Once again, I have another lengthy question of import that I will break up into parts, as each part has independent value …
- I have been trading for over three years now, and there has not been a time when I have not lost money due to being emotional. I have lost more than I have gained, so, essentially I am a loser.
Wow! Confidence is a HUGE part of the trading game, and if one sees him or herself as a loser, how much success can one have? Are you sure emotion is the cause of your money loss?
- However, the strategies I use are very effective and can make money more than 70% of the time.
How can the strategies you use be effective at all, much less 70% of the time when you have not made money in three years? Did you buy an expensive, “sure-fire” system that “can’t miss,” or are you simply in denial about the effectiveness of your strategy?
- I always close my trade before my profit is hit, and I also close my trades before the loss is hit.
Why close your trade early at either end? When you have a strategy that works, you follow it religiously.
- It looks like I am working for my broker who happily takes my trades, one after the other, which keeps him happy.
No doubt. Eliminate the broker and get a bonafide trading platform.
- Is there a way this human mind can be tamed to be disciplined? I would really appreciate a way to correct this; otherwise, I have to quit forex once and for all.
I have concluded from your question you are not cut out for trading, even if you could master your emotions because emotion is not your problem. You claim your strategy works 70% of the time, but you still lose money. You lack confidence, as you see yourself as a loser. You have a strategy, but you don’t have the discipline to follow your strategy. Unless you are wealthy enough to carry losses for more years to come, my advice is that you follow your intuition and quit trading forex “once and for all.”
Trade in the day; invest in your life …
