controlling the emotions in trading. Omar has posted an excellent article on the subject of controlling emotions when trading. The old mantra was that to be successful you needed to suppress all feelings.
This is what the Omar says: "You've all heard these types of phrases right?? The "standard" understanding of how emotions relate to trading is that they are like garlic to a vampire, that emotions should be avoided at all costs when venturing to be a day trader. That you are doomed if you let the two monsters "fear" and "greed" enter into the equation. And yet when you finish a week of trading, there you are, full of emotion, even after all these years of doing it. In many cases the emotions have INCREASED over time as you have become more desperate to find out what's killing your trading and preventing you from truly achieving your goals.
I believe the typical view of how traders and emotions mesh is well-intentioned but misguided. I believe so many psychological “experts” have moved the blanket of extreme emotion over the entirety of trading rather than seeing that certain types and levels of emotion are HEALTHY for good trading, while certain types and levels of emotion with trading are UNHEALTHY. Is this radical?? I think not. I would venture to guess that the same “gurus” that are constantly telling you to trade with zero emotion would certainly agree with the old saying “Love what you do, and never work a day in your life.” Well guess what? Love is clearly an emotion. I would not have spent the hours racking up such phenomenal failures in my trading dream pursuit had I simply not absolutely loved trading and financial markets. I would have walked away long ago. Would that have been good for my trading?? What would have pushed me past the clear and logical deduction that I had failed in my pursuit of that dream??
My parents sure told me I had no chance to make it. My friends scoffed and recounted anecdotal evidence of “mothers and cousins and uncles oh my!!” who completely failed at day trading and the market is “rigged”. Clearly if I had not had my strong emotional bonds to trading and my desire to succeed, I would have given up long ago. But let’s take this to the extreme to show how this healthy emotional response to trading can potentially be very negative. There were times in the beginning of my pursuit of trading that I simply could not continue trading due to lack of resources, lack of knowledge and lack of focus. Although my love was strong to continue, it had not reached a level of obsession that might damage the path. Taking the love too far could have resulted in pre-mature quitting of my primary source of income job at the time, led me to put bill money into the trading account, and essentially take a healthy love for trading to a gambler’s NEED for more action….”
Omar started as a student at Forex Mentor PRO program. Now he is one of the mentors at the program. He helps others traders in the private forum as well and issues weekly forex and gold analysis. Anyone interested can try Forex Mentor PRO Program for 7 days for $1.
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