Forex trading requires specific knowledge and skills. You need the ability to find a good trade and control your emotions. New trades most of the time focus on making profit. They ignore learning and skills. As a result they take impulsive decision.
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If you are not professional you can not get success. Professional does not mean taking trading as a profession. It means having necessary skills and mind set for forex trading.Emotions need to be controlled to trade. It is not possible to become a professional in trading if you do not manage psychology properly.
Of course, I mean the same thing. To be a professional trader you have to have that category.If you are not professional you can not get success. Professional does not mean taking trading as a profession. It means having necessary skills and mind set for forex trading.
Usually there are two types of emotions on trading that affect a trader. One is fear and is greed. Fear of losing money and fear of losing opportunity. Due to greed traders open big lots and revenge trade. To be successful one needs to overcome this.If you want to trade, you have to control emotions first. If trading can be done through emotion control, it is possible to gain profit from many losses.
Of course, greed and fear are very harmful emotions in trading. The trader is harmed by the negative emotions. That's why I have to try to trade positively.Usually there are two types of emotions on trading that affect a trader. One is fear and is greed. Fear of losing money and fear of losing opportunity. Due to greed traders open big lots and revenge trade. To be successful one needs to overcome this.
Greed is the cause of destruction. It leads to over trading and unnecessary trading. Profit target should be logical and also should match with skills. If I have ability to get 50 pips, my expectations should not more than that.Of course, greed and fear are very harmful emotions in trading. The trader is harmed by the negative emotions. That's why I have to try to trade positively.