Psychological barriers to success in forex trading

[Tom Latham]

Psychology is something which is ninety percent important for a trade to become successful in this field. Ninety percent is not a small percentage, so you need to work hard in order to train yourself for behaving positive in every situation!

Of course, it’s important. But, initially new traders need to focus on technical & fundamental then for psychology, since it’s an advance chapter.

 

[Grinder]

Psychological strength is a factor which has huge influence on the trading career of every trader. You can never deny the importance of it in any situation. You have to learn from every single trade as small things join to become a large entity. Have you worked in this field?

 

[bolide]

It is really important to work on the psychology in order to become a successful trader. Traders need to calm their nerves as it is highly testing game which always keep changing. You need to alter your emotions with the changing market positions. Am I right?

 

[Tom Latham]

It is really important to work on the psychology in order to become a successful trader. Traders need to calm their nerves as it is highly testing game which always keep changing. You need to alter your emotions with the changing market positions. Am I right?

Of course, you are right! Emotion plays a very important role here & low skill traders are unable to dealing with their emotions & greed.

 

[LorrainMor]

While trading in any world market place, like forex, a foreign currency exchange trader needs to consider all important aspects of trading along with the emotional balances otherwise the trading journey in this forex market can be actually difficult. Such as a forex trader needs to think rationally. There can be many instances where traders need to deal with his emotional aspects like he needs to control his anger, frustration or even happiness to enjoy a secured trading journey.

 

[Tom Latham]

While trading in any world market place, like forex, a foreign currency exchange trader needs to consider all important aspects of trading along with the emotional balances otherwise the trading journey in this forex market can be actually difficult. Such as a forex trader needs to think rationally. There can be many instances where traders need to deal with his emotional aspects like he needs to control his anger, frustration or even happiness to enjoy a secured trading journey.

Yes, you are right; there have so many important parameters; and it’s not easy! Forex is very smart work! That’s why, only 10% traders are able to make regular money here.

 

[trauton]

The main psychological issues i have seen people suffer from is the attention span. They lose concentration really quick. I guess it has to do with all the technology and internet. They can't focus on a single aspect for long. They need to challenge themselves to combat these issues.

 

[Tom Latham]

The main psychological issues i have seen people suffer from is the attention span. They lose concentration really quick. I guess it has to do with all the technology and internet. They can't focus on a single aspect for long. They need to challenge themselves to combat these issues.

Attention Span- buddy, I liked that terminology! In addition, I agree with your opinion. Really, it’s such an important issue.

 

[Richards]

The good news is that you can improve your psychology by practicing the trades on the demo account. I usually got impatient while trading in the beginning and I sorted out this issue by working on demo account. You can do the same as well for your personal betterment. Thanks

 

[Lee Mark]

The good news is that you can improve your psychology by practicing the trades on the demo account. I usually got impatient while trading in the beginning and I sorted out this issue by working on demo account. You can do the same as well for your personal betterment. Thanks

Yes buddy, demo is the best way of improvement. That’s the beauty of Forex! On the other hand, no one can make such a good trading skill within very short period of time, it takes time.

 

[amri.rudi]

honestly, I have not been able to overcome that problem. I do not know what to do.

 

[Tom Latham]

honestly, I have not been able to overcome that problem. I do not know what to do.

Mate; you can do meditation; it will sharp your mental health; and eventually you’ll able to take more good decisions in your trading as well as in your daily life.

 

[Svetlana Loboda]

Having a mental strength is essential; this is why I always do meditation for 15-20 minutes before opening my trading chart! This practice helps me lot!

 

[Eduardo Lucchese]

If you want to become successful in this market, you need to make a good trading plan.

 

[Kazumu Fukunaga]

Psychological barriers is the biggest barrier in the forex trading. Many good analysts can not make consistent money due to their psychological matter.

 

[Kazumu Fukunaga]

If you want to become successful in this market, you need to make a good trading plan.

Yes for successful trading consistency is the key. Some random winning trades do not help in success. Achieving consistency is the key in trading.

 

[Kevin Vogt]

Many are making good amount of money by trading but the numbers are unknown. Usually most successful traders do not tell their story in public and which is logical.

 

[Kevin Vogt]

Yes for successful trading consistency is the key. Some random winning trades do not help in success. Achieving consistency is the key in trading.

Consistency is the key to increasing income. However, is not easy in forex trading. Trader need a good profitable trading strategy to do that. Moreover, market is changing every day. So, adjust trading plan according to that.

 

[Alexander Hudson]

Fear of losses is the main reason not to have success in this market.

 

[dougbennett]

When you want to trade forex, being financially comfortable is one thing. But your mental health is equally important for your success. You must prepare yourself for trading situations where there will be both profits and losses and you won’t be able to control everything.