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.
Yes mind is very important when it comes to trading. We need the ability to control our emotions. Fear and greed always control us. Most of the trades we open out of fear or greed. We need a mental discipline to control our emotions.
Trading is usually a game of psychology. If a trader is not mentally fit, he will never be able to make a profit in trading. There are many traders who have very good analysis but they cannot make a profit by trading for a long time. Because they cannot control emotions in their trading. Meditation should be done to control emotions.
Sep 14 2020 at 13:09
I completely agree with you. A trader needs a complete focus on his trading to make money from this risky market.
Sep 17 2020 at 11:07
YEs, you need a proper sound mind to concentrate on your trading and it will help you to make money from this risky market.
Sep 17 2020 at 18:44
A sound mind is very much needed to make trade perfectly. It is one of the most imp[ortant things top make money from this market.
Oct 13 2020 at 06:21
Absolutely! It is impossible to be a successful trader with emotions meddling around.
Jan 20 2022 at 14:57
Trader needs to be a professional and the emotions that affect the mind during trading should be helpers, not destroyers.
@Marcellus8610
The mindset is so important, most lose by having the incorrect mindset
Oh yes, I totally agree with that. Mind is of utmost important in trading.
The forex trading grind can be really tedious and can rip you off of your peace. What helps me to keep my mind fresh is my lifestyle choices that are definitely not related to trading. Spending time with my family, taking breaks, paying attention to my physical and mental health helps me to stay focussed during trading sessions.
Jan 24 2022 at 13:54
Yes, you need a solid and sound mind to become perfect in forex trading. Without knowledge, it will be difficult for you to become a good trader.
I don't think you are ever 'perfect' in trading, regardless of strategy or mindset.
If you can't spot the liquidity then you are the liquidity.
Peace of mind is crucial as clear decisions can not be made with a disturbed mind.
Placing trades with a relaxed mind definitely turns out to be better.
Jan 28 2022 at 06:51
The state of mind matters a lot while trading. A person with a fresh mind can make better decisions and earn profits.
Trading while worrying about other things is like solving mathematical problems while listening to music. It won’t be profitable and instead you can lose your money if you trade with disturbances in your mind.
Jan 31 2022 at 14:22
GeorgeBischof posted:Trading risky market therefore needs to be analyzed with full attention.
YEs, you need a proper sound mind to concentrate on your trading and it will help you to make money from this risky market.
Feb 01 2022 at 07:37
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.
Feb 02 2022 at 17:54
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.
