Control emotions during tradeIt is very important to control your emotions during trading, human emotions are a big hurdle in trading, you can not maintain discipline if you can not having control on your emotions. Without discipline you can make money in market but you can't retain it.
Here is 5 things you can adopt to improve your trading skill and control emotions.
SET ALERTS :
we use to watch market continuously and during watch we see so many trades which we should not take, it disturb our trade filtration and also affect out trading phycology, we should wait for our levels and what our set strategy giving trade not to enter early or fake trades, you should set alert according to your levels,chart pattern,breakout or breakdown, any of your trading strategy you are using, there is no need to watch screen constantly in this free time you can also paly any indoor game to keep you mind refreshing and active,
once your price alert hit come up on screen then you can go with your trade.
VOLATILE HOUR :
some time we find trades in sideways or less movementing market and it face us stop loss, no movement or very small target, it's better to took any trade in volatile hours so that trade can exactly work according to your strategy try to avoid trades which are generating in less market movement.
Generally Indian market movement is
9:15 to 9:30 very volatile
9:30 to 10:00 volatile market
10:00 to 11:30 stable market
12:00 to 2:00 correction/stable/new/global market
2:30 to 3:00 volatile
3:00 to 3:30 last volatility
NEVER WATCH YOUR PROFIT & LOSS DURING TRADE :
when we see running profit loss in dmat it automatically affect psychology of trade and we start convening our self for exit, same side in profit and and loss also some time we more think to hold that trade either to exit.
we should took trade and either to see p&L we should watch only price and exactly exit according to our strategy do not exit too early do not exit too late if you took that trade according to your pattern, technical any strategy then you should also exit according to that strategy. watching price in compare of P&L helps a lot for long run.
STOP AFTER THREE CONSECUTIVE WINS OR LOSSES :
it is very important to stop at a point every day in trading, if you did 3 trades either continuously wining trade or loosing trade, at this point you should stop your trading for the day.
market is not for one day it will open again next day with same things. do not excited in profit and also in loss, if it was bad day not a problem close your terminal come again next day with fresh mind do not influence your fresh trade with old one .
TAKE BREAKS :
taking break in trading is very important to keep your mind happy active and fresh every time, as just we do keep our personal and professional life separate, do not mass up one with other.
take your self out on weekend do not think about your regular profit and loss take proper break that you need.
