Learning from the experiences of others and seeking mentorship can be crucial in overcoming the pitfalls of overtrading.Peer support and mentorship can indeed be valuable tools for helping traders overcome overtrading tendencies. Overtrading, which is the act of making excessive and impulsive trades, can be detrimental to a trader's overall performance and profitability.
I think they can be effective to promote more disciplined and strategic trading habits.Can peer support or mentorship help traders overcome overtrading tendencies?
Yes, if you are fortunate to have a proven Mentor, If not and you are trading on your own, then as long as you have a proven strategy which covers all the normal caveats then over trading should not be a problem.Can peer support or mentorship help traders overcome overtrading tendencies?
At the end, it is you who need to control yourself and prevent you from overtrading. Set daily goals and try to make an exact number of trades per day; that can be a good start.
Will the losses be divided equally too? The question is, what does he mean to you and what do you want from him?Having a second opinion is good in my opinion and your mentor or partner can shoulder some of the stress and thinking alongside you.
Demo account is a common first step. What’s next for you? How do you manage the emotions when facing losses, since it's not always about profits?Yes it can, but I personally learnt forex by myself by using demo accounts and gathering info from many articles to practise journaling and managing risk. Using a demo account has helped me overcome overtrading because there is no real money involved.
It’s easier to deal with emotions if you trade only according to a trading strategy, but those who have the problem of overtrading rarely trade according to a strategy; they rely more on emotions.Demo account is a common first step. What’s next for you? How do you manage the emotions when facing losses, since it's not always about profits?
Following a trading plan with full discipline is a good habit for improving trading skills, this can prevent greed and overtrading. Emotion is human nature but to make higher quality trading, controlling emotion is important to do soIt’s easier to deal with emotions if you trade only according to a trading strategy, but those who have the problem of overtrading rarely trade according to a strategy; they rely more on emotions.
Yes, I agree. A demo account can help systematize trading, but this can only be done if you put aside emotions and trade on a demo account exactly as on your real accountFollowing a trading plan with full discipline is a good habit for improving trading skills, this can prevent greed and overtrading. Emotion is human nature but to make higher quality trading, controlling emotion is important to do so