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Forex trading psychology

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Forex trading psychology

  1. 1. Forex Trading Psychology
  2. 2. Manage your emotions while trading • Having expertise in market analysis or having extensive knowledge about Forex is not the only factor that determines the success of a Forex trader. • You may know thousands of successful strategies and you may be good at using all the indicators out there, • but if you don’t learn something that is very important then you will have a hard time making money in Forex.
  3. 3. How do Experienced traders handle emotions? • The Forex trading psychology of Experienced traders are quite good and they do handle their emotions well. • They exactly knows when to trade the market and when it’s better not to trade. The below are the ways how they handle their emotions.
  4. 4. 1. They don’t trade out of greed • Thus they avoids many things that will cause a stressful emotional response. • And if they are really in fear or not in the mood to trade, they simply avoid placing trades. • It is better than placing a trade and losing money, right?
  5. 5. 2. They are aware of the uncertainty in Forex • Experienced traders are aware of the uncertainty in the Forex market which is not the same as lack of confidence. • It is just a fact in Forex, No matter how good your trading decision is, the market can unexpectedly go against your predictions at any time. • If you clearly understand this while placing a trade, you won’t get a shock when the trade results in a loss.
  6. 6. 3. They never expect quick profit • This is also related to greed. What do novice Forex traders do when they want to make some quick money? • They just place trades with huge trading volume and lot sizes. • But when you choose a huge lot size, you are also risking a huge amount of money.
  7. 7. Prevention is better than cure • Have a very good trading plan. Trading with good planning reduces risk and also prevents any emotions to affect your performance. You need to develop your own personalized trading plan and develop a solid trading discipline.
  8. 8. Prevention is better than cure • Once you place a trade, don’t keep looking at the currency movement. Just place the trade and walk away. If you have the habit of watching the trade, you will give in to many temptations. You may move your stop loss hoping that the market is going to reverse. You may move your take profit level hoping that the trend is going to continue in the same direction. If you keep moving these values, there is no point in setting them in the first place. It also feeds your emotions.
  9. 9. Prevention is better than cure • Always use well-proven strategies. When you use a strategy that has been tested enough in the past, you will be able to avoid losses more easily. • Once you have got three consecutive profit trades or losing trades, it is better to take a break. If you get three consecutive profit trades, your fourth trade may be entirely motivated by overconfidence.
  10. 10. Managing your emotions is the key to long-term success • If you have ever wondered why 90% of Forex traders lose money and quit trading forever, then you have the answer now. • One thing that makes a lot of traders to quit trading is poor risk management; they risk more than they should. • But why do they practice poor risk management in the first place? The definite one-word answer to this question is ‘greed’, which is an emotion.
  11. 11. Thank You Visit Our Website https://theforexsecret.com/

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