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Forex Trading Psychology

The capacity to control one’s emotions is one of the most difficult aspects of forex trading. It can make the difference between a successful and losing trader. Even with a great knowledge and understanding of the market, you may find yourself continuously losing in your trades. The emotional feelings, fear, greed and many times the addiction to trade can just kill what we have acquired in terms of market knowledge. Psychological factors and sentiments negatively affect the performance because of the dynamics of the market.

When trading on a demo account, it seems like it would be easy to make money and there seems to be no reason why you would not be able to start making money with a live account. Then, you make that first live trade and you start to feel indecisive about when to take profit, or cut your losses. You’ve just discovered the effects of trading psychology.

Many Forex traders believe it would be ideal if you could completely divorce yourself from your emotions. Unfortunately, that is next to impossible, and some of your emotions may actually help improve your trading success. The best thing you can do for yourself is learn to understand yourself as a trader. Identify your strengths and your weaknesses and pick a trading style that is right for you.

  • The Ideal Trading State

    Anyone who has traded or has read about trading will be familiar with the word discipline. In New Market Wizards, Jack Schwager found that, “[d]iscipline was probably the most frequent word used by the exceptional traders that I interviewed
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  • The Secret to Breaking the Code to Successful Trading Under Pressure

    Why do experienced traders become unglued when losses occur, though they know that losses are part of trading? And why do traders slip from confidence into over-confidence (and blow up their profits) just when they’ve put a string of winners together?
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  • Temporary Insanity and Market Psychology

    Many years ago I attended law school for one year. Never really wanted to be lawyer, but had been told by many that first year law school was as good as an MBA for a person interested in pursuing a career in private business.
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  • Are you a Victim of Overtrading?

    Back when I was starting out, I used to find myself searching for a trade, even if my system wasn’t showing me one. It’s called overtrading. I’m sure we have all been guilty of it at some point.
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  • Emotional Intelligence

    As a Forex educator, I feel exceptionally privileged to teach novice retails traders the principles that can lead to profitability. This also means I field many questions from ambitious traders, who are hoping to find the one trading strategy that will make them successful.
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