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Thread: 5 Ways To Trade Forex Without Emotion

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    Default 5 Ways To Trade Forex Without Emotion

    Emotional trading will lead to blown accounts, bad trades, and less pips. Here are five great ways to trade forex without emotion on any chart.

    Emotion has no place in forex. The false confidence after closing that big forex trade can lead to stupid risks. And the sting of a bad trade makes you want to try and ďmake upĒ those lost profits. Letís look at five easy ways you can trade forex without emotion.

    1. Start Using Limit Orders, Now

    Limit orders are a great way to trade forex without emotion. You set a price at which the limit order will execute. If the chart price reaches that level your limit order becomes a real trade.

    A solid strategy is to set reverse limit orders at price areas called pivot points. When the price reaches a pivot point it often loses steam. After your limits are setup walk away. Being away from your charts as the action unfolds removes the dangers of emotion.

    2. Turn On Those Automated Forex Robots

    Only one method can remove emotion from the trading process entirely. And thatís a forex robot. Logical and precise by design. It crunches numbers without any feeling whatsoever.
    5 Ways To Trade Forex Without Emotion-reaper-2014-09-01-002-blog-png
    The Reaper Forex Trading Robot
    The Reaper Forex Robot doesnít have emotions. Except for its burning desire to eat pips..

    A cold, calculated forex robot will execute the same rules every time. Set it up, walk away, and check back in a few hours. Itís the only sure way to trade forex without emotion.
    3. Practice The One Trade A Day Method

    Trading less is something few people ever learn. The urge to always have a position open is powerful. But itís trade quality, not quantity, that really matters in forex.

    So start small. Limit yourself to one trade a day. Whether it wins or loses. Your focus will improve and youíll feel a lot less anxious to always be in the market. Having a good nightís sleep between your trades levels out any emotion by the next day.

    4. Set It And Forget It With TP And SL

    Opening trades and walking away is a simple method of removing emotion. How can you be upset about a losing trade if youíre not even aware of it? Thatís where setting TP and SL can be a big help. Theyíre ready made to help you trade forex without emotion.

    5 Ways To Trade Forex Without Emotion-10-2014-png
    A calm, level attitude is exactly what it takes to make steady profits.

    With every trade set both a stop loss and a take profit. Then get up and leave the room. Eventually the order will hit a level and close itself out. When youíre not in the room thereís no emotion to mess with things.

    5. Micro Lots Make It Easy To Trade Forex Without Emotion

    Starting out with full lots is forex suicide. Not only will it inflate your anxiety but it can quickly lead to margin calls or worse. So lower the stakes and your emotions by trading micro lots.

    At cents on the dollar, micro lots make mistakes forgivable. And without the stress of losing tons of money youíre more likely to make some actual profits.

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    thank you for the information, emotion does provide benefits to us, and therefore we need to minimize our emotions so that risks can be minimized. if we are emotionally then how to minimize it is to leave the trade when emotions. do not let emotions affect our trading

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    Forex trading business is cool and free minded online trading business, by emotion trading not wise. some time emotion touch me then I get loss.

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    Quote Originally Posted by Lucien View Post
    thank you for the information, emotion does provide benefits to us, and therefore we need to minimize our emotions so that risks can be minimized. if we are emotionally then how to minimize it is to leave the trade when emotions. do not let emotions affect our trading
    Uncontrolled emotion will lead us to lose our all money in forex. As a trader, we must try to more maximal our trading skills in forex. and also learn how to control our emotion. We can try to use small amount or try to maximize cent account in TenkoFx.

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    Quote Originally Posted by CahCuncun View Post
    Uncontrolled emotion will lead us to lose our all money in forex. As a trader, we must try to more maximal our trading skills in forex. and also learn how to control our emotion. We can try to use small amount or try to maximize cent account in TenkoFx.
    Trader must know how to minimize the risk in forex. Using small amount indeed make us start trading easily, but we also must learn to make our account survive here.

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    Quote Originally Posted by Lucien View Post
    Trader must know how to minimize the risk in forex. Using small amount indeed make us start trading easily, but we also must learn to make our account survive here.
    we can minimize our loss in the forex business by our skill and effort. Risk is the part of the all business. we do not avoid it strictly because it is the part also business. So we have to minimize by our effort or trading skill.

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    Personally I give much attention to the amount of the amount I risk in this business but after losing some position that I was right about during analysis I realize the important of money management and ever since I only make use of 2% or 3% of my investment on any pair am trading, the good thing about money management is even give opportunity to make more money on the market. i keep this in mine, and i keep my leverage intact, my armada markets account max leverage are 1:500, and i limit this rate used for not more 1000 usd deposit. I fully aware, and avoid any DD above 20-30%. most noobs just forget a 50% account loss means we already broke, they didn't realize it required 100% profit to get back balannce.

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    Quote Originally Posted by ebi View Post
    Personally I give much attention to the amount of the amount I risk in this business but after losing some position that I was right about during analysis I realize the important of money management and ever since I only make use of 2% or 3% of my investment on any pair am trading, the good thing about money management is even give opportunity to make more money on the market. i keep this in mine, and i keep my leverage intact, my armada markets account max leverage are 1:500, and i limit this rate used for not more 1000 usd deposit. I fully aware, and avoid any DD above 20-30%. most noobs just forget a 50% account loss means we already broke, they didn't realize it required 100% profit to get back balannce.
    Money management is very important in forex because we will be able to earn more profit with small amount by maximizing skills and also money management. We must understand that forex is risky business. Our skills can be honed using demo account.

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    Quote Originally Posted by CahCuncun View Post
    Money management is very important in forex because we will be able to earn more profit with small amount by maximizing skills and also money management. We must understand that forex is risky business. Our skills can be honed using demo account.
    As a trader we must be able to manage amount as well as possible. Try to use small amount if we want to start trading and learn to manage fund. But, it will be better if we use demo account first because demo account is more safe

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    After youíve learned the mechanics of trading, work on these psychological traits. They are the makers of a successful trader. You must understand your own limits. There is no shortcut for this. Overtrading never made anyone successful. Itís better to have a few good trades then many mediocre ones.

    • Risk management should be something you think about all the time. How to minimize risk you are taking. How to preserve your trading capital. Which positions complement each other and which ones add more risk.
    • A trader must be disciplined. Never stray away from your trading plan. Never. This will most likely end in tears.
    • Donít be a sheep and follow the herd. Herding behavior is bad because you do not understand what drives the herd and when it may stop. I am not saying to go against the trend, I am just saying to be careful when following the rest of traders.

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