Psychology of Forex Trading

Dec 18, 2016 at 08:03
9,058 Views
290 Replies
Member Since Nov 09, 2018   212 posts
Dec 17, 2018 at 14:46
AmDiab posted:
victoriajensen posted:
I find that the Non-Farm Payrolls can be traded from time to time, but you should probably wait out the first few whipsaws before opening a position.

During the NFP it’s really difficult; but after 30-40 minutes most of the times I get trade opportunities.

Yes, it makes sense standing on the correction movements after the main fluctuations. Just like trading on the reactions of investors
#AnthonyWins
Member Since Nov 22, 2018   11 posts
Dec 17, 2018 at 15:03
The spreads are usually huge around non-farm payroll so I too prefer to stay away for at least half an hour
Member Since Aug 09, 2017   785 posts
Dec 18, 2018 at 10:54
I have seen so many traders who are particularly beginners always try to make money without learning. as a result they become loser when trading practically. Actually success is a long time process in Forex trading that’s why we the traders first of all have to be prepared to pass a long time in this volatile trading place, otherwise there is nobody who could achieve success from here.
Member Since Dec 18, 2018   8 posts
Dec 19, 2018 at 08:43
People think trading is easy and just start trading with a live account but then 90% lose money. it is not a surprise. Without learning you will surely fail at anything
Member Since May 16, 2018   11 posts
Dec 19, 2018 at 08:47
As i can see, all my friends in Forex start to learn forex after big losses as well as I. So its hard to me to speak about psychology in forex. When i started it was like fast money for me. Maybe all of you see the great adverising about forex. So i was stupid and thought i'm the smartest in the world and wil be rich after a week. 😁😀😁
But now i'm not stupid and have a min losses in trading.
Member Since Apr 18, 2017   920 posts
Jan 10, 2019 at 05:52
Faneel posted:
As i can see, all my friends in Forex start to learn forex after big losses as well as I. So its hard to me to speak about psychology in forex. When i started it was like fast money for me. Maybe all of you see the great adverising about forex. So i was stupid and thought i'm the smartest in the world and wil be rich after a week. 😁😀😁
But now i'm not stupid and have a min losses in trading.

True; even I was started my learning process seriously after facing my 1st MC. No doubt, knowledge is the key here; and it’s a long term process (Forex learning).
Member Since Jan 11, 2019   11 posts
Jan 11, 2019 at 11:04
I try to automate all my trading to avoid psychological problems. I can then be hands off and let the EA do all the work. No emotions there. There are limitations to robots but you can ensure that there is no revenge trading or bending of the rules
Member Since Aug 27, 2017   994 posts
Jan 13, 2019 at 07:42
NascarLover posted:
I try to automate all my trading to avoid psychological problems. I can then be hands off and let the EA do all the work. No emotions there. There are limitations to robots but you can ensure that there is no revenge trading or bending of the rules

So, I guess you are a EA developer; isn’t? In addition, you have built your own trading EA; am I right?
Member Since Jan 31, 2019   16 posts
Feb 01, 2019 at 11:49
NascarLover posted:
I try to automate all my trading to avoid psychological problems. I can then be hands off and let the EA do all the work. No emotions there. There are limitations to robots but you can ensure that there is no revenge trading or bending of the rules

Unfortunately, not all traders are EA developers and for most of us, psychology is a most important thing. Thus, maybe we should follow the automatisation way of trading evolution. To do this, we should develop our EA creating tools to get an opportunity create a more and more complicated apps.
The AI is the future.
Member Since Feb 22, 2011   4862 posts
Feb 01, 2019 at 11:53
HyperAI posted:
NascarLover posted:
I try to automate all my trading to avoid psychological problems. I can then be hands off and let the EA do all the work. No emotions there. There are limitations to robots but you can ensure that there is no revenge trading or bending of the rules

Unfortunately, not all traders are EA developers and for most of us, psychology is a most important thing. Thus, maybe we should follow the automatisation way of trading evolution. To do this, we should develop our EA creating tools to get an opportunity create a more and more complicated apps.

You can always get somebody to program it for as low as $100
Still better than wipe $1,000 account right?
Member Since Jan 27, 2013   447 posts
Feb 02, 2019 at 14:23 (edited Feb 02, 2019 at 14:26)
togr posted:
HyperAI posted:
NascarLover posted:
I try to automate all my trading to avoid psychological problems. I can then be hands off and let the EA do all the work. No emotions there. There are limitations to robots but you can ensure that there is no revenge trading or bending of the rules

Unfortunately, not all traders are EA developers and for most of us, psychology is a most important thing. Thus, maybe we should follow the automatisation way of trading evolution. To do this, we should develop our EA creating tools to get an opportunity create a more and more complicated apps.

You can always get somebody to program it for as low as $100
Still better than wipe $1,000 account right?

You can wipe it out with an 100$ EA, no problem there...
Sorry togr, I could not abstain myself...
Member Since Feb 01, 2019   10 posts
Feb 03, 2019 at 07:25
It is better to code something yourself. I would not trust an EA that I could not understand. It is very easy to understand MQL4 coding and there are plenty of resources teaching it. Dedicate 2 weeks to learning it and it will save you years of time and thousand of dollars
Member Since Apr 18, 2017   920 posts
Feb 03, 2019 at 08:16
HyperAI posted:
NascarLover posted:
I try to automate all my trading to avoid psychological problems. I can then be hands off and let the EA do all the work. No emotions there. There are limitations to robots but you can ensure that there is no revenge trading or bending of the rules

Unfortunately, not all traders are EA developers and for most of us, psychology is a most important thing. Thus, maybe we should follow the automatisation way of trading evolution. To do this, we should develop our EA creating tools to get an opportunity create a more and more complicated apps.

Are you an EA developing company or anything else? Thanks in advance.
Member Since Feb 05, 2019   43 posts
Feb 05, 2019 at 12:27
Jdimitrov posted:
It is better to code something yourself. I would not trust an EA that I could not understand. It is very easy to understand MQL4 coding and there are plenty of resources teaching it. Dedicate 2 weeks to learning it and it will save you years of time and thousand of dollars

Hello. Kindly ask you to share a resourses for learning how to code an EA.
my experience is my profit
Member Since Feb 05, 2019   11 posts
Feb 05, 2019 at 13:28
The MQL4 and MQL5 websites have tonnes of information on coding. I think they even have a free course you take. Plenty of examples too. Coding is rather straight forward once you know the basics. I prefer to trade manually but coding has its uses for indicators and alarms
Member Since Feb 05, 2019   43 posts
Feb 06, 2019 at 12:47
Ognjan posted:
The MQL4 and MQL5 websites have tonnes of information on coding. I think they even have a free course you take. Plenty of examples too. Coding is rather straight forward once you know the basics. I prefer to trade manually but coding has its uses for indicators and alarms
I traded with EA, but I never tried to create them. It would be very profitable, to be able to create independently.
my experience is my profit
Member Since Feb 22, 2011   4862 posts
Feb 06, 2019 at 12:49
ovisun posted:
togr posted:
HyperAI posted:
NascarLover posted:
I try to automate all my trading to avoid psychological problems. I can then be hands off and let the EA do all the work. No emotions there. There are limitations to robots but you can ensure that there is no revenge trading or bending of the rules

Unfortunately, not all traders are EA developers and for most of us, psychology is a most important thing. Thus, maybe we should follow the automatisation way of trading evolution. To do this, we should develop our EA creating tools to get an opportunity create a more and more complicated apps.

You can always get somebody to program it for as low as $100
Still better than wipe $1,000 account right?

You can wipe it out with an 100$ EA, no problem there...
Sorry togr, I could not abstain myself...

The price is not the point.
Point is that EA will execute trading plan better than any human.
EA can be backtested and optimized.
EA does not sleep nor decide based on emotion.
Member Since Feb 22, 2011   4862 posts
Feb 06, 2019 at 15:02
AniLorak posted:
HyperAI posted:
NascarLover posted:
I try to automate all my trading to avoid psychological problems. I can then be hands off and let the EA do all the work. No emotions there. There are limitations to robots but you can ensure that there is no revenge trading or bending of the rules

Unfortunately, not all traders are EA developers and for most of us, psychology is a most important thing. Thus, maybe we should follow the automatisation way of trading evolution. To do this, we should develop our EA creating tools to get an opportunity create a more and more complicated apps.

Are you an EA developing company or anything else? Thanks in advance.

I do develop EAs that I use for trading.
Member Since Jan 11, 2019   11 posts
Feb 07, 2019 at 06:59
That is true but some FX strategy cannot really be programmed well with EA. It is difficult to program SR an strategy that use chart patterns / sloping trend lines. it is possible but not easy. Also, the results are less good than real trader. Obvious there are psychology factors with trading manually but overall I believe it is better
Member Since Nov 09, 2018   212 posts
Feb 07, 2019 at 12:05
In my opinion, EA trading and manual trading are very different in specifics and requirements for human thinking. It's hard to talk about what is better and more difficult.
#AnthonyWins
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