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Psychology of Forex Trading

Gornix
Jan 26 2017 at 08:32
10 posts
One of the main features of new traders; psychology: if you wish to go far in your trading, get ready for having first several accounts blown up. If you don't give up after it, then it is halfway of the beginning.

Lesterkobi
Jan 30 2017 at 09:27
8 posts
Gornix posted:
One of the main features of new traders; psychology: if you wish to go far in your trading, get ready for having first several accounts blown up. If you don't give up after it, then it is halfway of the beginning.


Old like world

FxMasterGuru (FxMasterGuru)
Jan 30 2017 at 10:01
1607 posts
Napoleon said that only 3 things are needed to win a war: 1. Money 2. Money and 3. Money.

Those traders who have trouble handling their emotions need also three things: 1. EAs 2. EAs, and 3. EAs.

If you don't believe me, first try trading on a $50k account with 100+ lots MANUALLY, then lets talk again...

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TiffanyK (TiffanyK)
Feb 02 2017 at 12:09
427 posts
Monnex posted:
Forex Psychology: learn from your winning trades what you did right and why they was winning


This is really important if you want to actually learn and become a real trader. If you don’t understand why you lose or win, basically you are gambling. Winning without realizing why is pure hazard.

Accept the loss as experience
FxMasterGuru (FxMasterGuru)
Feb 02 2017 at 12:16
1607 posts
TiffanyK posted:
Monnex posted:
Forex Psychology: learn from your winning trades what you did right and why they was winning


This is really important if you want to actually learn and become a real trader. If you don’t understand why you lose or win, basically you are gambling. Winning without realizing why is pure hazard.


Well, this (mostly) gambling attitude of amateur traders is what is feeding the market makers and brokers.

Practically Forex retail trading functions as a - socially more acceptable - ONLINE CASINO game for most participants.

Attachments:


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darrengreg (darrengreg)
Feb 03 2017 at 07:52
37 posts
A trader requires a lot of skills to be successful in the Forex markets. Trading psychology is one such aspect where you should have the ability to understand the fundamentals and effectively apply it with complete discipline. Another important aspect is to have full control on your emotions. To be a successful trader, you need to be financially as well as psychologically ready to bear the loss and avoid emotional trading.

Monnex (Monnex)
Feb 04 2017 at 10:47
56 posts
Forex Psychology: Support & Resistant levels are important for entry and stop your positions

Monnex (Monnex)
Feb 04 2017 at 10:58
56 posts
Forex Psychology: you don't need to RISK too much to make more money

NEEnah (NEEnah)
Feb 09 2017 at 11:10
71 posts
FxMasterGuru posted:
Practically Forex retail trading functions as a - socially more acceptable - ONLINE CASINO game for most participants.


I like your comparison here but to me it is 100% applicable especially for binary options. Retail forex at least gives us some room for reasonable action based on analysis. But as you said - for the majority it is all about hazard 😄

NEEnah (NEEnah)
Feb 09 2017 at 11:11
71 posts
Monnex posted:
Forex Psychology: Support & Resistant levels are important for entry and stop your positions


That's true but how does this relate to psychology??

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