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Psychology of Forex Trading

PriceAction13
Dec 27 2016 at 12:06
posts 58
Monnex posted:
Here we will talk about how to plan your trade and what to do before, during and after


For new traders; I would suggest to close their terminal after making a new deal! Because, they are unable to control their emotions during live sessions of trading! Whatever, I need at least 30 minutes for doing market analysis! In addition, I never close my trade positions without final result, either its SL or TP! When I get my daily trading target then I take rest, that’s all.

To change your trading result, just change your thinking.
Nina (NEEnah)
Dec 27 2016 at 12:13
posts 71
It is wise to always set the SL and TP levels. What you say about closing the terminal could work well and safe only then. Technical analysis and fundamental analysis is the homework you do before opening a trade, good that you pointed this out. The more knowledge is involved in trading, the less emotional are the decisions.

mlawson71
Dec 27 2016 at 12:33
posts 1487
Regarding SL, I couldn’t stress enough how important it is to place it properly. If you don’t you might end up losing a lot in the long term.

CrazyTraderfx (CrazyTrader)
Dec 27 2016 at 12:35
posts 1718
PriceAction13 posted:
Monnex posted:
Here we will talk about how to plan your trade and what to do before, during and after


For new traders; I would suggest to close their terminal after making a new deal! Because, they are unable to control their emotions during live sessions of trading! Whatever, I need at least 30 minutes for doing market analysis! In addition, I never close my trade positions without final result, either its SL or TP! When I get my daily trading target then I take rest, that’s all.


I guess you never rest then?

FxMasterGuru (FxMasterGuru)
Dec 27 2016 at 14:00
posts 1608
RPatell posted:
FxMasterGuru posted:
With algorithmic robot trading there is no concern of trading psychology... Also, less stress, more sleep and even more free time.

Added bonus: Making profits during the Asian session while you are sleeping. 😄


I guess this is the case when there is no flash crash of the markets during that session. Maybe you sleep better in general but isn't it a stress with the need to update the robots settings regularly, and when they go wrong? I'm not expert on auto trading so I was just wondering about these aspects as well.


Correct. During the early Asian session hours a flash crash is unlikely, nevertheless, it can happen to any trader using higher than 1:5 leverage and everybody should be prepared (mentally and financially) to wake up for an empty account.

Furthermore brokers can disappear with ALL segregated client funds, as it happened to me when CTM's owner (Reza F**ing Mokhtarian) has stolen $500,000+ clients funds spending it on his mansion and luxury cars...

Getting back to automated trading: The optimal EA is ''robust'', i.e. it can work well during favorable market conditions and survive less favorable market conditions with modest losses. Such EAs don't need updates. Losses are part of the game - as business expenses - the same way as Casinos profit only from the ''0'' or ''00'' on the roulette, meaning that these two numbers are their ''edges''. Even if players win big on roulette occasionally, statistically it is ALWAYS the Casino who wins. In summary: a good EA should function as a roulette table for a Casino.

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FxMasterGuru (FxMasterGuru)
Dec 27 2016 at 15:36
posts 1608
mlawson71 posted:
Regarding SL, I couldn’t stress enough how important it is to place it properly. If you don’t you might end up losing a lot in the long term.


Unless your ''B-booking'' broker manipulates your stop losses at will. Here is an introduction from the manual of a ''virtual dealer plugin'' parasite software - sold on Forex Expose by dozens of vendors - used by practically all ''B-booking'' brokers:


Archivos adjuntos:


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Mitchel (mitchel14)
Dec 27 2016 at 17:09
posts 58
Forex Psychology: never dazzle thinking that you will become a millionaire with minimal investments and without any small risk

naiza
Dec 27 2016 at 17:48
posts 36
leopoldo posted:
naiza posted:
It seems that the theory of 'too much' is not favorable.


What do you mean by that?



You can not risk 'too much'. Trading 'too much'.
That's what I mean

hodias
Dec 27 2016 at 17:55
posts 37
Forex psychology: always learn from the 'good forex traders'. Before you take a step evaluate those who have walked that route before you.

hodias
Dec 27 2016 at 17:56
posts 37
Monnex posted:
 Forex Psychology: Always think risk before reward



Yes, you will save yourself a few unnecessary losses.

rob559
Dec 28 2016 at 07:20
posts 1916
when the risk is low you can sleep better

FxMasterGuru (FxMasterGuru)
Dec 28 2016 at 07:24
posts 1608
mitchel14 posted:
Forex Psychology: never dazzle thinking that you will become a millionaire with minimal investments and without any small risk


Correct. Forex is modern days' 'Gold Rush'...

As we all know, during the 'Gold Rush' mostly the merchants had become rich... Like Forex brokers in modern times....

We are like these guys, just in a different century...



Archivos adjuntos:


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jannel
Dec 28 2016 at 07:42
posts 28
Monnex posted:
FxMasterGuru posted:
With algorithmic robot trading there is no concern of trading psychology... Also, less stress, more sleep and even more free time.

Added bonus: Making profits during the Asian session while you are sleeping. 😄


depends in your EA strategy :-)



I absolutely agree with that.

Monnexfx (Monnex)
Dec 28 2016 at 13:32
posts 56
Forex Psychology: If you don't have trading strategy but you have winning trades that means you are gambling and lucky for a while but at the end you will loose all your money

Monnexfx (Monnex)
Dec 29 2016 at 09:35
posts 56
Forex Psychology: Be honest with yourself if you are loosing money from trading stop and find good strategy then try it on DEMO accoount

rob559
Dec 29 2016 at 09:42
posts 1916
trill12 posted:
Monnex posted:
Forex Psychology: If you don't have trading strategy but you have winning trades that means you are gambling and lucky for a while but at the end you will loose all your money



I agree... In this business strategy is everything! You can not trade at the mercy of luck.
of course

FxMasterGuru (FxMasterGuru)
Dec 29 2016 at 09:53
posts 1608
Don't let trading become a dangerous gambling habit or a gambling substitute.

Start with a VERY SMALL, but REAL LIVE account and with a strict MONTHLY budget.

If the budget is gone, reevaluate the mistakes until next month's budget kicks in. Never violate this rule.

Should your budget survive the month: Good for you! You are on the right track!

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Monnexfx (Monnex)
Dec 29 2016 at 11:52
posts 56
FxMasterGuru posted:
Don't let trading become a dangerous gambling habit or a gambling substitute.

Start with a VERY SMALL, but REAL LIVE account and with a strict MONTHLY budget.

If the budget is gone, reevaluate the mistakes until next month's budget kicks in. Never violate this rule.

Should your budget survive the month: Good for you! You are on the right track!


I agree with you that REAL LIVE account is the best learning field to trade, but with very small amount of money

Mitchel (mitchel14)
Dec 29 2016 at 20:50
posts 58
FxMasterGuru posted:
mitchel14 posted:
Forex Psychology: never dazzle thinking that you will become a millionaire with minimal investments and without any small risk


Correct. Forex is modern days' 'Gold Rush'...

As we all know, during the 'Gold Rush' mostly the merchants had become rich... Like Forex brokers in modern times....

We are like these guys, just in a different century...





Thank you ... you could not graph it better. 😉

naiza
Dec 29 2016 at 21:06
posts 36
Monnex posted:
FxMasterGuru posted:
Don't let trading become a dangerous gambling habit or a gambling substitute.

Start with a VERY SMALL, but REAL LIVE account and with a strict MONTHLY budget.

If the budget is gone, reevaluate the mistakes until next month's budget kicks in. Never violate this rule.

Should your budget survive the month: Good for you! You are on the right track!


I agree with you that REAL LIVE account is the best learning field to trade, but with very small amount of money




REAL LIVE is the best coach.

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