Important points about trading

Number of Simultaneous Open Trades and Selecting the Right Time Frame for Each Individual:

How well is our mind prepared to manage multiple trades simultaneously without getting caught up in excitement, fear, obsession, or false hope, ensuring that these trades don't affect each other? Should we also consider whether we are entangled in currency pair correlations (Correlation Currency)?

Some people are calmer and carry out their tasks in an orderly manner, accompanied by patience. These individuals speak slowly and deliberately, a trait that extends to their walking, driving, and other activities. However, others operate quickly, with rapid mental processing and decision-making. They speak, walk, and decide quickly, and can handle multiple tasks within a specific time frame.

By analyzing these two initial factors, we can determine the appropriate time frame for ourselves.

How many charts can we analyze in a day without suffering from Troxler's fading? We need to understand the brain's capacity to process different charts, which is linked to various factors. Overall, we must know how many charts we can have on our watchlist without suffering from information overload, causing us to miss and overlook certain trading opportunities.

The concept of risk differs from loss. Risk refers to the percentage chance of success in an event. For example, participating in a lottery has a high risk because the chance of winning is one in several million. Professional individuals who use their experience and skills tend to be more risk-tolerant, although not all professionals are necessarily risk-tolerant. These individuals trade at touches and closes. They typically do not trade based on the entry edge and changes in the flow of orders because they know how certain levels exist where the cost-to-benefit ratio is worthwhile. For example, they know that if prices move poorly during phase changes, they might lose 20 pips, but if it moves in their favor and leads to profit, they could gain 100 pips, creating at least a 1/33 ratio for aggressive-stimulative trading. The good news is that this risk tolerance can be improved through proper practice and effort under the guidance of an experienced coach.

What is meant by loss aversion and loss tolerance in trading?

This trait exists in most people, though the degree varies; some experience it more or less intensely than others. For example, when a trade moves into profit, most people are tempted to exit, only to regret it later. Therefore, in our plan, we must determine how loss-averse or loss-tolerant we are and set our behavior accordingly for an exit strategy. We identify this trait through our journal. For instance, if we see that we exited a trade due to a single reversal candle, and this behavior occurs frequently, the trader is more loss-averse. Therefore, we would note in the plan that we are loss-averse. In such cases, it might be necessary for the individual to manage trades by two candles instead of one, avoiding the need to manage every single candle.

What is the obsession with checking social networks related to trading?

Some traders lack self-belief, similar to someone who dyes their hair and then asks everyone they meet if their hair looks good. After entering a trade, such individuals start opening various indicators, oscillators, and other analytical tools, or change time frames, check news and fundamentals, ask friends for opinions, or browse social media, seeking validation or confirmation for their trade entry. However, their trading method or system might differ from ours, and the parameters in our plan might not match others. Therefore, their opinions are irrelevant to us. Others can never trade like us, which is why people with the same trading system have different outcomes. It's not about one person's talent or intelligence being more or less; therefore, when we are behind the chart, we should distance ourselves from social networks.

The obsession with checking multiple time frames:

Many traders become obsessed with this behavior. After selecting a position and identifying a trading opportunity, and concluding that the market is clear enough, leading us to enter the trade, there is no reason to keep switching between time frames. Doing so only creates doubt and mental stress.

When managing multiple trades, there’s a risk that the outcomes or the psychological impact of one trade can influence your decision-making on others. This is especially prevalent when dealing with correlated assets. For example, if you're trading multiple currency pairs that are highly correlated, a loss in one pair might cause undue stress or a negative mindset that could affect your judgment on the others

Troxler’s Fading: This phenomenon occurs when an unchanging stimulus fades from our awareness over time. In trading, constantly staring at charts or analyzing too many charts can lead to this effect, where important information becomes less noticeable due to overexposure.

Information Overload: Analyzing too many charts or trying to follow too many assets can lead to cognitive overload. When our brains are bombarded with too much data, it becomes difficult to process information effectively, leading to missed opportunities or poor decision-making.

Effective Chart Management: To avoid this, it’s important to know your limits. Determine how many charts you can realistically monitor without becoming overwhelmed. This might mean focusing on a smaller number of assets or time frames, allowing you to stay sharp and aware of critical developments.

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