Psychology

Trading is psychology before you understand that, you will blow accounts

Oh trading is not based only on psychology. First of all you must understand how forex markets works. How can you trde. How to make analytics. And do not forget about trading system.
Yes psychology is important. Most of all it depends on your psychotype. How much your psyche is resistant to any stress. But it is on the second place.

In order to understand trading psychology, a trader should know how to work with it. I believe that when learning to trade, traders have to devote significant part of time to psychoanalysis and the development of mental abilities.

WhiteWitcher posted:
Oh trading is not based only on psychology. First of all you must understand how forex markets works. How can you trde. How to make analytics. And do not forget about trading system.
Yes psychology is important. Most of all it depends on your psychotype. How much your psyche is resistant to any stress. But it is on the second place.

do you mind sharing your trading results?

I think that not being familiar with trading psychology definitely leads to some nasty surprised once one switches over from demo to live. There are so many different ways that emotions can affect our progress, having that knowledge is the key to avoiding those problems and identifying when our emotions are messing up our plans.

Psychology trading jas high role for manual trading, as human nature they have emotion, sometimes faced something out from expectation then leads to become emotion, without good and proper control emotion, bad psychology tradng can messed up good trading plan.

sabelo2022 posted:
Trading is psychology before you understand that, you will blow accounts

New Forex traders should spend some time of your day in practicing because it is congenial for you and thus make the best use of your demo account.

Actually, scalping enables a trader to derive profit from the market quickly by entering and exiting trade within a very short time.

Analyzing efficiency must be present in a trader and to increase this efficiency, traders should not go for analyzing multiple pairs at a time. Because, analyzing a single pair at a time is really easy and traders can gain expertise easily.

Marcolis posted:

Actually, scalping enables a trader to derive profit from the market quickly by entering and exiting trade within a very short time.

traders have different trading methods, you can be profitable swinging, positioning any trading method. for me personal watching the market in a smaller timeframe scalping can't work, I prefer long term and daily trading.but we not the same, no one is wrong or right as long your method is profitable stick to it

I think each trader they have own comfort zone to trade based on the timeframe, scalping needs more energy to spend the time monitoring the chart, except using EA scalping, traders just wait and let EA work for them, human nature, psychology trading is matter, weak psychology will often make mistake and cant discipline to working.

Your reaction to situations has a significant impact on how things work for you in the live trading market. You must consider how you will deal with the outcomes when deciding how much to trade. It takes time to develop the proper market psychology, but once it is achieved, half the battle is won.

Trading psychology is intricate and difficult to fully understand. Effective trading requires the management of the two human emotions that underlie this mindset: fear and greed.

Trading psychology is paramount. You can’t take your emotions lightly when you know that they can be dealmakers or dealbreakers for you. Instead of letting them flow in, embrace them and control them whenever required.

Trading psychology is essential for a trader in order to maintain focus, discipline, and consistency in trading. Trading psychology, although some might think, is not so important, is a definitely crucial aspect. Simple and underrated things like anger, frustration, greed, overthinking, and other overwhelming emotional factors affect the mindset of a person. This creates a disturbance in carrying out his trading plan successfully. Which is why developing a trading psychology always helps a trader be mentally efficient in forex trading.

Zaftig posted:
Trading psychology is essential for a trader in order to maintain focus, discipline, and consistency in trading. Trading psychology, although some might think, is not so important, is a definitely crucial aspect. Simple and underrated things like anger, frustration, greed, overthinking, and other overwhelming emotional factors affect the mindset of a person. This creates a disturbance in carrying out his trading plan successfully. Which is why developing a trading psychology always helps a trader be mentally efficient in forex trading.

Agreed!

I have read different psychology books they all the same. these helped me, it might help you
(a) first you need an edge, technical system that is proven, back tested
(b) second you need to know this is probability game, anything can happen
(c) psychology, which is the most important part of all

Look inside of your mind
1. your thought leads to your emotion
2. Your emotions leads to your actions
3. Actions leads to your results

Your thoughts become your beliefs, belief become automatically thoughts that drives our behaviours
• stop before the trade, concentrate exclusively on your self
1) what are your thoughts, what are your belief and emotions while trading
2) what were your thought when you started
3) what were your thought within the trade
4) what were your emotions
 step back
 breath
 observe

Trading psychology is an essential part of profitable trading. But it takes years of experience to fully understand the concept. But we can always work on managing our emotions in a way that does not affect our trades. It is important to devise a trading plan and strategy to follow and stick to it without giving into the impulses and emotions.

New traders often forget to learn about the concept of trading psychology or just don’t consider it that important. But it plays an important role in your success as a trader. I would say a comprehensive book that can help in this regard is ‘Trading in the zone’ by Mark Douglas. It helped me a lot when I was a beginner. And I think it is a must read for every forex trader.