Psychology of Forex Trading

Here we will talk about how to plan your trade and what to do before, during and after

There are many strategies which we can use while trading, but we need to know that all strategies will not work in each and every trade.

adam4 posted:
@Monnex Well, you should give us some of those strategies. I really need them

i didn't mean strategies trading

what i need to tell you how to prepare or dealing with your own strategy

lot of people make lot of mistakes while trading if they fix it they will be profit in Forex market

Forex Psychology: If you want to profit from your trading don't do 7 mistakes

1- Trade too much

2- Risk too much

3- Thinking too much

4- Reading too much news & analysis

5- Gambling

6- Trading without strategy

7- No money management

Don't think that professional traders are more smart than the others but they commitment to their rules & strategy

If there is no good signals to trade so don't risk and lose your money

Monnex posted:
Here we will talk about how to plan your trade and what to do before, during and after

I don’t switch on my trading terminal directly without 15 minutes meditation! Honestly, this process helps me for being a successful Forex trader! I make prepare my neurons before opening my chart by meditation! In addition, obviously I have a specific daily trading target that I try to fulfill, it not then I want for next session! Thus I handle my live trading!

PriceAction13 posted:

Monnex posted:
Here we will talk about how to plan your trade and what to do before, during and after

I don’t switch on my trading terminal directly without 15 minutes meditation! Honestly, this process helps me for being a successful Forex trader! I make prepare my neurons before opening my chart by meditation! In addition, obviously I have a specific daily trading target that I try to fulfill, it not then I want for next session! Thus I handle my live trading!

I have already heard about meditation before trading.
I would be interested to know what you do exactly.
your process...

traders think emotionally that he will be millionaire from forex by investing low balance account and high risk orders

most traders open trades with no reason or good signals and no calculation of how much they will lose

Monnex posted:
traders think emotionally that he will be millionaire from forex by investing low balance account and high risk orders

most traders open trades with no reason or good signals and no calculation of how much they will lose

In this business calculation is necessary. You must draw your goal of gain but also take what can be the margin of loss to not have a bad ending.
That's trading are wisdom.

Monnex posted:
Forex Psychology: If you want to profit from your trading don't do 7 mistakes

1- Trade too much

2- Risk too much

3- Thinking too much

4- Reading too much news & analysis

5- Gambling

6- Trading without strategy

7- No money management

It seems that the theory of 'too much' is not favorable.

PriceAction13 posted:
I don’t switch on my trading terminal directly without 15 minutes meditation! Honestly, this process helps me for being a successful Forex trader! I make prepare my neurons before opening my chart by meditation!

Interesting approach and technique with meditation. I am wondering if it needs to be that long or even few minutes are enough for meditating 😄

naiza posted:
It seems that the theory of 'too much' is not favorable.

What do you mean by that?

MMM, I doubt that meditation will serve much in the Affairs of business. I.e., is in the personality of the dealer. If it is a volatile person, who does not trace its earnings targets and does not work professionally, the meditation will not help you.

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. 😄

Forex Psychology: Always think risk before reward

Forex Psychology: Preserve your capital and don't run after ADS illusion that you will be millionaire with few dollars

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 :-)

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 :-)

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.