Emotion control is a very long process for forex traders.
All every forex trader starts with demo forex account. They really didn’t take care too much about the number in the account even they thought they did.
Once they saw they made a lot of in the forex demo account, they will switch to live account with their hard earned money. Then they realize their emotion are so involved with their forex trading.
There will be two kinds of traders.
The first kind of traders are lucky forex novice. They immediately made money in forex trading. They build up confidence and developed their skills. So even in some cases, they lost some money in trading, their emotions are still under controlled. But maybe some time later, their skills didn’t work, they lost all the money they made previous in forex trading, then they will lose the emotion control. They will doubt their luck, their skills.
The second kind of traders are not lucky enough, they lost money at beginning in forex trading. They they don’t know what is wrong. Some will quit once they lost their hard earned money beyond their acceptable limits. Some still insist on trading forex, by attending more courses and went back to demo account, and what ever methods, they want to come back to be a successful forex trader.
These two kinds of forex novices are actually get emotion involved in their trading with their live forex account. They need some time to get used to the forex trading environment. They must realize they cannot get emotions involved in their trading. What they need develop for forex trading is just to believe their skills and focus on it. Some small loss will be easily covered in later successful trading. Set a stop loss to prevent big loss.
The stop loss is a level you can accept for your trading. Usually it should not exceed 2% of your deposit.
I attended a forex seminar before. This speaker didn’t use any indicators except the candle stick. Every time he just put a 10 pips stop loss. If he is stopped out the trade, he will get in again when the price come back. Even he is out by several stop loss, but one correct trend following trade will made several times of more money than he lost. He can made really a lot of with this method.
Making money in forex trading is so easy, why do you still worry too much about the small loss. My suggestion to forex novice is to practice forex live account trading with micro lost. So you won’t worry too much in bad tradings, they are just several dollars loss.
Demo forex trading only help you with your trading skills, it doesn’t help you to improve your emotion control. Micro forex living trading or even smaller lot will not only improve your forex trading skills, but also can build up your confidence and improve your emotion control skills.