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Psychology in trading could help you or hurt you

Discussion in 'General Trading Forum' started by Daisy, Oct 4, 2013.

  1. TenkoFX

    TenkoFX

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    As a trader, there are many skills that you need in order to be successful on a consistent basis. Learning how to understand technical analysis indicators, option pricing, and risk management are a few of the key areas.
     
  2. Johnson

    Johnson

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    Yeah, Mental toughness is really Important in FX trading because you will face some difficult situations in your trading plan, and if you are not tough enough then it is a possibility that you will break down and that will definitely not help your cause to be successful in this market.
     
  3. CahCuncun

    CahCuncun

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    As a trader, we must try to understand our trading psychology. If we want to get more maximal result in forex. Try to hone our trading psychology using small amount and then try to more improve our trading skills.
     
  4. sindarin

    sindarin

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    Exactly like that, with a tough mind trading become easier at least when you lose money you don't have to be like a crybaby complaining that one broker is bad for you while you did something good. I already saw many new traders that really act like this, because they don't have toughness.
     
  5. ChoKyuLate

    ChoKyuLate

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    We will lose money easily in forex trading if we do not have good mindset and we also do not have any knowledge about forex, so about we also don't know about psychology in forex trading.
     
  6. sindarin

    sindarin

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    And what kind of good mindset that you are talking here? As per knowledge it is basic thing, since if we don't know anything about forex or only know less how can we trade here? How can we make profit from it. Psychology is good to placed the position of a trader in a favorable position.
     
  7. Dmitriy Ushakov

    Dmitriy Ushakov

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    According to statistics and practices, profitable Forex trading depends on psychology of a trader, namely how a trader can fight stress, how he makes trading decisions, his discipline, his mood etc.
     
  8. sininfinity

    sininfinity

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    In my opinion at first psychology can hurt a trader badly. It happened to me and happens to many traders. But when one gains necessary experience then it is not harmful.
     
  9. gabanda

    gabanda

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    psychology is important in this forex trading. the key to successful trading is in our trading psychology. with a good trading psychology would be very beneficial for us. For that, we need to be able to continue to train the psychology of trading by trading using small capital first
     
  10. wymanjacobson

    wymanjacobson

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    Trading psychology is imperative in our everyday trading and as an aggregate way to deal with trading. We ought to dependably have a positive considering what we expect in the business and where we wish to run with it. Some trade with the expectation of quitting once they can profit while some need to construct a vocation with it. Others trade with fear while some trade with certainty. I have developed my psychology over time. My broker SNP Investments educational tutorials on trading psychology has helped me a lot.
     
  11. Tom Latham

    Tom Latham

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    The traders, who are following money management in their trading! Of course, they wouldn’t face any unbearable losses in their trading! Money management knowledge is very important here!
     
  12. lioneld

    lioneld

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    You are absolutely right! Money management is the key point of success! Because of money management power professional Forex traders can overcome any kind of critical moments so smartly, usually they use 1-2% risk in their per trades.
     
  13. radex78

    radex78

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    Yes very important in trading always using money management to managed account, because this is also as one key to success in forex for long run, so many trader fail because they trading only relying with lucky while in trading always greedy and trading high risk taker
     
  14. Lee Mark

    Lee Mark

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    But I don’t think understanding the technical tool is a great trading skill, because; trading chart and fundamental analysis are much informative and useful than the technical tools! Whatever, technical, fundamental and sentimental analysis all of are useful essential here for being a pro trader.
     
  15. LorrainMor

    LorrainMor

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    Proper trading psychology is an asset for a trader. But It is true that proper attitude does not develop in one day; rather a forex trader must be patient in developing right trading psychology as well as right behaviors which can help him to balance his emotions here. And demo trading account can help a trader in this regard where a trader learns to overcome his mistakes and learn how to handle market situations effectively.
     
  16. Lee Mark

    Lee Mark

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    Exactly; it takes such a long time to understand! This is why, new traders should start their learning process invaliding mental strength with long term vision.
     
  17. Anderson

    Anderson

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    Psychology is connected with Forex trading. Have you whenever assessed your loss trades? Do your keep not why are you opening or shutting a specific trading. Do you endeavor to comprehend when you are opening a trade you are release up and quiet. Begin to review your trades you will find the game plan.
     
  18. Kevin Vogt

    Kevin Vogt

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    A good trading psychology is important for trading. Without control over your emotions it's not possible to be profitable, not matter how good strategy you have. You have to be emotionless while trading.
     
  19. Oscar Shumack

    Oscar Shumack

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    Yes, you are right. I agree that psychology plays an important role in trading.
     
  20. Anneke57

    Anneke57

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    Definitely! The moment emotions enter into trading, no matter what the strategy is, one's account does become prone to losses.
     
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