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Psychology of Forex Trading

yersonv
Jan 02 2017 at 12:44
24 posts
togr posted:
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


Here is what to DO
1. Create the plan
2. Execute the plan - stick to it, dont change it based on your fucking feelings
3. If it works go to#2
4. If it does not go to #1




Well said! It is that simple, the problem, not only of the merchants but of every person, is that they develop a plan and in the first of change they abandon it or replace it with a new one. And that is deadly in any area where a plan is implemented.

yersonv
Jan 02 2017 at 12:44
24 posts
Trade and emotions do not get along, they are not good to the couple. Reasoning and cunning are needed here.

Monnex (Monnex)
Jan 02 2017 at 12:48
56 posts
FxMasterGuru posted:
proyecto1 posted:
fabritzio posted:
Forex psychology: never believe that your money is 100% sure.



In trade nothing is safe ...


Funds are NOT SAFE even if one DOES NOT trade... Seriously!

Just check out ForexPeaceArmy.com to see how many brokers run off with HUGE segregated client funds and ''fall off Earth'', i.e. disappear forever...

The only real guarantee is UK's FSCS's 50,000 GBP insurance coverage for FCA regulated brokers... Otherwise you are on your own for chasing criminal on exotic islands... If you like such adventures, don't worry about the safety of your funds...


Yeah FCA regulated brokers is more secure than other islands

zack4
Jan 02 2017 at 15:17
25 posts
@Monnex Effectively regulated brokers seem to be a kind of guarantee for the trader.

zack4
Jan 02 2017 at 15:17
25 posts
jannel posted:
Forex Psychology:
 Trading is not something you can do 10 minutes on Monday and 6 on Thursday. This is no game, and until you do not get a regular schedule you can not start making money. There are people who open a chart one day for 5 minutes, then return to normal life and then the one-week returns to look at it for other minutes.
So my friends. If you do not take it seriously, you do not see serious results.



Wise advice 😄

fabell4
Jan 04 2017 at 07:51
12 posts
Forex Psychology: that your brokers are regulated is the best guarantee. Choose a broker who is under regulatory rules.

fabell4
Jan 04 2017 at 07:52
12 posts
By the way FCA regulates a few. There is where they should aim to have a reliable broker,

mario52
Jan 04 2017 at 08:01
12 posts
Forex Psychology: Profitable traders are not profitable all the time.

Every beginner trader wants to be successful as an operator in the financial markets, that is, to reach the point where he earns money consistently so that he does not have to depend on other sources of income.
Your ultimate goal is to be consistent. The problem is that good traders are consistent with their methods, but their results may be inconsistent in the short term.

This creates a conflict for the newbies, which are anxious to be consistent all the time, although this is not a realistic and characteristic goal of good trading.

mario52
Jan 04 2017 at 08:03
12 posts
It is important that the trader's expectations are realistic, which means that he must have an appropriate framework. In the long run, every trader should try to be consistently profitable, but at the same time should not strive to maintain consistency in the short term. This is impossible because of the changing market environment. It is okay to have a bad day or bad week or keep a low profile for a period until the market environment improves.

Successful traders know when the market does not provide them with good opportunities all the time, so they do not expect their results to be consistent. Novice traders should not have this goal that only leads to frustration. As well as a good poker player, our goal is to survive in difficult times and make the most of it when you are offered great opportunities.

FxMasterGuru (FxMasterGuru)
Jan 04 2017 at 08:33
1607 posts
fabell4 posted:
Forex Psychology: that your brokers are regulated is the best guarantee. Choose a broker who is under regulatory rules.


Practically all brokers claim to be regulated, which does not stop them taking off with millions of Dollars in client funds. Like the Reza F**ing Mokhtarian, Iranian-Canadian CEO of NZ-regulated Capital Trust Markets did in 2015... Not to mention the infamous case of tje NZ-regulated 3TGFx just 6 months ago. The list of 'regulated' THIEF BROKERS is very long on ForexPeaceArmy...

But it can happen even in the USA; just read up on Google about Bernie Madoff's (retired NASDAQ CEO) HUGE Ponzi scheme...

In summary: Your best bet is a broker with FCA regulation (and with automatic FSCS insurance), should the worse happen...

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