Trading is not just about numbers and charts. It’s also about managing the emotional roller coaster that comes along with it.
As someone who has experienced the highs and lows of trading first-hand, I understand the importance of emotional resilience.
In this article, I will share seven tips to help you effectively manage your emotions while trading.
Whether you’re a seasoned trader or just getting started, these strategies can help you navigate the emotional challenges that can arise on your trading journey.
1. Plan ahead and strategise
Trading requires careful planning and preparation. Rather than making spontaneous decisions driven by panic, fear or the common fear of missing out, create a clear plan of action before entering into any trade.
You need to understand the thesis behind your trade; the “why” behind a decision. You also need to understand that it’s OK to be wrong.
Accepting that you are wrong (in either direction or timing) and moving on from that is a massive step forward in successful trading that most people simply will not adjust to.
You need to have a well-defined thesis of the reasons why you are entering into a trade (technical knowledge, fundamental understanding, your friend or someone you like on social media said so). And you need to know ahead of time how you’ll know if you are right or wrong.
A basic trading plan should include entry and exit points and risk management strategies.
2. Keep a trading journal
Maintaining a trading journal is an invaluable tool for self-awareness and improvement. Document your trades, strategies, successes and failures.
By reviewing past entries and getting into “why” you entered a trade, you can identify patterns, assess your emotional state in different market conditions and learn from your experiences.
This analysis will enhance your self-awareness and help you make more informed decisions based on lessons you have learnt.
Additionally, keeping a journal can serve as a source of motivation during challenging times, reminding you of your growth and resilience.
3. Identify your triggers
Understanding your personal triggers is key to managing emotions effectively.
For me, one of the biggest triggers is Fomo – fear of missing out. I love looking into the future, so any new shiny object or idea excites me. This has been both a blessing and a curse.
Take the time to reflect on what situations or events cause you to make irrational decisions while trading or investing. Is it market volatility, unexpected news, a potential breakout or something else?
Once you identify your triggers, you can develop strategies to mitigate their impact. This could involve implementing additional risk management measures or adjusting your trading strategy.
4. Assess your risk tolerance
Knowing your risk tolerance is crucial to maintain emotional balance while trading.
If your trades consistently push you beyond your comfort zone, this is likely to generate heightened emotional reactions.
Evaluate your risk tolerance and align your trading activities accordingly. Awareness of your limits will enable you to make more informed decisions and prevent emotional impulses from dictating your actions.
5. Embrace emotional resilience
In trading, losses are inevitable. What sets successful traders apart is their ability to bounce back from setbacks and persevere.
Cultivate emotional resilience by acknowledging that losses are part of the game. Embrace a growth mindset and learn from your mistakes.
Developing emotional resilience will help you navigate the ups and downs of trading with confidence.
6. Use technology
In today’s digital age, trading platforms offer a range of tools and insights to aid your decision making.
Take advantage of these resources to enhance your trading experience.
7. Embrace continuous learning
The market is constantly evolving and traders must adapt to stay ahead.
Embrace a mindset of continuous learning and growth by analysing the notes you have made in your trading journal and make adjustments.
Ask yourself and industry experts questions, connect with fellow traders and expand your understanding.
Trading platforms offer a range of tools and insights to aid your decision making
Matthew Carstens,
director of product experience, amana
Continuous learning not only enhances your trading skills but also builds confidence and reduces anxiety and fear.
Stay updated on market trends, explore new strategies and be open to evolving your approach based on new insights.
Remember: Knowledge is power. Staying informed will help you to manage emotions more effectively.
Managing emotions in trading is a continuing journey. Embrace the process of self-reflection, plan and use technological advancements to support your trading decisions.
Remember, emotional mastery takes time and practice. With patience, perseverance and commitment to continuous learning, you can develop the emotional intelligence necessary to be successful in the dynamic world of trading.
Matthew Carstens is director of product experience at neo-broker amana
India squad
Virat Kohli (captain), Rohit Sharma, Mayank Agarwal, K.L. Rahul, Shreyas Iyer, Manish Pandey, Rishabh Pant, Shivam Dube, Kedar Jadhav, Ravindra Jadeja, Yuzvendra Chahal, Kuldeep Yadav, Deepak Chahar, Mohammed Shami, Shardul Thakur.
Pox that threatens the Middle East's native species
Camelpox
Caused by a virus related to the one that causes human smallpox, camelpox typically causes fever, swelling of lymph nodes and skin lesions in camels aged over three, but the animal usually recovers after a month or so. Younger animals may develop a more acute form that causes internal lesions and diarrhoea, and is often fatal, especially when secondary infections result. It is found across the Middle East as well as in parts of Asia, Africa, Russia and India.
Falconpox
Falconpox can cause a variety of types of lesions, which can affect, for example, the eyelids, feet and the areas above and below the beak. It is a problem among captive falcons and is one of many types of avian pox or avipox diseases that together affect dozens of bird species across the world. Among the other forms are pigeonpox, turkeypox, starlingpox and canarypox. Avipox viruses are spread by mosquitoes and direct bird-to-bird contact.
Houbarapox
Houbarapox is, like falconpox, one of the many forms of avipox diseases. It exists in various forms, with a type that causes skin lesions being least likely to result in death. Other forms cause more severe lesions, including internal lesions, and are more likely to kill the bird, often because secondary infections develop. This summer the CVRL reported an outbreak of pox in houbaras after rains in spring led to an increase in mosquito numbers.
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
UAE currency: the story behind the money in your pockets
The specs: 2019 Subaru Forester
Price, base: Dh105,900 (Premium); Dh115,900 (Sport)
Engine: 2.5-litre four-cylinder
Transmission: Continuously variable transmission
Power: 182hp @ 5,800rpm
Torque: 239Nm @ 4,400rpm
Fuel economy, combined: 8.1L / 100km (estimated)
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
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Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
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Amazon Prime
Four stars
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Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
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Thisara Perera (captain), Dilshan Munaweera, Danushka Gunathilaka, Sadeera Samarawickrama, Ashan Priyanjan, Mahela Udawatte, Dasun Shanaka, Sachith Pathirana, Vikum Sanjaya, Lahiru Gamage, Seekkuge Prasanna, Vishwa Fernando, Isuru Udana, Jeffrey Vandersay and Chathuranga de Silva.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
ON%20TRACK
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE's final round of matches
- Sep 1, 2016 Beat Japan 2-1 (away)
- Sep 6, 2016 Lost to Australia 1-0 (home)
- Oct 6, 2016 Beat Thailand 3-1 (home)
- Oct 11, 2016 Lost to Saudi Arabia 3-0 (away)
- Nov 15, 2016 Beat Iraq 2-0 (home)
- Mar 23, 2017 Lost to Japan 2-0 (home)
- Mar 28, 2017 Lost to Australia 2-0 (away)
- June 13, 2017 Drew 1-1 with Thailand (away)
- Aug 29, 2017 v Saudi Arabia (home)
- Sep 5, 2017 v Iraq (away)
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Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Company%20profile
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