Psychology of Forex Trading

Forex Psychology: Professional traders goal is to catch lot winning trades and their profit is the difference between wining and losses trades

Forex Psychology: All traders who fails in the Forex market are no better than a gambler in a casino

I don’t think that failing because of psychological pressure necessary makes a trader no better than a gambler. You can still trade based on your knowledge, rather than rely on luck, and still have your emotions get the better of you.

I would say what makes you a gambler is how you trade, not the result. I'm sure there are successful fx gamblers out there (although far less then unsuccessful ones ).

Forex Psychology: The market moves up and down wait for the signal of the big market moves

Forex Psychology: Confidence trading comes from discipline and patient with great strategy plan

Forex Psychology: learn from your winning trades what you did right and why they was winning

Monnex posted:
Forex Psychology: learn from your winning trades what you did right and why they was winning

That’s a great point. The persistent advice is to learn from one’s mistakes – and that advice is correct – but people often forget to mention to learn from one’s victories too, so they can repeat them.

very good thread for new traders😄😄

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.

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

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...

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.

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.

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.

Forex Psychology: Support & Resistant levels are important for entry and stop your positions

Forex Psychology: you don't need to RISK too much to make more money

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 😄