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Psychology of Forex Trading
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yersonv

Member Since Aug 07, 2016  24 posts yersonv Jan 08 at 07:48
Forex Psichology: The most successful traders simply maintain their operations. They do not analyze all day, do not investigate historical trends and their results are excellent.

monkyl

Member Since Nov 25, 2016  23 posts monkyl Jan 08 at 07:54
I was reading some things and I found this with which I want to share.

Below, we will show a series of psychological biases of the Forex trading that can cause you many problems and losses. Read each of these and identify which is the one that affects you the most:

1. Bias of trust: Overestimate your trading skills and believe that everything you do is correct.

2. Anchor bias: believe that the future behavior of currencies will be the same as in the past.

3. Bias of confirmation: look for indicators, information or data to confirm a decision, whether good or bad.

4. Loss bias: hold losing positions or leave the market too early for fear of loss.

monkyl

Member Since Nov 25, 2016  23 posts monkyl Jan 08 at 07:54
Forex psychology explains a number of mental phenomena that can affect the results of currency traders. Put simply, to counter most of these biases, the best thing you can do is to develop a trading plan and follow it to the letter.

Usually, fear is the motivator of all these inconveniences, so it is important that you know and control with appropriate methods (which are usually reflected in a trading plan).

monkyl

Member Since Nov 25, 2016  23 posts monkyl Jan 08 at 07:54
Also, do not forget that losses are totally unavoidable in the Forex market. Financial trading is a constant learning process, so you will suffer losses and you will know many things. The important thing is not to get carried away by negative aspects, but to learn from mistakes and improve strategies. The famous method of 'trial and error' is one of the best to counteract psychological bias.

monkyl

Member Since Nov 25, 2016  23 posts monkyl Jan 08 at 07:54
It really is an interesting subject to study.

Monnex

Member Since Nov 15, 2015  44 posts Monz (Monnex) Jan 10 at 09:48
Forex Psychology: Don't analysis the charts all the day it will let you confuse and take bad decisions, The best time to read the charts is the end of the day

The Worst Enemy Is The Time Taken To Find A Good Signal To Trade on
Monnex

Member Since Nov 15, 2015  44 posts Monz (Monnex) Jan 10 at 11:12
Forex Psychology: Professional traders goal is to catch lot winning trades and their profit is the difference between wining and losses trades

The Worst Enemy Is The Time Taken To Find A Good Signal To Trade on
Monnex

Member Since Nov 15, 2015  44 posts Monz (Monnex) Jan 10 at 11:13
Forex Psychology: All traders who fails in the Forex market are no better than a gambler in a casino

The Worst Enemy Is The Time Taken To Find A Good Signal To Trade on
mlawson71

Member Since Dec 11, 2015  714 posts mlawson71 Jan 11 at 12:05
I don’t think that failing because of psychological pressure necessary makes a trader no better than a gambler. You can still trade based on your knowledge, rather than rely on luck, and still have your emotions get the better of you.

growthera

Member Since Feb 18, 2014  85 posts growthera Jan 11 at 13:33
I would say what makes you a gambler is how you trade, not the result. I'm sure there are successful fx gamblers out there (although far less then unsuccessful ones ).

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HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.