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Psychology of Forex Trading
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Monnex

Member Since Nov 15, 2015  44 posts Monz (Monnex) Dec 25 2016 at 14:47
Forex Psychology: Always think risk before reward

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) Dec 25 2016 at 14:48
Forex Psychology: Preserve your capital and don't run after ADS illusion that you will be millionaire with few dollars

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) Dec 25 2016 at 14:48
FxMasterGuru posted:
With algorithmic robot trading there is no concern of trading psychology... Also, less stress, more sleep and even more free time.

Added bonus: Making profits during the Asian session while you are sleeping. smiley


depends in your EA strategy :-)

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

Member Since May 04, 2012  1554 posts FxMasterGuru (FxMasterGuru) Dec 25 2016 at 17:27 (edited Dec 25 2016 at 17:28 )
Monnex posted:
FxMasterGuru posted:
With algorithmic robot trading there is no concern of trading psychology... Also, less stress, more sleep and even more free time.

Added bonus: Making profits during the Asian session while you are sleeping. smiley


depends in your EA strategy :-)


Yes, correct...

I meant it for successful manual strategies which are hard to implement - on larger investments - due to psychological factors.

I was very good at demo trading, mediocre with smaller funds and disastreous with larger investments. Moving to fully automated trading has solved all my problems. I have never looked back.

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RPatell

Member Since Apr 17, 2015  64 posts Raj (RPatell) Dec 27 2016 at 10:11
FxMasterGuru posted:
With algorithmic robot trading there is no concern of trading psychology... Also, less stress, more sleep and even more free time.

Added bonus: Making profits during the Asian session while you are sleeping. smiley


I guess this is the case when there is no flash crash of the markets during that session. Maybe you sleep better in general but isn't it a stress with the need to update the robots settings regularly, and when they go wrong? I'm not expert on auto trading so I was just wondering about these aspects as well.

Knowledge is king!
PriceAction13

Member Since Oct 08, 2016  18 posts PriceAction13 Dec 27 2016 at 12:06
Monnex posted:
Here we will talk about how to plan your trade and what to do before, during and after


For new traders; I would suggest to close their terminal after making a new deal! Because, they are unable to control their emotions during live sessions of trading! Whatever, I need at least 30 minutes for doing market analysis! In addition, I never close my trade positions without final result, either its SL or TP! When I get my daily trading target then I take rest, that’s all.

To change your trading result, just change your thinking.
NEEnah

Member Since Mar 25, 2015  71 posts Nina (NEEnah) Dec 27 2016 at 12:13
It is wise to always set the SL and TP levels. What you say about closing the terminal could work well and safe only then. Technical analysis and fundamental analysis is the homework you do before opening a trade, good that you pointed this out. The more knowledge is involved in trading, the less emotional are the decisions.

mlawson71

Member Since Dec 11, 2015  719 posts mlawson71 Dec 27 2016 at 12:33
Regarding SL, I couldn’t stress enough how important it is to place it properly. If you don’t you might end up losing a lot in the long term.

CrazyTrader

Member Since Nov 21, 2011  1630 posts CrazyTrader (CrazyTrader) Dec 27 2016 at 12:35
PriceAction13 posted:
Monnex posted:
Here we will talk about how to plan your trade and what to do before, during and after


For new traders; I would suggest to close their terminal after making a new deal! Because, they are unable to control their emotions during live sessions of trading! Whatever, I need at least 30 minutes for doing market analysis! In addition, I never close my trade positions without final result, either its SL or TP! When I get my daily trading target then I take rest, that’s all.


I guess you never rest then?

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FxMasterGuru

Member Since May 04, 2012  1554 posts FxMasterGuru (FxMasterGuru) Dec 27 2016 at 14:00 (edited Dec 27 2016 at 14:20 )
RPatell posted:
FxMasterGuru posted:
With algorithmic robot trading there is no concern of trading psychology... Also, less stress, more sleep and even more free time.

Added bonus: Making profits during the Asian session while you are sleeping. smiley


I guess this is the case when there is no flash crash of the markets during that session. Maybe you sleep better in general but isn't it a stress with the need to update the robots settings regularly, and when they go wrong? I'm not expert on auto trading so I was just wondering about these aspects as well.


Correct. During the early Asian session hours a flash crash is unlikely, nevertheless, it can happen to any trader using higher than 1:5 leverage and everybody should be prepared (mentally and financially) to wake up for an empty account.

Furthermore brokers can disappear with ALL segregated client funds, as it happened to me when CTM's owner (Reza F**ing Mokhtarian) has stolen $500,000+ clients funds spending it on his mansion and luxury cars...

Getting back to automated trading: The optimal EA is ''robust'', i.e. it can work well during favorable market conditions and survive less favorable market conditions with modest losses. Such EAs don't need updates. Losses are part of the game - as business expenses - the same way as Casinos profit only from the ''0'' or ''00'' on the roulette, meaning that these two numbers are their ''edges''. Even if players win big on roulette occasionally, statistically it is ALWAYS the Casino who wins. In summary: a good EA should function as a roulette table for a Casino.

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Foreign Arrivals (44 min)
The Wall Street Journal: Trump to issue ...(17 min ago)
EURUSD 1.08653 GBPUSD 1.25677
USDJPY 110.584 USDCAD 1.33795
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