Is the trading psychology your biggest enemy?

Rambo35

Confirmed PaxForex Representative
Apr 22, 2013
909
13
32
Canada
We as humans are naturally emotional. Our egos want to be validated and we want to prove to ourselves that we know what we are doing and we are capable of taking care of ourselves. As a human being you cannot eliminate the effect of trading psychology completely, but to be a successful trader you must keep yourself away from some major psychological problems as greed, fear, euphoria revenge etc.
 

Rob Taylor

Active Trader
Oct 14, 2012
131
2
37
UK
www.tradeforexmakemoney.co.uk
The biggest enemy for a Forex trader is a lack of knowledge. Most Forex traders believe that they know how to trade, but blame their losses on other things like a lack of discipline or emotional trading.
 

inggo

Master Trader
Jan 13, 2012
474
11
59
Philippinese
yeah i agree with rob, when traders start trading with so little knowledge then trading in that sense can be considered as gambling, coz they dont know what they are doing. emotional hindrance is a given even I get stressed infront of my hotforex mt4 platform, we all get emotionally attached to money if you ask me, lol, but seasoned traders tend to supress these emotions and focus more on logic. dont let emotions decide what you are gonna do next.
 

triplet

Active Trader
Oct 7, 2014
101
2
27
Emotion is part of every trading but controlling it during trading is always very challenging for traders. Sometimes even when a trader has all the necessary tools to make profit emotion becomes a threat.
 

nalu

Confirmed ProfiForex Representative
Sep 3, 2014
59
1
17
Controlling of emotion can be challenging because it is part of us. But being discipline can help keep your emotion in check to prevent it from affecting our trade in a negatively way.
 

olivine

Trader
May 21, 2015
140
0
7
We can say our personal psychology effects on trading . Our emotions are different at the same time one is happy other is feared from loss. A trader should differentiate between emotions and trading of market. Market not cares your feelings it gives you what you deal with it .
 

inggo

Master Trader
Jan 13, 2012
474
11
59
Philippinese
i cant really say its the biggest, i guess my biggest enemy is distractions, but definitely psychology is a problem needs to be contained!
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
1
49
To an extent, psychology kicks trader's "you know what"..the point is that we are all prone to distractions, lose focus, get stressed out, but when it comes to trading, psychology takes it up a notch further, and add emotion to the mix, and you would end up wiping your account clean in a single hour..
 

nikita sharma

Trader
Oct 27, 2016
46
0
7
26
yea.. we traders are not suppose to be so emotional and excited while trading.practical approach only can make you succeed.
 

Gerrard Hank

Trader
Nov 3, 2016
31
2
16
44
Restraining our negative emotions can be very hard at times, but when we direct our thoughts properly, then we can control our emotions.
 

inggo

Master Trader
Jan 13, 2012
474
11
59
Philippinese
i ahve to agree its not easy, that crazy urge, that failing 6th sense lol. so discipline is the key really. stick to the plan and waalk it through for better or worst.
 

Mohdfx

Active Trader
Sep 22, 2016
53
5
29
25
Kuala Lumpur
I think it may be a problem, but for me as a newbie the main issue is mistakes in defying price action patterns and the right time for entering the market. I see that my results become better every month with hours of practice
hope it won't be a problem further.
but sometimes it's hard to leave a losing deal, and it's about psychology...
 

Alexfx79

Active Trader
Sep 22, 2016
376
20
39
40
Berlin
The biggest enemy for a Forex trader is a lack of knowledge. Most Forex traders believe that they know how to trade, but blame their losses on other things like a lack of discipline or emotional trading.
You are absolutely right but there isn't any guarantee that emotions and psychology are not the main issue. I believe that people with emotional lability can't be as effective as those who has more stable psychological sphere. People remain the same when they get knowledge.
 

wisetrada

Active Trader
Mar 4, 2014
53
5
39
Yes, psychology is really very important. Of course forex trading is largely technical; but it is not all about charts and EAs. A very powerful trading system when combined with the wrong trading mindset will not work either.
 

Martin Gaptil

Trader
Mar 5, 2017
58
10
9
43
Well, in my demo account I worked on technical, fundamental and sentimental analysis with details! As a result, know I know, how to deal with emotions and greed! In addition, now I can control my emotions after losing a big trade! Now I focus on my whole trading process not on any specific trade position! But, its true maximum novice traders lose here since their sentimental trading skill is zero!
 

Ary Barroso

Active Trader
Jul 9, 2017
896
57
39
31
Yes, many traders lose their money here because of low trading skill on sentimental trading! Trading is all about psychological game! That’s way, traders need to ensure their trading skill first on sentimental trading before playing with real money!
 

Michelle Yeoh

Trader
Jul 9, 2017
83
7
9
41
The biggest enemy for a Forex trader is a lack of knowledge. Most Forex traders believe that they know how to trade, but blame their losses on other things like a lack of discipline or emotional trading.
This is correct; I have also seen; many new traders started their live trading too early before completing their education process! Here knowledge is the power, that’s way pro traders take the risk but they don’t lose at all! Because they know how to do and when to do.
 
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Ary Barroso

Active Trader
Jul 9, 2017
896
57
39
31
This is correct; I have also seen; many new traders started their live trading too early before completing their education process! Here knowledge is the power, that’s way pro traders take the risk but they don’t lose at all! Because they know how to do and when to do.
Same opinion from me; I have seen, new traders are very hurry on live trading; unfortunately they focus on earning instead of learning.