Psychology of Forex Trading

Roberto21 posted:
as a newcomer , learning Forex now already easy actually because many source we can learn and read from these sources , yes Baby pips is almost popular website among trader to learn Forex on school tab section , but also will very important while learn on theory also use demo account to practice .

No doubt; nowadays there have so many options but till now it’s challenging; because the success ratio is (till now) below the 10%!

I think so; it’s challenging but there have so many educational courses through online; of course, it’s a positive sign!

its very practical and common attitude for beginners level , due to having emotions they cant survive when kick off a live trading , in practical there is no way to stop emotions at all , but only by regular practicing with discipline it can be controlled of course.

When I was a newbie then I didn’t know the value of SL and avoided; as a result; I lost a bigger portion initially because of avoiding the SL! But, now I always set my SL according to the support/resistant levels!

Mohammadi posted:
its very practical and common attitude for beginners level , due to having emotions they cant survive when kick off a live trading , in practical there is no way to stop emotions at all , but only by regular practicing with discipline it can be controlled of course.

But you can make your better brain by meditation; it’s the best practice!

There are many important things we the traders have to focus when choosing a broker, from all I think spreads is an important financial tool which an investor should consider when choosing a broker, if we have lowest trading spreads we the traders can make profit with certainly by using any kinds of trading strategies in particularly the scalping that brings profit in a short time.

we cant avoid the importance of learning at all , because there is no way to stop learning even after passing a long time in here , but learning can be useless if there is no discipline and practice.  so, it is more appropriate to maintain real trading discipline with consistent practice.   

Imamul posted:
we cant avoid the importance of learning at all , because there is no way to stop learning even after passing a long time in here , but learning can be useless if there is no discipline and practice.  so, it is more appropriate to maintain real trading discipline with consistent practice.   

Basically; which traders have a tendency to stop their learning process; generally they struggle a lot!

exactly , market moves according to its own style , but sometimes we traders fall a great trouble when it doesn't follow at any trend , in that time only stop loss can reduce the losing percentage. 

Mohammadi posted:
exactly , market moves according to its own style , but sometimes we traders fall a great trouble when it doesn't follow at any trend , in that time only stop loss can reduce the losing percentage. 

Basically when I am not sure on the status of current market; then I don’t open any new position; since following the market trend is my main business!

Forex market place like an ocean where million $ looks as like a drop of water. and no chance to bring profit very rapidly from here without learning.

We tend to let the emotions get the best of ourselves if thing are not going in our ways, so it is important to accept the loss and try to learn the mistake from it rather than getting upset like a child.

It's true you need to be disciplined, I agree with that. But in order not to lose a trade do not invest all your money into one trade and if it go against your position buy at the lower level. I think this is better than to put a Stop/Loss on losing position.

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 a strategy

7- No money management

That's the list that every trader should hang on the wall. Often we forget about these rules. Thank you!

Roberto21 posted:
as a newcomer , learning Forex now already easy actually because many source we can learn and read from these sources , yes Baby pips is almost popular website among trader to learn Forex on school tab section , but also will very important while learn on theory also use demo account to practice .

No doubt; babypips course is useful; but you may noticed, it’s all about the basic info on trading! So, I am not overconfident on this free course!

Roberto21 posted:
we always think which time is best for trading , i think every time is best in Forex trading if you know how to manage money but for the beginners level it is more appropriate to avoid news trading , its too much complicated to predict the real faction of this market with certainly. 

Well said; but basically set my entry point according to the position of support/resistant levels!

Well yaa i agree somewhat. You should rather try to engage yourself on some forex trading forums where traders talk about their challenges, their strengths and tricks they use to trade forex. That’s a great place to learn from people’s experiences.

I find forums interesting but dangerous. Mainly forums are filled with newbies offering there 2 cents rather than pros providing decent advice

cravenprofession posted:
I find forums interesting but dangerous. Mainly forums are filled with newbies offering there 2 cents rather than pros providing decent advice

yeah there can be some of those types on forums, there are also others that are helpful and worth listening to.