Forex Trading Psychology
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Forex Trading Psychology
You have probably heard it before: every trader should have a winning trading plan, and they should follow it. I am saying it here, again, but I am going to explain how to go about actually making the plan, and how exactly to follow it.
It is said that the psychological challenge makes up 90% of the struggle in achieving consistent success as a Forex trader. Can this really be true?
The mantra that 90% of the struggle to become a profitable trader is fought and decided within the trader’s own head has become a persistent cliché within Forex educational literature.
Like anything else in life, if you believe in what you are doing, chances are higher that you will succeed in your attempts. Doing something in a lackluster, random manner often brings in dreary, uninspiring results.
As the saying goes, “Patience is a virtue.” When it comes to investing, this is especially true. But although even the best traders and investors understand how important patience is, very few have mastered the skill. Patience in trading is a disciplined art and must be practiced intensively before it becomes automatic.
Trading is one the very few things in the world where very smart people do some very questionable things. One of these questionable moves a lot of traders is make is to forgo getting very good trading education, before they begin to risk money trading live.
Why is trading with a trend important? This article will cover some very simple Price Action trades that could have got you into the existing trend and given you a high reward and low risk trade.
Trading doesn't have to take over your life! This author gives you the proper methods on trading weekly while still having free time and using the right strategies to manage Forex trading wisely.
This article gives great strategies on how to profit successfully in the Forex business. Forget about the money first. Focus on your trading here!
To determine whether you’re gambling in the Forex market, ask yourself the questions found here.
How are your emotions relevant to your success in the Forex market? Learn why your mindset matters here.
This article does not promise immediate wealth or success, but rather, a slow paced and long lasting strategy that, at the end of the road, will lead you to profits.
It is something we try to teach our children, but when it comes to trading there are plenty of traders that are not willing to do just this. Taking responsibility for your actions is one of the most important things a trader can do, mainly because it leads to real and true introspection.
One of the biggest issues that can rear its ugly head in the world of the newbie trader is over complication. In fact, making things much more difficult than necessary is a staple of every budding trader’s early career it seems.
Your goal in the first month of trading should be to stay afloat. Your immediate and most crucial target should be to simply keep your trading account open. Yes, you can dream about making millions, there is nothing wrong with that, but practically speaking, if after a month of trading Forex, you have an active account, you have already succeeded where most people fail.