This is a trader question from the Fibonacci Trading Forum.

Bert says:
What would make the biggest difference to my trading?
Being consistent, staying with trade to completion and minding the trend.

Neal responds:

That’s great, you know how to boost your profits! Make a solid trading plan and stick with it.

What if you can’t stick with your trading plan? Every time you break your trading rules, stop trading for the rest of the day. If that doesn’t help, stop trading for a week. That should give you some incentive to stay with your trading plan…

-Neal (FOREX Fibonacci Trading)

This is a trader question from the Fibonacci Trading Forum.

Bert says:
Overtrading, my self-discipline, I struggle with those the most.

Neal responds:
There can be many reasons for over-trading, so it could be beneficial to analyze the causes of this problem.

Think about your trading, when you are over-trading, what are the circumstances? Are you bored, do you need excitement? Are you pressured by your setups and triggers to enter often? Are your stop-losses too close so you are exiting and have to re-enter frequently? Are the trends weak so you have too much whipsaw? Are you trading lower time-fames, those micro-wiggles with excessive noise?

All of those reasons can have solutions. After carefully assessing the causes, you can begin to solve the problem.

-Neal (FibMaster’s Fibonacci Trading Course)

Here is an email question from a member of Daily Forex Charts .com

My struggle is self discipline. This I think is coz i don’t know where to start my trading day and what to look for. I also think fear plays a big part. (fear of losing money again and again.)
 

Neal’s response;

Fear is bad for trading. Fear will cause you to make regrettable decisions, and it can get in the way of your ability to learn as well. I encourage you to look for the source of that fear. Are you risking too much per trade?

Until you have confidence in your trading, you should be taking very small risks. That is one way to reduce the fear.

-Neal Hughes “FibMaster”

This is a trader question from the Fibonacci Trading Forum.

Hussam says:
What would make the biggest difference to my trading?
- hanging on to winners until they hit target. Pure mental issue.

Neal responds:
Haha! This is a real problem. When we have a winning trade, it is so easy to bank those profits! There is a human urge to cut your profits and let your losses run. Traders have to manage these impulses all the time. We must trust our trading plan, or else change the trading plan.

If you have a clear exit trigger, then stick to it! Try to print it out, have it next to your trading station, or write it down, and keep referring to it. Only when your exit trigger gives you permission, should you exit.

If you are not satisfied with your exit strategy, you may have to review it. Until then, stay with your trading plan. Perhaps you should plan for a partial exit to take away some of that stress?

-Neal (FibMaster’s Fibonacci Trading Course)

This is a trader question from the Fibonacci Trading Forum.

Neal asks:
What part of your trading do you need to improve?
Kim replies:
Trading psychology.

Neal responds:
Congratulations! You’ve discovered another “secret” to trading.. Trading is a complex activity, involving sometimes difficult decisions that can be effected by our emotions, and can have an effect on our emotions. Knowing how we react to risk, reward, and stress, and learning to control our behavior to make the best trading decisions, is part of the journey.

We’ll discuss this in a future Fibonacci Trading Forum webinar.

-Neal (FibMaster’s Fibonacci Trading Course)

This is a trader question from the Fibonacci Trading Forum.

Martin asks:
I seem to be waiting for the optimum trade and then do not pull the trigger, but then see it go the way I thought it would.

Neal responds:
There are several primary causes of this problem;

Lack of confidence.
Fear/Risk.
Over analysis/indecision.

We’ll discuss this in a future Fibonacci Trading Forum webinar.

-Neal (FibMaster’s Fibonacci Trading Course)