Psychology in Forex Trading

Martin Gaptil

Trader
Mar 5, 2017
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You are absolutely right, maximum novice traders are unable to control their emotions and greed in their early stage of trading because of their low skill on psychological strength on trading! That’s way, I started my live trading with a micro account, and then I used only 0.01 trading lot size, by the way now I am using standard trading lots size so confidently!
 

Ary Barroso

Active Trader
Jul 9, 2017
896
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39
31
Trading in forex calls for the right mindset. Emotional control is one of the key to achieve consistency in trading forex. Following emotion can make you ignore a well develop trading strategy when making trades.

Emotion is one of the most common problem here! It’s quite impossible to be a successful Forex trader without controlling emotions and greed! In addition, I check my emotions by following my trading plan so honestly!
 

ashouq

Active Trader
Feb 21, 2017
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New traders can get good hands on managing emotions by trading demo account for some while before switching to live trading.
 
Sep 30, 2017
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I'm not 100% sure demo account is the thing you need to understand what trading psychology is. You don't trade real money in demo account so can't get truly emotional. I think cent account would fit the bill.
 

ashouq

Active Trader
Feb 21, 2017
167
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Everyone has their own opinion and you are right about starting a small account however i started trading demo account with hotforex and then switched to their micro account as well just to get some good hands on trading. Now i am trading with good ROI and my amount is diversified with more than one broker at the moment.
 

kolman

Trader
Nov 29, 2017
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Hi. What's the best book on psychology in trading? to take away the fear of trading with big money
 

kolman

Trader
Nov 29, 2017
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I'm not 100% sure demo account is the thing you need to understand what trading psychology is. You don't trade real money in demo account so can't get truly emotional. I think cent account would fit the bill.
From my experience demo acount is useful just to master trading platform but not to trade since you can do whatever you want with your account without wasting money. It's long way to study trading
 

Ronald Kuper

Trader
Dec 7, 2017
9
1
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Portugal
+1 to trade on the small account firstly. Demo account creates an illusion where you don't risk your own money. Trade on a real account and psychological uncertainty will be smaller and smaller each time.
 

KevLewis

Trader
Dec 7, 2017
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The key element to successful trading is discipline and being able to control your emotions. You can also be successful at trading Forex if you set a goal and take action. But you must have the knowledge to accomplish it.
I agree I think discipline along with patience and passion is the key to be successful in this world
 

Linda11

Trader
Dec 7, 2017
9
0
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36
I've been trading not so long, for about a year, but on a real account for about 2 months. Maybe to draw some conclusions for me rather early. But with regard to the trading psyhology I can say that it didn't touch me.
I started trading for an amount that I feel comfortable to lose.
Made from it for a month + 30%. Regardless of how much this amount increases, I don't perceive this amount as mine. While this money is not withdrawn to my personal account or card, this money is not mine, they are in the market.
That's all the psyhology.
 

Ronald Kuper

Trader
Dec 7, 2017
9
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Portugal
A good trick is not to take on a big responsibility.
In fact, if you made a deposit to a trading account, then you can say goodbye to this amount of money. And, if you are 5% and you are lucky, then you really know how to manage your emotions.
 

Linda11

Trader
Dec 7, 2017
9
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From my experience demo acount is useful just to master trading platform but not to trade since you can do whatever you want with your account without wasting money. It's long way to study trading
Also demo account is useful for EA testing
 

Linda11

Trader
Dec 7, 2017
9
0
7
36
A good trick is not to take on a big responsibility.
In fact, if you made a deposit to a trading account, then you can say goodbye to this amount of money. And, if you are 5% and you are lucky, then you really know how to manage your emotions.
yeah.... almost the same what I said :)
 
Dec 9, 2017
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Psychology plays a big part in forex trading. In trading 90% is psychological and rest are technical and fundamental. So if you want to tune yourself up as a forex trader, I would suggest you to learn trading psychological. What is called psychological analysis. It involved being discipline in trading. It also teach how to control your emotions while trading. It also teches proper money management. Hope you find it helpful.
 

Kevin Murdok

Trader
Dec 12, 2017
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I suggest you start trading at the same time on the demo and on a live account. Make a small deposit, for example, 100USD and open the same demo account. Simultaneously open trades and try your trading strategy. So you can see how the demo can differ from the live account and the emotional tension will not be so strong.
 

Kevin Murdok

Trader
Dec 12, 2017
11
1
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I think that beginners need to start with a demo. Spend at least more time, but well prepare.
It is impossible to prepare for the market. It's like learning to swim in the sand on the beach.