Psychology

The fear of losing money and making mistakes is one of the biggest obstacles for every trader. Regrettably, taking risks that could lead to losses is inevitable when trading. A crucial psychological technique that will aid traders in succeeding is maintaining discipline.

Eloise posted:
The fear of losing money and making mistakes is one of the biggest obstacles for every trader. Regrettably, taking risks that could lead to losses is inevitable when trading. A crucial psychological technique that will aid traders in succeeding is maintaining discipline.

True and to add on I would say that keeping a check on your mental health is very important if you want to survive in forex market.

Adrian78 posted:
Trading psychology is complex and challenging to fully comprehend. The two human emotions that underlie this worldview, fear and greed, must be controlled in order to engage in effective trading.

Yes, I completely agree with you.

Of course, it is very important to study the psychology of trading in order to become a successful trader. Understanding how you feel about trading can be just as important as working on your skills in the stock market. Nothing can destroy your trades faster than emotions. Fear, greed, hope, regret - they can all hurt your trading.

Being patient and consistent is what that get's me going.

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Trading psychology is a concept that needs to be understood by all of us if we want to attain long term success in forex. Emotional trading can be very dangerous and it often stops us from following our actual trading plan and attaining our goals as a forex trader. I would say emotional intelligence is something that needs to be developed for one to become a successful forex trader.

As a trader, focusing on trading psychology is a must. Without considering trading psychology, a trader fails miserably in the financial markets. Maintaining emotions, patience, and using the right emotions at the right time is crucial.

Trading is complex and requires a lot of patience to act. Don't make rash decisions and try not to be so emotional about your trades.

If someone has psychological problems in trading, he should focus on automatic or at least semi-automatic solutions.
Emotions are not a good advisor.

Traders that have better control over their feelings and emotions tend to make more logical decisions as compared to those who follow their feelings. A proper strategy and analyses of the market before implementing anything help the traders to control their emotions.

We should understand some facts in early stages of trading that if we let our emotions control our reflex actions then it would bring no good results and trades will not obviously perform better. Our actions should only be driven by logical decisions and knowledge we hold, if there is any emotional imbalance due to lack of control then it can seriously reflect in your trades.

I massively underestimated trading psychology before I started trading. I thought it was all about pattern recognition but the psychology really affects the ability to see patterns and make the right trading decision

Psychology has high role in trading, no doubt poor control of emotion often causes bad trading, when you face successive losses, out of control emotion can leading you to making bad decision with high desired to recover loss at short time, this is wrong mindset, we need to keep discipline works risk management.

Practice and hard work are the keys to developing trading psychology. Whenever we trade, we should always keep our emotions in check. This is the only way we can perform to our full potential.

Decentralization is the nature of Forex, meaning there is no central authority to control the market.

Lionkingdom posted:
Trading is a complex of skills, psychology and luck. Some time it's more psychological depended, some time it's just lucky profit and some time it's kit of skills. It's hard to determine what is the main one. But I know that if you lost any of this points, you will bow accounts.

lucky is the word for gamblers

It's important to have the proper trading psychology. Learning about trading and developing skills have helped me to overcome negative trading psychology.