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Psychology of Forex Trading
Členom od Oct 08, 2016
58 príspevkov
Dec 27, 2016 at 12:06
Členom od Oct 08, 2016
58 príspevkov
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.
Členom od Mar 25, 2015
71 príspevkov
Dec 27, 2016 at 12:13
Členom od Mar 25, 2015
71 príspevkov
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.
Členom od Dec 11, 2015
1487 príspevkov
Dec 27, 2016 at 12:33
Členom od Dec 11, 2015
1487 príspevkov
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.
Členom od Nov 21, 2011
1718 príspevkov
Dec 27, 2016 at 12:35
Členom od Nov 21, 2011
1718 príspevkov
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?
Členom od May 04, 2012
1608 príspevkov
Dec 27, 2016 at 14:00
(upravené Dec 27, 2016 at 14:20)
Členom od May 04, 2012
1608 príspevkov
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. 😄
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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Členom od May 04, 2012
1608 príspevkov
Dec 27, 2016 at 15:36
Členom od May 04, 2012
1608 príspevkov
mlawson71 posted:
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.
Unless your ''B-booking'' broker manipulates your stop losses at will. Here is an introduction from the manual of a ''virtual dealer plugin'' parasite software - sold on Forex Expose by dozens of vendors - used by practically all ''B-booking'' brokers:
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Členom od Jun 03, 2014
58 príspevkov
Dec 27, 2016 at 17:09
Členom od Jun 03, 2014
58 príspevkov
Forex Psychology: never dazzle thinking that you will become a millionaire with minimal investments and without any small risk
forex_trader_350646
Členom od Aug 09, 2016
36 príspevkov
Dec 27, 2016 at 17:48
Členom od Aug 09, 2016
36 príspevkov
leopoldo posted:naiza posted:
It seems that the theory of 'too much' is not favorable.
What do you mean by that?
You can not risk 'too much'. Trading 'too much'.
That's what I mean
forex_trader_349955
Členom od Aug 07, 2016
37 príspevkov
Dec 27, 2016 at 17:55
Členom od Aug 07, 2016
37 príspevkov
Forex psychology: always learn from the 'good forex traders'. Before you take a step evaluate those who have walked that route before you.
forex_trader_349955
Členom od Aug 07, 2016
37 príspevkov
Dec 27, 2016 at 17:56
Členom od Aug 07, 2016
37 príspevkov
Monnex posted:
Forex Psychology: Always think risk before reward
Yes, you will save yourself a few unnecessary losses.
forex_trader_29148
Členom od Feb 11, 2011
1916 príspevkov
Dec 28, 2016 at 07:20
Členom od Feb 11, 2011
1916 príspevkov
when the risk is low you can sleep better
Členom od May 04, 2012
1608 príspevkov
Dec 28, 2016 at 07:24
Členom od May 04, 2012
1608 príspevkov
mitchel14 posted:
Forex Psychology: never dazzle thinking that you will become a millionaire with minimal investments and without any small risk
Correct. Forex is modern days' 'Gold Rush'...
As we all know, during the 'Gold Rush' mostly the merchants had become rich... Like Forex brokers in modern times....
We are like these guys, just in a different century...
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forex_trader_361972
Členom od Sep 21, 2016
28 príspevkov
Dec 28, 2016 at 07:42
Členom od Sep 21, 2016
28 príspevkov
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. 😄
depends in your EA strategy :-)
I absolutely agree with that.
Členom od Nov 15, 2015
56 príspevkov
Dec 28, 2016 at 13:32
Členom od Nov 15, 2015
56 príspevkov
Forex Psychology: If you don't have trading strategy but you have winning trades that means you are gambling and lucky for a while but at the end you will loose all your money
Členom od Nov 15, 2015
56 príspevkov
Dec 29, 2016 at 09:35
Členom od Nov 15, 2015
56 príspevkov
Forex Psychology: Be honest with yourself if you are loosing money from trading stop and find good strategy then try it on DEMO accoount
forex_trader_29148
Členom od Feb 11, 2011
1916 príspevkov
Dec 29, 2016 at 09:42
Členom od Feb 11, 2011
1916 príspevkov
trill12 posted:of courseMonnex posted:
Forex Psychology: If you don't have trading strategy but you have winning trades that means you are gambling and lucky for a while but at the end you will loose all your money
I agree... In this business strategy is everything! You can not trade at the mercy of luck.
Členom od May 04, 2012
1608 príspevkov
Dec 29, 2016 at 09:53
Členom od May 04, 2012
1608 príspevkov
Don't let trading become a dangerous gambling habit or a gambling substitute.
Start with a VERY SMALL, but REAL LIVE account and with a strict MONTHLY budget.
If the budget is gone, reevaluate the mistakes until next month's budget kicks in. Never violate this rule.
Should your budget survive the month: Good for you! You are on the right track!
Start with a VERY SMALL, but REAL LIVE account and with a strict MONTHLY budget.
If the budget is gone, reevaluate the mistakes until next month's budget kicks in. Never violate this rule.
Should your budget survive the month: Good for you! You are on the right track!
Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
Členom od Nov 15, 2015
56 príspevkov
Dec 29, 2016 at 11:52
Členom od Nov 15, 2015
56 príspevkov
FxMasterGuru posted:
Don't let trading become a dangerous gambling habit or a gambling substitute.
Start with a VERY SMALL, but REAL LIVE account and with a strict MONTHLY budget.
If the budget is gone, reevaluate the mistakes until next month's budget kicks in. Never violate this rule.
Should your budget survive the month: Good for you! You are on the right track!
I agree with you that REAL LIVE account is the best learning field to trade, but with very small amount of money
Členom od Jun 03, 2014
58 príspevkov
Dec 29, 2016 at 20:50
Členom od Jun 03, 2014
58 príspevkov
FxMasterGuru posted:mitchel14 posted:
Forex Psychology: never dazzle thinking that you will become a millionaire with minimal investments and without any small risk
Correct. Forex is modern days' 'Gold Rush'...
As we all know, during the 'Gold Rush' mostly the merchants had become rich... Like Forex brokers in modern times....
We are like these guys, just in a different century...
Thank you ... you could not graph it better. 😉
forex_trader_350646
Členom od Aug 09, 2016
36 príspevkov
Dec 29, 2016 at 21:06
Členom od Aug 09, 2016
36 príspevkov
Monnex posted:FxMasterGuru posted:
Don't let trading become a dangerous gambling habit or a gambling substitute.
Start with a VERY SMALL, but REAL LIVE account and with a strict MONTHLY budget.
If the budget is gone, reevaluate the mistakes until next month's budget kicks in. Never violate this rule.
Should your budget survive the month: Good for you! You are on the right track!
I agree with you that REAL LIVE account is the best learning field to trade, but with very small amount of money
REAL LIVE is the best coach.
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