You probably started your trading firm with the idea that you would soon have thousands of dollars in your account. You wish for one successful transaction that will quickly and simply make you wealthy. And that you can increase a small investment into a large sum.
Well, it’s completely acceptable if these are some of your thoughts. But avoid making the mistake of opening lots of transactions only to make a quick profit or to offset losses. This is an error that many people make, not just beginners. Even professionals occasionally succeed.
Such choices are motivated by emotions. Even when you are aware that the market is not particularly favorable, emotions keep telling you to keep buying and selling. So, the question is: When is it appropriate to end today’s trading?
Enough for today. Psychology in trading
It can be exhausting to work on a computer for extended periods of time. It takes a lot of attention to watch how the prices move, wait for signals from the indicators, and follow their own trades. Additionally, fatigue impairs your ability to think clearly. You need to develop the ability to say, “This is enough for today,” for this reason.
Emotions in trading
When your primary goal is to make a lot of money yet you keep losing, you could feel frustrated, afraid, or anxious. However, these feelings are poor counsel. Similar to how greed, arrogance, obstinacy, or excitement won’t improve your performance.
First and foremost, you need to understand yourself. Know your triggers, your strengths, and your weaknesses. This will assist you in preventing losses.
Create a trading plan
You won’t suddenly become rich or famous using a magic wand in a single day. You must create a thorough trading plan and follow it. Put your greed aside and get ready for a slow process. Along the way, modify the plan. Only conducting profitable trades is not feasible.
What will you do if the transaction is a failure? Will you reflect on it for a long time or will you take the opportunity to reflect and assess what went wrong?
An effective trader makes use of the lost trades. He analyzes them and makes adjustments to the strategy going forward. Recognize that you will experience losses. Continue and gain something from them.
Do not overtrade
As I’ve said before, you should create a solid trading strategy. You are not required to spend the entire day at your workstation. It is not necessary to enter many transactions in a single session.
It is more crucial to open a position when the likelihood of winning is high. And with a sound strategy, a small number of transactions might outperform excessive trading.
Do not become a trading addict
Emotions are what drive addiction. Either you need to recover losses right away, or you prefer to watch your account balance develop. Both approaches carry the risk of losing control and putting your finances at undue risk by emptying the account.
So, if your plan specifies that you should only spend two hours a day in the market, follow it. When the allotted time is up, stop and save it for the following session.
In the world of trade, knowing oneself is essential. Both your skills and shortcomings might work in your favor.
Keep your feelings under check. When you notice that your concentration is slipping, stop trading.
Create a trading strategy and stick to it. No matter whether you end up gaining or losing, stop trading according to it. The following day will come.
Utilize the fantastic feature that Quotex has to offer. It is referred to as a free demo account and can be refilled with virtual money. Before moving to the real Quotex account, test your technique there, try a fresh method, and become very familiar with the indications.
Comment below with your thoughts on trading psychology. It is located beneath the site.
Q: What is Quotex trading?
A: Quotex is an online trading platform that allows users to trade a variety of financial instruments such as stocks, currencies, and commodities.
Quotex trading should be stopped in the following circumstances:
- When the market is experiencing extreme volatility or turbulence that may lead to significant losses or risks for traders.
- When there are technical issues or system failures that may prevent traders from accessing their accounts or executing trades.
- When there are regulatory or legal issues that may affect the platform’s operations or the trader’s ability to trade.
- When there are concerns about the platform’s security, such as a breach or hack, that may compromise trader’s personal and financial information.
- When a trader has reached their personal risk tolerance level or trading limits and wishes to stop trading.
Q: Who can stop Quotex trading?
A: Quotex trading can be stopped by the platform’s administrators or by individual traders who wish to stop trading.
Q: How can traders stop Quotex trading?
A: Traders can stop Quotex trading by closing their positions, withdrawing their funds, and disabling their accounts. They can also contact Quotex’s customer support to request assistance in stopping their trading activities.
Q: Can Quotex trading be stopped temporarily?
A: Yes, Quotex trading can be stopped temporarily by placing trades on hold or by pausing the account. Traders can resume trading at a later time when conditions have improved or when they feel comfortable doing so.