What is the trading psychology for you?

@NihadMunif Yes it is the most important thing in forex trading. Without proper trading psychology, it is not possible to make money on consistent basis.

For me, trading psychology is an indicator which tells me that my trading strategy has a room for improvements. I aspire to the that situation, when I will not have to do with the emotions but with numbers. So, I really hope to eliminate this factor from my trading because I feel that it is next to impossible to remain cold-blooded all the time and have the nerves of steel.

Landakus posted:
For me, trading psychology is an indicator which tells me that my trading strategy has a room for improvements. I aspire to the that situation, when I will not have to do with the emotions but with numbers. So, I really hope to eliminate this factor from my trading because I feel that it is next to impossible to remain cold-blooded all the time and have the nerves of steel.

Set psychology = personality; then certain personality types will never be able to be proficient in forex due too a lack of/ too much confidence and letting emotions get in the way of their trading.
The way to get past any deficiencies in your own personality is to develop a system that you trust - then you eliminate any personal input (it is difficult but you have to!) follow your system 100%; only then can you really evaluate the performance of your system and eliminate psychology for the most part.
My system is about 85% effective, but my win rate is just over 50% - why? Because 90% of the trades I lose is due to personal error! Trades I should never have taken but did on some stupid impulse - I'm slowly eliminating this and getting better every day.
So psychology is in effect to learn to trust yourself(system) - what your brain has developed in an impersonal way.

LesleyLesley posted:
I know that I have to stay calm all the time I trade in order to make the right decisions.

Also, I believe it is very important to have good health in order to withstand stress.

A simple rule for me is 'don't become a gambling Hulk' and stop on time.

Taking losses as part of my job.

This is completely true. Unfortunately in order to when you’re going to have to learn to lose now and again and not to take this personally

Trading psychology is more a skill rather than knowledge. It is the skill of controlling your emotional side of trading and making decision. It is definetely not enough just to know how our emotions work but the skill to control them or avoid such situations when they are able to take over your mind.

Let's get back to the discussion.
Over the past year, I have gained some additional experience and I can say that this experience was gained in a difficult market, when the world economy entered the turbulence zone.

My observation of other traders is so different, many are left or are losing money in a volatile market. But the most interesting thing is to observe those who successfully do their job. Such traders have very correct psychological rules and if someone has succeeded now, then kindly ask you to share.
In the end, would say that the ability to work with political and economic news, to understand the psychology of the market and its reaction to events, is now coming to the fore.

LesleyLesley posted:
Let's get back to the discussion.
Over the past year, I have gained some additional experience and I can say that this experience was gained in a difficult market, when the world economy entered the turbulence zone.

My observation of other traders is so different, many are left or are losing money in a volatile market. But the most interesting thing is to observe those who successfully do their job. Such traders have very correct psychological rules and if someone has succeeded now, then kindly ask you to share.
In the end, would say that the ability to work with political and economic news, to understand the psychology of the market and its reaction to events, is now coming to the fore.

I can't say that the aggressive behavior of the market somehow reduced my results, but contrary, now I feel confident. Indeed, several key moments happened, for example the the Euro Dollar 1:1 drop, but such events are extremely interesting for market analysis, and the world economics.
I have been trading since 2009 and have seen a lot, which is probably why it is not difficult for me to accept the reality and adapt to the conditions that the market is giving now.

I create a trading plan and prepare my brain for possible risks even before trading, and I'd definitely make a comprehensively comparison of the brokers!

Trading psychology for me is all about learning to manage the emotions that I experience during a trade. It is normal to feel fear, stress and anxiety but I make sure to not let them take control of my mind interfering with the decision making process. We won’t be able to fully eliminate these emotions as we are humans but we can surely prioritise logic to make rational decisions as a trader.

Trading psychology is all about what you feel about forex trading that has an impact on how you actually trade. When you have the right mindset, you tend to perform better in the forex market.

Trading psychology refers to the emotions and state of mind, which helps determine success or failure in trading. Fear and greed are two powerful enemies that can dominate the trader thought process throughout their trading career. The main goal is to tackle these emotions and develop a strong mindset.

The trading psychology in fx for me is that I stay calm so that I trade logically not emotionally. I have found that if I am calm, I am able to make better decisions when it comes to trading. I am also less likely to make impulsive decisions that can often lead to losses.

Trading psychology, in my opinion, is how a trader behaves while trading. How well he manages his emotions and feelings.

Trading psychology is to have a right state of mind without any emotions involved. Having the right balance of emotions is very important to make rational and logical trading decisions.

Anxiety was a big thing for me when I started. Too nervous to enter trades, or I would exit too early. Didn't have a lot of money, so I was afraid to lose the money I managed to invest.
I think psychology affects different traders differently. Those with big egos have different challenges than the anxious type, for example.

Scalping is such a kind of trading that brings relaxation for you. It enables a trader to derive profit from the market quickly by entering and exiting trade within a very short time.

Long term trading is a kind of trading hardly favored by traders because it takes much time and comes with high trading risk.

Forex taught how to be patient and keep thyself motivated in adverse situation all the time. These are not the only takeaways rather there are many other takeways too to learn.

Yes, there is no substitute to practicing more and more. And you already know that traders make a frequent mistake like whenever they see the market following uptrend