Controlling your mentality as a newbie

[Daisy]

When you're new to forex, its important that you learn to stay calm, cool and collective and avoid gambling with your money as well as not throwing all of your money in one basket. Also, its important to understand the high risk of forex and proceed in a controlling manner and build it up overtime instead of hoping to get it all in one day or one week. You must learn to be steady with forex and be patience. Its easy for one person, while there are many traders who lost over $100k in forex cause they get really greedy so do beware of easy losses. What other tips can you give to newbie to control their mentality?

 

[haneefzain]

Yes it very important for trader to stay calm and keep fresh his mind..don't take extraordinary pressure during trading just confident on your self..and attention your mind so that you can handle this mentally tough business in a better way.

 

[Daisy]

I would suggest gambler to also keep a good mentality while trading as well. I mean gamblers lose everywhere they go but they will continue to use that pattern and they will not give up on it. I think people that are impulsive will get in a lot of trouble in forex so its wise for them to control themselves and not trade so hastily or else they could lose a lot of money.

 

[sindarin]

@daisy13: continue using that pattern will never help you, it is better if you change to the better pattern, and remember that forex is not same like gambling forex is dynamic market and everything will change sooner, also no one must stick with their own strategies if that strategies isn't work that time, we are not Forex Gurus, We are Trader.

 

[Pettyeve]

When a trader is still a newbie in the forex business, it will be difficult for him or her to be controlling himself or herself because he or she does not know whether there will be loss or profit. The important thing will be to control the way he or she thinks. This will help focus in learning the trade properly.

 

[Decub]

I would suggest gambler to also keep a good mentality while trading as well. I mean gamblers lose everywhere they go but they will continue to use that pattern and they will not give up on it. I think people that are impulsive will get in a lot of trouble in forex so its wise for them to control themselves and not trade so hastily or else they could lose a lot of money.

Sure, you can't make any good thing out of it by trying to gamble it out. It's business and once it is business, it should be treated with seriousness and some degree of professionalism. Forex doesn't necessarily work on gambling and the trader would hardly make any thing good from it by trading with the gamblers approach.

 

[budado]

Best way to control ourselves in forex trading is to start trading in demo account and not in real account right away. Because if we keep on trading in real account then we can end up losing our investments as we don't have enough trading capital to start with and skills to start with also.

 

[gkintl]

When you're new to forex, its important that you learn to stay calm, cool and collective and avoid gambling with your money as well as not throwing all of your money in one basket. Also, its important to understand the high risk of forex and proceed in a controlling manner and build it up overtime instead of hoping to get it all in one day or one week. You must learn to be steady with forex and be patience. Its easy for one person, while there are many traders who lost over $100k in forex cause they get really greedy so do beware of easy losses. What other tips can you give to newbie to control their mentality?

Patience is the key wort to success in forex trading. As you have pointed out, a trader should stay calm and avoid gambling. However, such a professional approach is possible only when a trader gains maturity. It may not happen straight away. All successful traders have a story of utter failure behind them. It is only the determination that helped them to cross over hurdles such as avoiding previous errors. Additionally, most professionals remain focused and do not get carried away by emotions.

 

[sindarin]

@budado :the psychology in real account and demo account for most trader totally different, as for newbie i also agree with you they can try demo account first at most 4-5 months before trying real account where they can controlling their emotion better rather than they first time they trade.

 

[Decub]

@budado :the psychology in real account and demo account for most trader totally different, as for newbie i also agree with you they can try demo account first at most 4-5 months before trying real account where they can controlling their emotion better rather than they first time they trade.

Usually a lot of newbies have a different view and observation on the Demo and real account. To them, they are entirely two different things. Trying to place them side by side wouldn't make much difference to them. That is basically the reason you see a lot of newbies who rarely get serious when it comes to trading in the Demo account. They simply do not see it as a place that deserves much seriousness.

 

[kasual]

Well, before we are arrive at phase to understand regarding with psychology trading, we need to develop knowledge and strategy first. Stick with demo account till able to become consistent. Then, we can take practice in live account in order to know how to handle the pressure and learn about psychology trading as well.

 

[rexway]

But sometime you will see that its very risky for the newbie to archived this for sure since they are still new but surely the newbie trader need to build their mentality properly and bring their skill up then avoid much more emotion

 

[kasual]

Newbies has no steady mental yet to deal with real risk pressure. They are tend to use emotions when everything doesn’t suitable with expectation. Newbies should take practice and first priority is build knowledge and strategy. And after it done, they can start practice in live account which the goal is to make them get used with the pressure.

 

[Bonyi]

In dealing with psychology in forex trading, traders must learn to be patience and it is easy to get greedy and open more positions that may lead to losses. It is important to be guided properly by been disciplined.

 

[rosaleeupton]

Trading is not simply market analysis. As cash is included here, feelings play the enormous parts amid trading. The vast majority of the traders overlook this. They come here to profit overnight. They wind up plainly ravenous when make some benefit and they additionally feel broken when lose cash. Without being discipline achievement in forex Market is impractical. I trade forex at Markets Cube broker. I like their low spreads and moment deposit and withdrawal office.

 

[Tauf]

A variety of psychological pressure will occur to each trader will do deals, from here will be obtained a variety of constraint if it is not able to control it, and it must be trained in the real account with nominal which corresponds to the ability of the trader

 

[raniya]

Of course, we need to control ourselves when trading. When we are still new, we must learn it from beginning.Open a forex demo account and practise trading risk-free. Develop your trading strategies and test the features of a trading platform before you place a real trade.

 

[Faal]

New traders must face so many challenges here! But if they have enough demo trading experience, then they will be able to control their self in live. Greed is one of the most common problem here, novice traders should avoid their personal emotions during their trading.

 

[Gorbacev]

Many theories for control of mental state when the trading process is taking place, that it is important we know the risks faced by the EC and willing to risk without affecting the mental condition

 

[Lee Mark]

When I was a new Forex trader, then I was unable to control myself because then I didn’t know, how to control in live market! By the way, right now I can do this job so smartly! Because, I have 5 years trading experience and lot of ups and downs.