Psychology of Forex Trading

NEEnah posted:

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

That's true but how does this relate to psychology??

beginner traders ignoring them and open trades without even thinking

what i mean that traders must learn how important to educate themselves

Forex Psychology: Don't jump into the market without trading plan

Monnex posted:
Forex Psychology: Don't jump into the market without trading plan

That’s not just psychology, it’s basic common sense.

mlawson71 posted:

Monnex posted:
Forex Psychology: Don't jump into the market without trading plan

That’s not just psychology, it’s basic common sense.

Yeah! 😁

Planning the trade is the EASY part.

TRADING the PLAN is a whole different story... Unless you leave this second part to an unemotional trading robot.

mlawson71 posted:

Monnex posted:
Forex Psychology: Don't jump into the market without trading plan

That’s not just psychology, it’s basic common sense.

Yeah it is, but this common sense not found in beginner traders

Monnex posted:

mlawson71 posted:

Monnex posted:
Forex Psychology: Don't jump into the market without trading plan

That’s not just psychology, it’s basic common sense.

Yeah it is, but this common sense not found in beginner traders

Hahaha, thank you, that genuinely cracked me up just now and I needed it.

Trading psychology is very important thing for a forex trader who want to be a market leader. He or she have to understood the trading psychology whether it is long term trade or short term trade. When you want to become a master trader you have to understand the market psychology in a discipline way. Because when a trader trade with their emotion he or she can lose his account.

Forex Psychology: Don't feel excited from unrealized winning trade

Monnex posted:
Forex Psychology: Don't feel excited from unrealized winning trade

Or also maybe don't feel sad about the missed opportunity.

MC85 posted:

Monnex posted:
Forex Psychology: Don't feel excited from unrealized winning trade

Or also maybe don't feel sad about the missed opportunity.

Personally, I’d say that both is a good idea. Getting excited for whatever reason – both positive and negative – can cloud your judgement.

Crowe posted:
Trading psychology is very important thing for a forex trader who want to be a market leader.

It is difficult if not impossible for a single trader to become market leader I guess. The leading part is reserved for the big institutions but psychology is important to lead one's way to success.
@mlawson71 I agree with you, you say it very well!

AlbertoCo posted:

Crowe posted:
Trading psychology is very important thing for a forex trader who want to be a market leader.

It is difficult if not impossible for a single trader to become market leader I guess. The leading part is reserved for the big institutions but psychology is important to lead one's way to success.
@mlawson71 I agree with you, you say it very well!

It also requires the kind of account size very few people in the world have access to.

Monnex posted:
Forex Psychology: Don't feel excited from unrealized winning trade

I would like to add: because you can fall from the sky and hit very hard against the ground ...
We can not make profits that we have not received, in trade things are not taken for granted.

AlbertoCo posted:

Crowe posted:
Trading psychology is very important thing for a forex trader who want to be a market leader.

It is difficult if not impossible for a single trader to become market leader I guess. The leading part is reserved for the big institutions but psychology is important to lead one's way to success.
@mlawson71 I agree with you, you say it very well!

I agree with you, I think that thinking that a trader will become one of the biggest in the market is a fairy tale.
However, if you can be a successful trader with good profits and an admirable business reputation. Although not yet figured as a Forex tycoon.

gels4 posted:

Monnex posted:
Forex Psychology: Don't feel excited from unrealized winning trade

I would like to add: because you can fall from the sky and hit very hard against the ground ...
We can not make profits that we have not received, in trade things are not taken for granted.

Yeah exactly

gels4 posted:

AlbertoCo posted:

Crowe posted:
Trading psychology is very important thing for a forex trader who want to be a market leader.

It is difficult if not impossible for a single trader to become market leader I guess. The leading part is reserved for the big institutions but psychology is important to lead one's way to success.
@mlawson71 I agree with you, you say it very well!

I agree with you, I think that thinking that a trader will become one of the biggest in the market is a fairy tale.
However, if you can be a successful trader with good profits and an admirable business reputation. Although not yet figured as a Forex tycoon.

Fully agree, all points are important to be a successful entrepreneur is like having a well-defined purpose, although it is the main secret of each and every successful entrepreneur. Your commitment is to have clear goals and discipline and patience will be achieved.Fully agree, all points are important to be a successful entrepreneur is like having a well-defined purpose, although it is the main secret of each and every successful entrepreneur. Your commitment is to have clear goals and discipline and patience will be achieved.😄

MC85 posted:

Monnex posted:
Forex Psychology: Don't feel excited from unrealized winning trade

Or also maybe don't feel sad about the missed opportunity.

Well, you should not be depressed, but the missed opportunity is missed opportunity. He will not be back ..

I think that when a trader suffers significant losses, he should consider taking a break from trading before fear and greed come to dominate his trading strategy and drive his decisions. It is important to understand that not all transactions will produce profits. Therefore, the trader must be psychologically able to understand that at some point he will have loss which ones he must manage properly.