You need sound mind
Feb 07, 2022 at 10:02
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.
Uczestnik z Feb 07, 2022
9 postów
Feb 07, 2022 at 14:27
I always have mental test before I trade. Am I angry, sad or generally feeling emotional. If so then I do not trade
Uczestnik z Jan 22, 2021
125 postów
Feb 10, 2022 at 07:44
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.
Uczestnik z Jul 20, 2020
399 postów
Feb 10, 2022 at 08:05
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
Feb 14, 2022 at 07:37
Nakedize posted: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.
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.
Uczestnik z May 31, 2021
35 postów
Feb 16, 2022 at 12:19
In forex trading, you need to have patience and always wait for the right time when you can place the trades.
Uczestnik z Feb 15, 2022
219 postów
Feb 18, 2022 at 13:14
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!
Uczestnik z Jun 19, 2020
38 postów
Mar 04, 2022 at 03:57
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.
Uczestnik z Feb 15, 2022
219 postów
Mar 04, 2022 at 04:34
You should keep your mind healthy to trade Forex nicely. This is the point which is a cause for many traders unsuccessfulness. Another point is that traders are not mentally satisfied with their earning. How much the amount is, they are not satisfied. So, it destroys their mental peace and creates anarchy in trading.
Mar 09, 2022 at 07:56
Superfluous posted:That’s right, a trader who is dealing with emotional turmoil can damage his/her trade badly. Therefore, it is paramount for traders to have a sound mind while trading.
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.
Uczestnik z May 27, 2021
57 postów
Mar 10, 2022 at 10:27
maria_no posted:Indeed yes, a trader should always be patient and keep calm while he is placing trades, also greed should never let spoil his trading skills.
Sound mind is quite relevant, but as long as your judgment isn't clouded by mistake or emotions, you should be good to go for trading.
Apr 05, 2022 at 05:19
Marcolis posted:Greed is the emotion that makes traders unsatisfied. If the trading is done out of greed it pushes you to overtrade which often leads to heavy losses.
You should keep your mind healthy to trade Forex nicely. This is the point which is a cause for many traders unsuccessfulness. Another point is that traders are not mentally satisfied with their earning. How much the amount is, they are not satisfied. So, it destroys their mental peace and creates anarchy in trading.
Uczestnik z Jul 20, 2020
399 postów
Apr 05, 2022 at 07:04
Gewgaw posted:Marcolis posted:Greed is the emotion that makes traders unsatisfied. If the trading is done out of greed it pushes you to overtrade which often leads to heavy losses.
You should keep your mind healthy to trade Forex nicely. This is the point which is a cause for many traders unsuccessfulness. Another point is that traders are not mentally satisfied with their earning. How much the amount is, they are not satisfied. So, it destroys their mental peace and creates anarchy in trading.
It really is its seeing all the other people make thousands and feel you need to as well and also to push a trade when maybe you shouldnt. Once controlled it is so much better as youre more relaxed and in tune with your system
Uczestnik z Apr 03, 2021
470 postów
Apr 06, 2022 at 00:22
Emotion is the big enemy that comes to mind, if traders cant control emotion properly could lead them to make the wrong decision and resulted in bad result too, forex trading besides needing knowledge also need to build good psychological trading, this is also an important point in forex.
Apr 06, 2022 at 11:38
Absolutely sound mind basically signify that you are in the right mind, thus allowing you to be more perceptive when it comes to forex trading. This also allows you to throw out all the negative emotions that you have been keeping in the mind, just like the user said above
