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Emotion in Forex trading

eabrams
Nov 28 2018 at 07:34
6 posts
Adribaasmet posted:
eabrams posted:
I've been there, I've done that, sometimes I still do that. Getting out of that spiral is almost impossible once it starts.


Got it mate, almost we all same similar experience but the good thing is; now we have improve a lot.


I think most traders who don't have any economic education background have similar experiences. In a way that is something to bond over.

PinUpGal
Nov 28 2018 at 12:12
12 posts
Do you think that you need an economic background to make it in Forex?

AmDiab
Nov 28 2018 at 13:57
718 posts
PinUpGal posted:
Do you think that you need an economic background to make it in Forex?


There is no problem without economic background. I have seen, so many pro traders who had nothing background in trading industry.

snapdragon1970 (snapdragon1970)
Nov 28 2018 at 16:31
1944 posts
Its not something that is a must have but it sure does help, especially for longer trades.

"They mistook leverage with genius".
Professional4X
Nov 29 2018 at 08:54
1189 posts

'Good' emotions (joy, happiness, excitement, etc...) will give a people a false sense of superiority when it comes to their trading and causes people to over trade with the expectation they are going to 'win big' or some other such nonsense.

'Bad' emotions (anger, depression, despair, etc...) will give people a 'fight or flight' kind of response that happens when a trader makes a really bad trade.

This causes people to over trade and make bad trading decisions such as trying to trade themselves out of a bad situation on their account with massive lot/unit sizes and such, which when the trade goes bad, will cause traders panic and blow out their account because are ignoring the basic rules of successful trading.

Emotions should NEVER be allowed to have any impact whatsoever in trading the markets.

If it looks too good to be true, it's probably a scam! Let the buyer beware.
Professional4X
Nov 29 2018 at 08:55
1189 posts
snapdragon1970 posted:
Its not something that is a must have but it sure does help, especially for longer trades.


NO.

If a trade is profitable either close it out and take the profit, or move your stop loss up to lock in your profits and let the trade run it's course until it hits your take profit target.

If you have a longer running trade and you see it is profitable, how is being emotional about it going to help the trade?

It isn't going to help at all.
Emotions have no place in trading.

If it looks too good to be true, it's probably a scam! Let the buyer beware.
Professional4X
Nov 29 2018 at 08:56
1189 posts
PinUpGal posted:
Do you think that you need an economic background to make it in Forex?


Short answer: NO


If it looks too good to be true, it's probably a scam! Let the buyer beware.
Paquito
Nov 29 2018 at 13:54
8 posts
I have been trading a while and met a pro trader (for a bank) the other day. It wasn't a pleasant experience. He knew so much about markets, economics etc and it made me feel pretty small and ignorant. He seemed to think that without years of knowledge of economics and a team of people analysing the fundamentals it is impossible to make money trading. He thought that all day traders were just gamblers.

AniLorak
Nov 29 2018 at 14:41
920 posts
Professional4X posted:
PinUpGal posted:
Do you think that you need an economic background to make it in Forex?


Short answer: NO



Same from me! Basically, having economic background is not common case, it’s rare!

snapdragon1970 (snapdragon1970)
Nov 29 2018 at 18:05
1944 posts
Professional4X posted:
snapdragon1970 posted:
Its not something that is a must have but it sure does help, especially for longer trades.


NO.

If a trade is profitable either close it out and take the profit, or move your stop loss up to lock in your profits and let the trade run it's course until it hits your take profit target.

If you have a longer running trade and you see it is profitable, how is being emotional about it going to help the trade?

It isn't going to help at all.
Emotions have no place in trading.


Why is my post linked to your answer, your talking about a completely different subject.

"They mistook leverage with genius".
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