A key feature to trading successfully is the area of the Psychology of Trading.
The technical analysis and fundamental approaches are key to determining initial trading decisions (when to buy, where to target to exit, at which level is the trade wrong, where to exit), whilst risk management allows for control of the trade once initiated, to maximise profits and limit losses, it is the area of Trading Psychology and the ability to preserve discipline and to contain and control emotions and feelings, that is paramount for successful trading.
In this section we educate the reader by exploring the various emotional and psychological aspects that can impair successful trading. Furthermore, we will attempt to provide solutions and strategies that can be employed to help in the control of these emotions and psychological deficiencies in order to make you a successful trader.
Read more forex training articles.
Market psychology; the overall feeling that impels buying or selling. Conventional financial theory assumes all investors are rational. Emotional aspect of the market can lead to outcomes that can’t be predicted. The majority of the most successful marketing campaigns have employed the science of “Psychology” in appealing to consumers. It is used in an intelligent … Continued
1. Education and practice improve performance Trading is often compared with sports and games, and as with these activities successful trading requires applying skills and knowhow in a real time scenario. As with performing well in sports, games or even a talent like music, a successful trader needs time to develop through organized and rigorous … Continued
Work Hard! Success is no accident. It is hard work, perseverance, learning, studying, sacrifice and most of all, love of what you are doing or learning to do. Pele Nothing in life is for free. As with all skills, the more you work at trading, the better you get at it. There is NOT a … Continued
That’s another way of saying “trade price action.” Why? Because price is the only true indicator of where a market is going. It’s the only point in the universe where you know if you are right nor wrong. We spent a lot of money developing our algo that tells us where these inflection prices are; … Continued
I bought a seat at the CBOT in 1980…..jumped into that jungle called the “pits” and traded 30 year bonds with the best the world had to offer. You not only had to find your “edge” and trade well, but you had to dodge pencil points that could stab you in any part of your … Continued
Though often touted as a way to get rich quickly and effortlessly, Forex Trading will have most of its traders lose. You do not have to be one of the losers though. Just heed the tips we’ve rolled out below and you’ll be on your way to Forex trading success. 1. Know your trading goals. … Continued