Psychology in Forex Trading

Kevin Murdok

Trader
Dec 12, 2017
11
1
7
36
Only one person out of a thousand can swim if he does not know how. We must learn in safe conditions. You can go straight to the market, but it's a huge risk.
So that's why the beginner should start with small amounts. it will be the same thing to swim in a safe shallow water without the risk of drowning. And it will be much better than poking around in the sand on the beach.
 

Nicolas Sanz

Trader
Dec 7, 2017
32
5
19
54
So that's why the beginner should start with small amounts. it will be the same thing to swim in a safe shallow water without the risk of drowning. And it will be much better than poking around in the sand on the beach.
On the demo, you can simply understand your strategy and understand the mechanic, after going to a real account.
Why do I need to spend money in the beginning, even if it's a small amount if you can do everything in virtual?
 

Nicolas Sanz

Trader
Dec 7, 2017
32
5
19
54
So that's why the beginner should start with small amounts. it will be the same thing to swim in a safe shallow water without the risk of drowning. And it will be much better than poking around in the sand on the beach.
Do not underestimate the power of water. The flow of water can swallow you up.
After all, all people are different.
Emotions.
Poking into the sand can be useful.
 

Kevin Murdok

Trader
Dec 12, 2017
11
1
7
36
On the demo, you can simply understand your strategy and understand the mechanic, after going to a real account.
Why do I need to spend money in the beginning, even if it's a small amount if you can do everything in virtual?
Only under the threat of losing real money you will be able to properly assess the risks and force yourself to trade sensibly. Using virtual money can never understand the real danger.
 

Nicolas Sanz

Trader
Dec 7, 2017
32
5
19
54
Only under the threat of losing real money you will be able to properly assess the risks and force yourself to trade sensibly. Using virtual money can never understand the real danger.
I agree, but this is a 2 step. Well, it's impossible to immediately conquer the world. First you need to poke into the sand. Do not hit your head against the wall.
 

alandeserts45

Newbie
Sep 14, 2017
3
0
2
34
Psychology is must and the most important part of the trading. A person with a strong mental mind set can trade. The person has to be strong mentally and should be open either way to lose or to gain the profit. Losing once or twice should not stop the person from trading and winning profit should not make the person over confident regarding his strategies.
 

Ary Barroso

Active Trader
Jul 9, 2017
908
71
39
35
Psychology is must and the most important part of the trading. A person with a strong mental mind set can trade. The person has to be strong mentally and should be open either way to lose or to gain the profit. Losing once or twice should not stop the person from trading and winning profit should not make the person over confident regarding his strategies.

Yes, this is the most vital issue; but since it’s an advance chapter; so traders need to start this chapter after technical & fundamental.
 

CommanderZerro

Active Trader
Jan 13, 2018
6
1
39
68
Edmonton, AB
Hello Members;
It's a fact that psychology plays a huge role in Forex trading. But how do we as newbies get around this problem? It's not just a matter of staying the course and being strong during periods of draw-downs but also how you react with winning streaks.

This is my personal experience. I was able to turn $1,240.00 into over $30,000 in less than a month using Scalping. "Hey, I am damn good. I can reach $90,000 within a couple of months", was what I said to myself. My confidence went sky-high and I started risking bigger and bigger position sizes that had no bearing with my account. I was also moving my stops away to avoid being hit. It didn't take too long before the account was blown to pieces.

Members, please search for books on trading psychology to read. It's the only way that can transform you. I have done that myself.

Happy Trading, and stay focused.
CommanderZerro.