Psychology of Forex Trading

mario52 posted:
It is important that the trader's expectations are realistic, which means that he must have an appropriate framework. In the long run, every trader should try to be consistently profitable, but at the same time should not strive to maintain consistency in the short term. This is impossible because of the changing market environment. It is okay to have a bad day or bad week or keep a low profile for a period until the market environment improves.

Successful traders know when the market does not provide them with good opportunities all the time, so they do not expect their results to be consistent. Novice traders should not have this goal that only leads to frustration. As well as a good poker player, our goal is to survive in difficult times and make the most of it when you are offered great opportunities.

This is a copy and paste of the internet. The forex psychology that many recommend here speaks of their own experiences my friend. Not advice developed and published by ... anyone know?

Well said! @FxMasterGuru It seems that you are a guru 😄

FxMasterGuru posted:

fabell4 posted:
Forex Psychology: that your brokers are regulated is the best guarantee. Choose a broker who is under regulatory rules.

Practically all brokers claim to be regulated, which does not stop them taking off with millions of Dollars in client funds. Like the Reza F**ing Mokhtarian, Iranian-Canadian CEO of NZ-regulated Capital Trust Markets did in 2015... Not to mention the infamous case of tje NZ-regulated 3TGFx just 6 months ago. The list of 'regulated' THIEF BROKERS is very long on ForexPeaceArmy...

But it can happen even in the USA; just read up on Google about Bernie Madoff's (retired NASDAQ CEO) HUGE Ponzi scheme...

In summary: Your best bet is a broker with FCA regulation (and with automatic FSCS insurance), should the worse happen...

In total agreement with you.

mario52 posted:
It is important that the trader's expectations are realistic, which means that he must have an appropriate framework. In the long run, every trader should try to be consistently profitable, but at the same time should not strive to maintain consistency in the short term. This is impossible because of the changing market environment. It is okay to have a bad day or bad week or keep a low profile for a period until the market environment improves.

Successful traders know when the market does not provide them with good opportunities all the time, so they do not expect their results to be consistent. Novice traders should not have this goal that only leads to frustration. As well as a good poker player, our goal is to survive in difficult times and make the most of it when you are offered great opportunities.

This is true, the real trader or the good trader knows exactly when to make his move because he constantly analyzes the market.

It may sound a little silly, but the best psychology on the planet is to maintain humility, even if we are doing well or not so well.

@FxMasterGuru Choosing FCA is always the best option.

Monnex posted:
Forex Psychology: Be honest with yourself if you are loosing money from trading stop and find good strategy then try it on DEMO accoount

This is not to add losses?

FxMasterGuru posted:

fabell4 posted:
Forex Psychology: that your brokers are regulated is the best guarantee. Choose a broker who is under regulatory rules.

Practically all brokers claim to be regulated, which does not stop them taking off with millions of Dollars in client funds. Like the Reza F**ing Mokhtarian, Iranian-Canadian CEO of NZ-regulated Capital Trust Markets did in 2015... Not to mention the infamous case of tje NZ-regulated 3TGFx just 6 months ago. The list of 'regulated' THIEF BROKERS is very long on ForexPeaceArmy...

But it can happen even in the USA; just read up on Google about Bernie Madoff's (retired NASDAQ CEO) HUGE Ponzi scheme...

In summary: Your best bet is a broker with FCA regulation (and with automatic FSCS insurance), should the worse happen...

True! 😄

mattx posted:
Well said! @FxMasterGuru It seems that you are a guru 😄

Thanks! And don't forget to click 'Vouch'... 😀

Traders make trading more difficult than necessary. Why? Because that's the way trading is marketed. No money to be made off simple!

Forex Psychology: Our goal is to become a successful trader and not someone who copies or follows strategies of others.

Forex Psychology: As an operator we have to develop a strategy and learn to analyze the market. Being able to do our own market analysis will get us closer to being a professional trader. Doing your own analysis allows us to be self-sufficient.

zack4 posted:
Forex Psychology: Our goal is to become a successful trader and not someone who copies or follows strategies of others.

We can learn from others, take good ideas from the strategies that work for other marketers. But we must always develop our own strategy.

Errors such as leaving the market too soon or maintaining losing positions are repeated by operators from all countries and social settings. Who is responsible? The emotions of the merchants.

The problem with maintaining a losing position is that it’s hard to tell whether it really is a losing position or whether one needs to be patient until the market turns around, as it often does.

@FxMasterGuru Ego up! 😁

TheRumpledOne posted:
Traders make trading more difficult than necessary. Why? Because that's the way trading is marketed. No money to be made off simple!

I've always said good things do not come easy. It takes effort!

Something I learned, in commerce there are no friends, only partners, coaches, mentors. Not friends.

Forex Psichology: The most successful traders simply maintain their operations. They do not analyze all day, do not investigate historical trends and their results are excellent.