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Three Methods to Control Your Emotions
- Having a positive and consistent morning routine will go a long way to becoming a successful trader. Most morning routines that we have used in the past include some kind of meditation and relaxation of the mind. This is the most critical part of controlling your trading emotions. Learning to rest the mind and visualize a successful trading day will help ensure that you are operating with a level head once you start placing live trades in the market.
- Planning every trade ahead of time is essential to maintaining your trader emotions. Many traders place trades or exit trades based on an emotional response. Planning every trade in advance and following your trade process every time will help ensure you don’t fall into this most common of trader traps.
- Unlike some other professional activities, trading tends to be 90% a mental game which is why maintaining a positive mindset is essential. We strongly suggest you have methods of positive reinforcement and positive influences that you can access throughout your trading day/week. With the proper tools and techniques in place, when your mind starts drifting in directions it shouldn’t you can refer to these resources and maintain that positive outlook ensuring less emotional trading decisions.