Quote from: ShowOff on Today at 05:38:26 PM

Quote from: DoublerHunter on July 12, 2023, 11:01:01 PM

Quote from: jeraldskie11 on July 12, 2023, 10:26:19 PM

~snip~
However, due to previous losses, we can become emotional, which complicates our trading. This is a hurdle to our trading strategy, and if we are not conscious, we will become victims of our own emotions. As you stated, greed is a result of emotion, most notably consistent losses. To be good traders, we must understand how to manage our emotions.

^This is definitely right and I agree with this.
Being successful traders means having a deep understanding of how to control our emotions rather than letting them control us. By developing emotional discipline and staying committed to our trading plan, we can overcome the negative impact of emotions and have successful trading decisions. Remember, managing emotions is an ongoing process that requires self-awareness and practice. Through discipline, self-reflection, and continuous learning, we can strive to become better traders and improve our overall trading performance.

When a trader cannot control his emotions, the potential loss he will experience will be higher than a trader who is able to control his emotions. Good emotional control will allow a trader to trade according to plan, but still the return on trading is very dependent on market volatility, not only analysis.

Emotional control is also part of trading psychology. That is obviously very important for a trader as it will enable them to become successful traders later on. Experience and knowledge can support them, but as long as they are still afraid of losing, it is clear that controlling their emotions will be difficult.

Trading is a struggle primarily against yourself. In my opinion, these are the best words that describe trading in one sentence. This expression reminded me a trader with 15 years of experience, whose podcast I recently listened to. Checking your nerves and fears of loss. The ability to remain cool during a long series of failures.

Also, something may happen in the market for the first time, which the market has not seen before and which is impossible to predict. I remember a case in 2020 when oil had a negative price value and many suffered losses on one exchange. Therefore, one should not rely only on what was in the past.