Controlling emotions that cloud your judgment
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Some types of emotion can affect the clarity of your thinking, and so impact any trading decisions you make.AngerA losing trade can make you furious - often simply with yourself, for making a bad decision. But we all make mistakes - it's animportant way to learn. If it happens to you, as it inevitably will one day,put it down to experience and make a mental note about what to do differentlynext time. One common impulse in moments ofanger is to try and 'get back at the market' by placing another trade. Thissort of knee-jerk reaction - or 'hair-trigger trade' - is nearly always a badidea. Alternatively, you might just start buying anything and everythingindiscriminately. This is known as 'shotgun trading'. Take a moment to sit back andbreathe deeply, then consider objectively whether your proposed trade reallymakes sense and is in line with your overall trading strategy. RelaxRegretAnother common source of annoyanceis missing an opportunity - something that's easy to do in the fast-movingworld of financial markets. When this happens, it's easy togive yourself a hard time about it, repeating things like 'I should have boughtthere' or 'I knew that was going to happen'. But this sort of mentality canlure you into traps capable of undoing all your hard work at a stroke. You might, for example, be temptedto place a belated trade anyway, or to risk placing a number of trades in quicksuccession - known as overtrading - to set things right. You might even 'go ontilt', a particular state of mind which means you make irrational decisions,rather than those based on the merit of what's right in front of you. That's why, if the moment has passed, you need a few tricks to remain clear-headed until the next signal comes along. Fortunately, those tricks are as simple as taking a break, casting an eye over your original trading plan and exercising a positive mentality - remember, missing a move is not the end of the world. SentimentalityIt might be tempting to start believing (perhaps subconsciously) that 'gold is your friend', and that it will reward you in the same way every Time. GoldOnce this conviction grows, there's a danger that you'll open further positions in gold without properly considering the current situation. But, the fact that a particular instrument has been profitable in the past is no guarantee that it will continue to perform for you. But both, if you've had a bad experience with a certain asset that's no reason to shy away from any future Opportunities it offers. StressThere are times in all of our lives when events beyond our control affect our ability to think clearly. It could be divorce, family illness, bereavement, or just moving house or changing jobs. All of these things will distract you from trading and could cloud your judgment. So world of financial trading can be hectic, demanding your undivided attention. So when you're going through stressful periods, it's often safest to put your trading on hold until you can commit the necessary time and energy to it again. SummaryDon't beat yourself up about poor decisions or missed opportunities. Learn from your mistakes and look forward to getting it right next timeTo avoid going on leaning when things go wrong, take a break, remind yourself of your trading plan, and wait until you're back in a positive state of mindRemember that sentimentality and superstition have no place in trading. No market is your friend or enemy, and every opportunity should be assessed on its meritsWhen you're suffering from stress in other areas of your life, it may be wise to put your trading on hold
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