INSTINCT VS IMPULSE
An instinctive trader vs an impulsive trader.
You have to be consistent and persistent.
A proactive trader listens to his guts before acting.
An impulsive trader reacts to his/her emotions rather than instincts and chases the market which ultimately leads to more losses.
It is important to set aside our emotions when trading and accept losses when our Stop Loss is hit as A LESSON AND NOT REALLY A LOSS. This is because, you have the opportunity to review the events that led to the loss (the lesson), and you save your funds/equity (which the SL is designed for).
On the other hand, when you're impulsive and react based on emotions, you're bound to jump back into the market without thinking or planning (instead of being prepared and waiting for the market to come to you). This will lead ultimately to uncontrolled losses which impact on your account and in most cases wipe out your equity.
Goodluck!
An instinctive trader vs an impulsive trader.
You have to be consistent and persistent.
A proactive trader listens to his guts before acting.
An impulsive trader reacts to his/her emotions rather than instincts and chases the market which ultimately leads to more losses.
It is important to set aside our emotions when trading and accept losses when our Stop Loss is hit as A LESSON AND NOT REALLY A LOSS. This is because, you have the opportunity to review the events that led to the loss (the lesson), and you save your funds/equity (which the SL is designed for).
On the other hand, when you're impulsive and react based on emotions, you're bound to jump back into the market without thinking or planning (instead of being prepared and waiting for the market to come to you). This will lead ultimately to uncontrolled losses which impact on your account and in most cases wipe out your equity.
Goodluck!