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Psychology of Forex Trading
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Imamul

Member Since Aug 09, 2017  279 posts Imamul Aug 06 at 19:09
In Fx trading, learning is not easy despite of having too many sources including pips school, learning sometimes boning and usually new traders get tempts to start trading without enough knowledge and become fascinated with the way of trading live which may cause laziness and trapped by wishful thinking get rich quickly scheme

BBBLack

Member Since Jul 31, 2019  9 posts BBBLack Aug 07 at 10:25
People who want to 'get rich quick' are lazy. FACT. They will always fail because they do not want to put the effort in

yellowman94

Member Since Oct 09, 2018  41 posts yellowman94 Aug 09 at 08:22
BBBLack posted:
People who want to 'get rich quick' are lazy. FACT. They will always fail because they do not want to put the effort in

agreed, there is no way in world you 'get rich quick' except if you won any lottery :D

BallyLemur

Member Since Aug 02, 2019  8 posts BallyLemur Aug 09 at 14:06
learn hard, demo hard, practice hard, - play hard. Without hard work there is nothing

Roberto21

Member Since May 02, 2019  33 posts Roberto21 Aug 09 at 17:59
Learning is the foremost ways to keep survive in this volatile trading place in a proper way. But sorry to say maximum traders who are particularly newcomers try to make money from here without learning. As a result they become loser when trading practically. It would be great if we choose the broker which always ensures best trading environment for learning this trading place by providing exclusive educational facilities.

Brighthouse

Member Since Aug 12, 2019  7 posts Brighthouse Aug 12 at 11:17
Demo account is best learning environment for new trader. Risk free place to experiment and learn. I am trying to learn but it is time consuming and so much information. It is difficult to know what to read and what to ignore

Q_FxTrader

Member Since Oct 08, 2018  93 posts Q_FxTrader Aug 12 at 16:45
The best practice to successfully and easily trade forex is to keep your trading system as simple as possible and use predetermined or preset entry exit plans before trade entry so that you don't have to interfere with trades once the trades are open.

You can plan as much as your want before trade entry, but NOT once the trades are open. Just leave the trades and let them hit your profit target or stoploss. This kind of approach will fast forward the learning process in forex trading by avoid mistakes due to emotions.

But every few hours if you look into the charts and the open trades and adjust the trades etc, there is a high chance of failure than success even after years of practice in demo or live.

@
jakes90

Member Since Jul 31, 2019  5 posts jakes90 Aug 14 at 08:53
Never be overconfident and don’t become egoistic while accepting your mistakes, rather learn form them. Practice hard and keep researching new strategies.

pipsKeeper

Member Since Nov 08, 2018  14 posts pipsKeeper Aug 14 at 09:42
But at the same time, a trader should not be self-doubt and afraid of mistakes. Also, sometimes it’s important to stay and stick to your strategy.

Imamul

Member Since Aug 09, 2017  279 posts Imamul Aug 16 at 08:23
Before large investments we generally open a demo account in a broker to see the performance how it works. But I have seen, after large investments brokers attitude changes sometimes that is not available in micro accounts.

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HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice. Past performance is not indicative of future results.