Looks like emotions is a big rock in investing and most people agree that it’s an issue. What would be the ways to better manage that aspect? I thought of books on behaviour, having a system.?
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Gabriel Tham
18 Jan 2020
Tag Team Member at Kenichi Tag Team
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Billy
18 Jan 2020
Development & Acquisitions Manager at Real Estate Private Equity
Hahaha I feel you Daryl, certainly not easy putting aside emotions when executing trades. Perhaps you can try setting Stop Loss and Take Profit prices and just stick to it. It may be tough on the first try but when you do it consistently, it becomes a norm and a habit
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Use stoploss and take profit to make sure your emotions don't get involved. After inserting all the orders, don't look at it. Let your trades do their works
You can read gambling based book to improve your psychological state too.
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Wong Ming Yao
16 Dec 2019
Product and Community Associate at 8VIC Global Pte Ltd
Hi Daryl,
Humans are an emotional creature that will amplify the effect of stock price rises during optimism and stock price crashes during pessimism.
Study the business in-depth, have conviction. Place your order to buy and sell before the market opens and focuses on your daily stuff. Stay away from market news!!!
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After investing for many years, I can say up till today I am still learning. As cliche as it sounds,...
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That takes experience. There is no special course or book that can help you control your emotions.
Starting out everyone has emotions but as time goes along, you build confidence, build up your conviction and will not be so much affected.
Also, your risk management is important. If you feel too stressed, cannot sleep well at night, then perhaps you need to analyse why.