This is the second part of my article ,if you miss the first article you can read about it HERE, where I talk about how we cause our own emotional damage trading the financial market , believe me when I say this ,we are equally our own enemy when trading In the market,the market is set up in a way we trade with ourselves but we blame the market when we make loss some trade ,
many times when I loose more money in the market and I sat down and think,I later realize am the cost of my problem, emotion is not easy to control but believe me when make the determination not to loose a trade and watch our step,with times it will be possible
identify the kind of trader you really are
What kind of trader are you or should I say this what kind of trader did you want to be ,most trader don't know the kind of trader they are ,if you want to be a scalper be a scalper,it you you want to be swing trader be a swing trader, don't mixed the two together,this are things that damage our emotion when trading
If you are scalping trader ,you should know you will always be with your laptop or phone, whichever you are using and watching the market when your trade is on,when you are scalping trader, your major time frame should be 1mn,5mn and 15mn,your higher time frame when you are looking for the structure of the market should not be more than 1hr time frame,or 4hr sometimes,just to be on a saver side
When you are swing trader,you don't need to be in the market all the times ,your Major Time frame should not be less than 1hr , swing trader don't trade all the times ,you must be able to hold trade for days ,and you must also be able to Wait for trade to set-up,trade may takes days or weeks to set up ,you must be able to do all that,I can tell you most successful trader don't trade all the times ,I have seen many trader that only trade once in a week or months
Identify the kind of trader you want to be or you are ,to prevent damages of emotion in the market because when you mixed the two, you won't know the actually time frames you are actually using
pullback
Why do I mention this , waiting fall pullback is the simplest and hard things to do most times because sometimes we don't actually know may be the market is actually pulling back or the market is reversing,it will be difficult when you don't know what times frames you are actually using,we have two types of trader when it is time to enter a trade ,
we have aggressive trader and non aggressive trader , aggressive trader don't wait for confirmation most times before entry a trade because they don't want to miss some pips ,non aggressive trader actually wait,you should figure that out by now the kind of trader you are , when you are aggressive trading, it's easy to damage your emotion by yourself when you are trading
because you are already deciding what market should do ,you should follow the market,not the market should follow you , when you are making the decision for the market,the market is bound to hit your stop loss most times,and countless of loss damage emotion when trading,
90% of my loss trade is because am aggressive in the market because later when I check the trade ,the trade later follow my prediction,so waiting for pullback will prevent emotional damage in the market
Thanks for reading ,I will stop here and continue in another chapter,I hope this is helpful and you can support me my post by upvoting ,reblog and I will also appreciate your comment
God bless you , God bless me
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There are some project that may needs you to hold for months before making your profits.. in that case you are a holder already, though some will not have the patient to hold for such a long time. I am a strong holder and sometimes a scalper. Thanks so kindly for the educative content.