Home Forums Business Talks Can you trade Forex without the trading psychology

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  • Vicky Lean
    Participant
    Post count: 1
    #973 |

    Why is trading psychology so important to all the trader? Even for a professional trader like the Singaporean traders, it is really important. You may consider it as a minor factor but it is not. You may think why there is so much fuss about trading psychology. Well, if you don’t balance the trading mindset you wouldn’t be able to trade Forex profitably. Every naïve trader engages in a battle with the market because they are new to it. They don’t understand the risks that easily, even if they understand they wouldn’t be able to manage it accordingly. What is the main reason for all the difficulties faced by the naïve traders? If professional traders were able to manage to trade, even the naïve traders will.

    There is only one factor that differentiates the level of traders and i.e. trading psychology. If you can train your mind to trade Forex through trading psychology, you will be able to trade better than before. You will see the change in the productivity of trading. The Forex market will not offer whatever you ask for or it will not work according to the way you want. At times, it may turn against your favor. No matter how successfully you plan and understand the market, it wouldn’t be as you expected. In such situations, you should be able to maintain your trading mindset. You should be able to control your feeling. Anyway, let us take a deeper look at this topic.

    Confidence is the key
    Confidence has always been the key to success in any profession. If you trade the market, it’s very obvious you will have losing trades. But the losing trades are nothing but a part of your trading career. You have to walk forward and stick to your trading system. The more you will trade, the better you will understand the nature of the Forex market. Developing a strong confidence from the scratch is really hard. But if you focus on the long-term trend, things will become easier for you. Regardless of the outcome of each trade, you must trade with proper money management. Always believe in your trading system and bring positive change according to situation demand.

    It is a must to be aware of yourself
    As a naïve trader or professional trader, you should be aware of yourself. You should know where your capacity lies. There are different capacity levels for different people. For example, a professional trader’s online trading account would be far better than the naïve trader’s account but why? It indicates that professional trader is capable than the naïve traders. But there is only one thing that sets apart a professional trader and a naïve trader and i.e. trading psychology. A professional trader will have a successful trading psychology whereas a naïve trader wouldn’t have the complete understanding of the trading psychology. Without trading psychology, you wouldn’t be able to maintain the stability in trading.

    It is different from one another
    You can never find similar trades. Each and every trade will have the difference from one trade to another. You would have to analyze the changes, importance, and advantages in the trades. To do all these, you should have the sound trading psychology. It is also must to bear in mind that following another trader is not a wise move, and if you do so, you will end up as a loser. You must be concerned about each and every trade.

    It is important to analyze
    Of course, it is important to analyze but to analyze you should be focused on the trading psychology. In fact, trading psychology is a vast topic in which you would have to learn a lot. It is not at all easy to train your mind. You would have to practice a lot. You would have to learn a lot and it will take some time as well.

    Hannan Kirmani
    Participant
    Post count: 3

    Great read, thumbs up!

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