To gain the control over my emotions I took almost 3 years.
In those 3 years I tried 100’s of times to follow a trading strategy with disipline but I failed because of my fear of loosing and shifted from one strategy to one strategy and continuoesly tweeked them in search of holygrail.
Any how an ordinary person like me with desire to become as a successful trader may require 2 to 3 years time to gain control over his emotions. There may be some tricks to get that control early but I failed because of my responsibilities.
I recommend young people who did not started his family life yet and have an desire to become as a trader choose this as a career like we choose engineering or medicine. It may help them to gain control over their emotions early.
I am a College Student and I am in Learning stage It Has been 2 years I am Trading.
Till Date now, I have Not done any CNC Trade. I only Trade Intraday.
I started With Captial Of 8k and My 1st Trade was in ITC and Made Rs.720/- in Just Few Seconds.
I made this 8k into 18k in Few months by making Profits/Loss.
now, come to the main point. I get Emotional while I trade like let me wait for few more seconds and this seconds cost me my profits and endup paying Brokerage and Tax.
now, what I do is I use BO Orders, Once my Traget is Achived it Trigger Auto exit Mannually my Greed and Emotion will not allow me to exit.
Now, once my target is achived I Put My SL on that price and whatever is coming is bonus for me.
I dont Follow any any Stock tips.
I dont watch Tv chanels while Trading.
Most of My Trades which Executed in college I feel Relax but at home I am surrounded by Fear of Market becasue It only me and my Laptop and Charts and Moving Averages.
Initially when i started trading i have low emotional threshold for profits and losses , but over time emotional tolerance increased.
Like initially i panic for 1k to 2k loss itself , but now i dont panic even if i am in 20k loss.
Thing is start with less capital and trade for sometime and slowly increase the trading capital. Over time we can cope well.
Also fear of losing is more torublesome than booking the loss itself .