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  1. #1
    Senior Trader
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    Mar 2015
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    How to separate our ego?

    Have you ever wondered how to get your ego out of your trading? Have you wanted to be market-centered, but find yourself consistently being self centered? One thing I know for sure: your self concept has to be separate from your trading. You began as an individual long before you ever thought of trading. In addition, you exist as an individual beyond the time you spend trading. When personal self worth gets tangled up with your trading, it not only damages your concept of your personal worth, it sabotages your trading. You must not allow your trading errors to ruin your feelings of self worth. You must not internalize the mistakes you make, you have to avoid feelings of guilt, persecution, and despair. You must learn to divorce your ego from your trading.

    Uncertainly is a part of Forex trading. But we can’t allow uncertainty to become part of the image of ourselves. Consider, are you making any of the following ego-centric mistakes?

    1) Trading without a predetermined loss exit point.
    2) Trading without a predetermined objective point.
    3) Not pulling the trigger on a trade or hesitating before pulling the trigger.
    4) Trading too large a size, or trading too often.
    5) Marrying a trade, marrying a market.
    6) Addition to a losing trade.
    7) Not taking profits when they are here on the table.

    How can we separate our ego from our trading? How do we keep from taking trades personally? How do we avoid internalizing what happens in the market, good or bad?

  2. #2
    Senior Trader
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    It is a famous saying that, ‘Ego is emotion and emotion is ego’. If you are a Forex trader, you have worked hard to gather the capital you need. As a trader you have a healthy ego to go along with your work. There’s nothing wrong with that, self-confidence is the key of success in the financial market. When your own personal self-worth dwindles, you trading can be sabotaged. Successful traders also know that they must focus constantly on separating their self concept from their trading. When you make a trade, put your money on the line, not your ego.

  3. #3
    Trader
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    Dec 2015
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    I don’t think we use ego in our trading. We trade alone. If we loss or make profit its only us who knows unless you spread that’s news to other people. So, I don’t think theirs an ego hit or hurt in here. As you can see, ego is not as the same as pride. In addition, ego only be damage if someone criticize you. But, since you are the only person who knows about your trade and how you earn or loss money on that trade your ego will always be intact.

    The best way to uphold your ego and your pride and your dignity is just to keep it for yourself. Like me, I’m trading for six years in and out. Loss almost 1000 dollars total. But is my ego hurt? No, because nobody even know how did I loss that much and when. So, just make sure your concentrate more on trading than concentrate more in spreading the news that you loss.

  4. #4
    Senior Trader
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    Dec 2020
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    Quote Originally Posted by Shane Watson View Post
    I don’t think we use ego in our trading. We trade alone. If we loss or make profit its only us who knows unless you spread that’s news to other people. So, I don’t think theirs an ego hit or hurt in here. As you can see, ego is not as the same as pride. In addition, ego only be damage if someone criticize you. But, since you are the only person who knows about your trade and how you earn or loss money on that trade your ego will always be intact.

    The best way to uphold your ego and your pride and your dignity is just to keep it for yourself. Like me, I’m trading for six years in and out. Loss almost 1000 dollars total. But is my ego hurt? No, because nobody even know how did I loss that much and when. So, just make sure your concentrate more on trading than concentrate more in spreading the news that you loss.
    We should try to minimize the losses into our trades.

  5. ARIONFORXtarder
 

 

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