Emotions of a trader

10:58 AM

A - Looks good
Hmm.. that's within my setup, good high percentage trade. MONEY HERE I COME!!

B- Ah crap.. extend SL?
Crap it turned against me, *@!*%* knew I shouldn't have gone in there. Stupid impatient Zech.
Maybe I should extend the Stop Loss this can still work for me!
NO!! STICK TO SYSTEM! if it stops it stops out.

C - Phew.. looks good now
Back in the green, nice. Ok now wait for the profits to roll in.

D - YEA!!! I’m the man.. TP?
Wow, i'm like halfway to target! Maybe I should take profit and keep the pips
NO!! STICK TO SYSTEM! move stop loss to entry so wont lose money even if it turns. if makes more, great if it doesn't its fine.

E - Crap this just got real... 
Crap. Knew I should have taken profit, stupid stupid boy. Extend SL this can come back!??!
 NO !! STICK TO SYSTEM! leave it. It was a good entry, exit and we are fine. so chill.

Emotions can ruin you, many guru say keep this in check. But why not just have a system for trading? take the emotions out of it and we can concentrate on other things in life. That is what etoro is for isnt it?

Human behaviour has proven that we sell winners earlier and sell losers late. Its called prospect theory.

I agree you can take pips from the market in panics, but I don't presume all of us have low latency and have access to premium news services which allows us to react appropriately.

Even if its rudimentary like I think Facebook will go up 30% but if it drops 30% I am out. That's is a system.

Stay safe people!

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