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long term thinking
Set achievable goals. Having a realistic plan for what you want to achieve will help prevent overtrading or getting carried away by emotions due to unrealistic expectations. It will also help you focus on the long-term goal rather than short-term gains or losses.
take a break
Regular breaks can give you the perspective and clarity you need about your current situation. So if you’ve had a successful trading streak, take a break before you get carried away and over-trade. Furthermore, trading without a break will wear you out and eventually lead to poor decisions. Breaks are not only good for your investments, but also for your physical and mental health.
learning from mistakes
Everyone makes mistakes when trading. Instead of getting angry at yourself or even worse, trying to make up for your losses with more capital, take a moment and analyze what went wrong. Implement new strategies based on what you’ve learned from previous mistakes and you’ll be better prepared next time.
Set rules
Create a detailed trading plan and stick to it. This plan will outline how you will handle different situations and help you keep your reactions in check during stressful times. Examples include using stop-loss and take-profit features, setting limits on how much money you can make or lose in a single day, and following a risk-management strategy that you are comfortable with.
With a clear plan in mind, you will know exactly what steps to take without letting emotional reactions get in the way of your decisions, ensuring that you do not deviate from the initial plan you set for yourself before entering the trade.
