How do you handle the psychological side of trading? I feel like my emotions are all over the place sometimes, buying at the top, and selling at the bottom! I'll burn through my trading account's equity soon if this carries on.
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4 comments
Yeah, the mental game is tough. I’ve found that having a solid routine really helps. I always start my day with a bit of meditation and a review of my trading plan. Keeps me centred.
Meditation, interesting? I've never tried that. I usually jump straight into the charts and news. Maybe I need to slow down a bit. How do you stay disciplined, especially when a trade goes against you?
It’s all about sticking to the plan, no matter what. I have strict rules for risk management, and I never deviate from them. Even if a trade’s going south, I cut my losses early. Better to take a small hit than blow up the account, you know?
Definitely. I think I need to work on that. Sometimes I hang on to a losing trade, hoping it’ll turn around. But when it doesn't, I lose patience and close my position, which often ends up costing me more.