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Protecting your Emotional Capital. PLEASE LIKE AND SHARE THIS VIDEO SO WE CAN DO MORE!
http://www.financial-spread-betting.com/course/psychology.html You need to look after your emotional capital because its not infinite and you need to look after yourself. If you get seriously hurt trading the financial markets, it is not easy to recover yourself emotionally. Likewise if you drain your emotional capital this will keep draining your energy for subsequent days. Then you might end up with 'fear' of pulling the trigger or the other extreme 'jumping' on trades at the first opportunity to recover losses. What you need is full power when trading and then backing off...
Coping with Trading Psychology – Emotional Capital
Finally when talking about trading psychology, we need to talk about the need to preserve your emotional capital. This is a topic that was touched on in the last lesson, when we talked about maintaining focus and how we can do that over the length of a trading session.
Emotional capital is a similar idea. Unlike monetary capital, it’s much more difficult to cope with the loss of emotional capital as it can be insidious and hard to measure, and can affect your trading for days or weeks. Reverting back to other psychological challenges, it helps if you can fully accept the risk that you are taking when you’re trading, realizing that the outcome is random even if weighted in one direction or the other.
You also want to stay away from over analysis of any particular situation. As mentioned in the focus section, you will simply wear yourself out and you won’t be able to perform and make decisions that you should when you need to. Emotional capital allows you to keep your trading clear and clean, and always know what you are doing with purpose. If you lose it, you will find it hard to concentrate or focus, and feel like you are roaming around in the dark.
One sign that you have lost your emotional capital is that you may then revert to fear driven trading, or even to aggression driven trading. As discussed a few lessons ago, if you let fear or aggression affect what you do, then you will not achieve consistent results and you probably won’t be able to tell why because you will not have stuck with your trading plan. They’ll be no way to fully analyze in what ways you let yourself down.
How then to retain your emotional capital? How to keep your cool, and treat your trading dispassionately and effectively? One answer has been already covered in the last lesson, when we spoke of keeping your focus. It simply to not get too engaged in the minutiae of the chart when you don’t need to.
If you trade effectively, you will know when to focus on charts that are coming up to your actual set up, in accordance with your trading strategy. It’s a waste of time to be following every move of the chart if it’s not at the stage where you would be thinking of making a trade, according to your plan.
The answer is to set up a system of alerts, particular to the way you want to trade, which will save you having to concentrate too hard and burn yourself out watching the chart closely when it’s not even coming near the setup that you’re trading. An example of this was given in the last lesson.
And this is a good reason for you to have a trading strategy clear in your mind, if not written down. Some people may think they can trade by the seat of their pants, but the people who can do that are few and far between, and most who try finish up going out of the game very quickly.
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