You need sound mind

GeorgeBischof posted:
YEs, you need a proper sound mind to concentrate on your trading and it will help you to make money from this risky market.

Trading risky market therefore needs to be analyzed with full attention.

Doing forex trading with a sound mind and a good strategy will bring you a lot of profits. A trader should always do forex trading with a sound mind because it will affect the way you trade. It is not good to do forex trading while you are angry or sad, because emotions can affect your judgement and you won’t be in a position to make good decisions.

I think a lot of us get blindsided by the emotional aspects of trading, especially since demo accounts don't really prepare you for it. Suddenly it's a lot harder to stick to your plan when real money is on the line, but it's crucial to get past that.

Trading psychology reflects traders' thinking and behavior patterns. Simply put, it's about the balance of fear and greed that governs each trader's behavior and investment.

Undoubtedly! Forex trading is more of a mind game. You need to enter into the market with a practical mindset and will to consistently put in hours. Shun the idea that you will make a profitable trader in a year or two. Focus on your skills and the result will follow.

I always have mental test before I trade. Am I angry, sad or generally feeling emotional. If so then I do not trade

tatteredhope posted:
I always have mental test before I trade. Am I angry, sad or generally feeling emotional. If so then I do not trade

That's pretty nice actually! And this really needs to be practiced by everyone of us.

Sometimes it's best to keep your thoughts to yourself. This option may be safer.

But what if thoughts are not always worthy of being voiced?

Emotions play a key role in trading because they impact trading decisions of a trader. Successful traders have full control on their emotions. They follow strict trading plans which help them stay focused during trading hours.

I agree! Emotions are with a traders till he lives. Removing emotion from trading is not easy. One should trade with proper strategies so that trades are based strong analysis and not on the behavior of the others.

Nakedize posted:
Emotions play a key role in trading because they impact trading decisions of a trader. Successful traders have full control on their emotions. They follow strict trading plans which help them stay focused during trading hours.

For sure i think the most important thing is they have strict trading plans. There will be days where we all make mistakes and we all get emotional we're human beings but if we have rules to guide us we can overcome this

CraigMcG2020 posted:

Nakedize posted:
Emotions play a key role in trading because they impact trading decisions of a trader. Successful traders have full control on their emotions. They follow strict trading plans which help them stay focused during trading hours.

For sure i think the most important thing is they have strict trading plans. There will be days where we all make mistakes and we all get emotional we're human beings but if we have rules to guide us we can overcome this

Following a trading plan strictly is quite beneficial.

A sound mind is the basic requirement of forex trading. Good decisions are only possible with a sound mind. A disturbed mind will always hinder a trader's ability to go the right way.

Nakedize posted:
A sound mind is the basic requirement of forex trading. Good decisions are only possible with a sound mind. A disturbed mind will always hinder a trader's ability to go the right way.

Agreed! I have faced many bad trades because of this. But when I started meditation, I realized that I have a better control on myself.

In forex trading, you need to have patience and always wait for the right time when you can place the trades.

Michihito posted:
A trader needs a sound and composed mind to trade currency. If we are not mentally stable we won't be able to make profit. We need to be emotionless during trading decision. There are traders who can do good market analysis but can't make money by trading due to psychological issues.

I agree with you! This is why, when I have a clear picture on my trading chart; only then I open my new trade position! On the other hand, when I’m focused on the chart, I just avoid that trading pair, because with a confused mind, its really hard to sustain here!

To be honest, it's not always worth voicing your thoughts. This may not have the most pleasant consequences.

A trader should have a sound mind in order to make right trading decisions. Any kind of emotional imbalance can hamper the trading decision and may lead to losses.