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?
Yes controlling thoughts, beliefs and emotions are very important in trading. It has been said that in trading 90% is psychological. That's why many people with good knowledge fail in trading. They just can not control their emotions. They take decision by their impulse.