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"I closed too early again," "I lost profit again..."
I believe that for those who have participated in trading for some time, they have experienced and understood one thing... that making the decision to CLOSE A TRADE is quite harder than entering a trade... because of human emotions, especially for those who are new to trading, when we have not set up the right psychological mindset for this job... a beginner will always be urged by the market, always drawn in by the waves on the chart that appeal to greed, that play into FOMO, making it impossible for us to sit still, and falling into a state of continuous trading, also known as overtrading... some people have messaged me, sharing that in a day, they enter dozens of trades continuously, making trading feel like an extreme stress, but they cannot stop entering trades in front of the continually fluctuating waves on the chart... and then... they incur losses... and then... their account is wiped out... surely, many others have shared this sentiment.
Entering a trade is already hard, but closing a trade is even harder, because of the emotions we feel when the trade is running, whether it's a profit or a loss, there is already a psychological entanglement there... if the trade is losing... we feel regret, fear, and hope that it will turn around... and if the trade is profitable... we become immersed in it, greedy and wanting the trend to continue so we can gain more profit. And in any case, when we let emotions participate too much, they obscure our reasoning and logical deduction from the data displayed on the chart, causing our actions to deviate from the actual market situation.
In principle, it sounds very simple...
1. Only buy when the market runs out of selling pressure and starts showing buying strength.
2. Only sell when the market runs out of buying pressure and starts showing selling strength.
No forecasts, no judgments, no stubbornness, no emotions... everything is based on market movements... if the market still has momentum, let it continue, when the market runs out of momentum, I close... if the market lacks momentum and goes against me, then simply accept stop loss as the probability is an indispensable part of this job. In this profession, anyone who does not accept risk will find it difficult to make a profit.
It sounds quite obvious and basic, doesn't it? But to achieve this, we surely must go through a mental training process that requires effort and time (note: don't anyone think that trading is an easy job; that mindset will erode or even burn your account).
So why is this difficult for a beginner? It is the emotional entanglement during the trading process as I have shared above... When the trade is profitable, the greed and hope for continued profits arise, at that moment, reason is obscured by signals indicating that the trend is weakening, we stubbornly cling to that hope and miss out on the profits that should have belonged to us... negative emotions will arise, self-blame, torment, stress... "I should have closed there," "If only I could do it again," "Why was I so foolish to lose all my profits"... etc... And when we only observe and act based on the market signals presented, analyzing rationally without emotions, we will find it easier to make decisions, because there is no clinging and greed, stubbornness... Observing and acting rationally is like going when the light is green and stopping when it is red... but when participating in the market, newcomers will find it very hard to overlook their emotions.
And when the trade is losing, the very expectations can make the loss grow even larger... we fear losing money, we fear being stopped out, we fear incurring losses... it makes us hope against hope that by some miracle, the market will turn back... it leads to common mistakes such as: removing stop loss, averaging down at the wrong price... and what happens next, many have likely experienced.
Raising the issue like this, to let everyone see that trading is not simple at all, the hardest part is the psychological pressure and ego of oneself... and to improve this psychological issue... it truly requires persistence, effort, and time...
We cannot demand that we become perfect and professional immediately, just as we cannot force a medical student into the operating room to perform surgery on a patient right away... If you were a relative of the patient, would you allow that? If you wouldn't allow it... then don't force yourself - if you are a newcomer - to jump right into the market and demand profits from it... But... allow yourself to be an intern, to be someone who is allowed to make mistakes (don't let the lessons you pay to the market become too expensive)... the goal of an intern is experience, not money.