Psychology in Forex Trading

Discussion in 'General Forex Discussion' started by Rambo35, Sep 2, 2014.

  1. Martin Gaptil

    Martin Gaptil Trader

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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!
     
  2. Ary Barroso

    Ary Barroso Trader

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    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!
     
  3. ashouq

    ashouq Trader

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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.
     
  4. aureliorodrigues

    aureliorodrigues Trader

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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.
     
  5. ashouq

    ashouq Trader

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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.
     
  6. kolman

    kolman Trader

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    Hi. What's the best book on psychology in trading? to take away the fear of trading with big money
     
  7. kolman

    kolman Trader

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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
     
  8. Ronald Kuper

    Ronald Kuper Trader

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    +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.
     
  9. KevLewis

    KevLewis Trader

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    I agree I think discipline along with patience and passion is the key to be successful in this world
     
  10. kolman

    kolman Trader

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    You're quite right
     
  11. Linda11

    Linda11 Trader

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    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.
     
  12. Ronald Kuper

    Ronald Kuper Trader

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    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.
     
  13. Linda11

    Linda11 Trader

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    Also demo account is useful for EA testing
     
  14. Linda11

    Linda11 Trader

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    yeah.... almost the same what I said :)
     
  15. kolman

    kolman Trader

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    yes, for that too
     
  16. James Williams

    James Williams Newbie

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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.
     
  17. Kevin Murdok

    Kevin Murdok Trader

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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.
     
  18. Nicolas Sanz

    Nicolas Sanz Trader

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    I think that beginners need to start with a demo. Spend at least more time, but well prepare.
     
  19. Nicolas Sanz

    Nicolas Sanz Trader

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    What would then feel the difference. Simultaneously, too many emotions. You can choke.
     
  20. Kevin Murdok

    Kevin Murdok Trader

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    It is impossible to prepare for the market. It's like learning to swim in the sand on the beach.
     

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