Our mindset and psychology does play an integral part in trading success for sure. A trader who lacks emotional control will be at a higher risk even if they have enough knowledge about trading. Trading discipline is essential for long term success and that is why we need to manage our emotions and restrain from emotional or impulsive trading.
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.
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.
Psychology is an important concept of forex trading. Without the right psychology to trade forex, you can suffer from intense fear, anxiety, anger, frustration, greed, and depression. This overwhelming amount of fear can mislead you into taking bad trading decisions, much below your capability.
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
That’s true. Blowing up your trading account is a result of poor risk management and this often happens due to emotional trading. That is why it is important to understand the concept of trading psychology before you start trading for real. You must be able to manage your emotions and make decisions based on logic in every situation.
Trading is dependent on psychology; traders who use their psychology to their advantage win, while those who do not know how to use psychology to their advantage fail. The reason why trading psychology is so important is that it ‘decides’ whether a trader will lose in the game or win. A trader might know everything about trading, but without control of the mind, that knowledge is of no use.
SkaterFX posted: 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
It is without a doubt essential to start out with the right trading psychology. With the right approach to trading and an optimistic outlook, a trader can achieve enormous gains.
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.
One of the most crucial components of trading that can significantly affect how people manage their trading positions is forex trading psychology. In actuality, trading psychology is equally as crucial as trading expertise, experience, or regular market monitoring.
Many people think trading is all about techniques and strategies. Yes, they are essential but we cannot become successful as a trader unless and until we learn to manage our mind and emotions. Emotional trading will always lead to losses in the long run. And you must break this habit of trading based on your mood and follow a professional approach all the time.
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.
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