accompanied with Forex trading. Understanding of these weaknesses and
good care of one's psychological health are important parts of being
successful. There are all kind of different human weaknesses, however
do all psychological weaknesses cause traders to lose? Or are there
some specific weaknesses that affect Forex trading in particular?
Humans have plenty of psychological weaknesses, however not all of
them are lethal when it comes to Forex trading. The basic trading
weaknesses are:
1. Greed
We all have probably heard a saying "Greed is the root of a thousand
sicknesses". The desire for more money is a weak spot of every Forex
trading. Even after making a profit, the idea of doubling or tripling
the amount flames inside like unwanted heartburn. It is important to
understand this weakness, acknowledge when it strikes, and learn to
control it. Without the ability to control the greed, Forex trading
will never be a satisfying experience. To make things worse, greed
usually leads to losing all the money.
2. Impatience
Being impatient is a big flaw in Forex trading. Impatient trader
usually exits and enters trades at the wrong time, doesn't follow the
trading plan and looses mind when things go bad. My advice is to keep
a journal of your trades and write down your emotions and reactions to
certain situations during trading. This way you can pin down the exact
situations which lead you feeling most impatient. Once you acknowledge
the feeling, you will be able to control it, especially when a similar
situation is arising. It is quite amazing how easy you can recognize
and manage the impatience attacks once you accept the fact that you
are impatient.
3. Pride
It is ok to lose a trade. You have to figure out the way to deal with
the loss in Forex trading. There is no professional trader that
doesn't lose trades. The most important factor of success is your
profits in the long run - not each trade. It is unnatural to think
that you know-it-all, faultless, immortal and the best trader in the
whole world! It is wrong to think that you have no more to learn -
Forex trading requires life-long process.Don't forget that excellent
self-esteem is only a mask which hides the real you with the low self-
esteem.
4. Fear
Come to think of it, fear actually has positive impact on our lives.
It helps us all recognize and respond cautiously to dangerous
situations and threats. Fear makes a trader more patient and causes
extra precaution during decision making. However, sometimes fear in
Forex trading turns unhealthy - it freezes trader and overpower the
ability of reasoning that make you see Forex price movements in
clearer light. In most cases Forex trader is able to control fear via
proven strategy and many months of practice. Once the confidence is
build up and trader believes in him/herself, fear seems to shrink
down.
5. Expectations
It is important to have realistic expectations from Forex trading
career. Whenever the expectations are beyond the reality, Forex trader
is likely to be disappointed when the results are not reached. Forex
trading depends on a lot of factors and not just the desire to make
tones of cash. Once the expectations are reasonable and met, they
bring happiness, relaxation, devotion and eagerness to learn more
about Forex trading.
Do all traders suffer from the same weaknesses? What are specific
weaknesses faced in Forex trading? Last month ForexExplore has
conducted a survey " What is your biggest Forex trading weakness?"
Below are the results:
24.2% - I do not stick to my trading rules and not always apply my
trading plan 12.1% - I lose control over trades. 12.1% - I struggle
with emotions over losses and lost "potential profits". 12.1% - I
still haven't defined a good money management system 9.1% - I still
misinterpret news from time to time. 6.1% - Indecision is my greatest
weakness. I hesitate too much. 6.1% - I am not focused as much as I
should be! 3% - I believe that I have magical powers and can predict
the future. 15.2% - All of the above!!!!!
How To Become A Successful Forex Trader: http://fxatrnde.key.to/
--~--~---------~--~----~------------~-------~--~----~
You received this message because you are subscribed to the Google Groups "Forex for Beginners" group.
To post to this group, send email to forex-for-beginners@googlegroups.com
To unsubscribe from this group, send email to forex-for-beginners+unsubscribe@googlegroups.com
For more options, visit this group at http://groups.google.com/group/forex-for-beginners?hl=en
-~----------~----~----~----~------~----~------~--~---
ليست هناك تعليقات:
إرسال تعليق
كن إيجابيا وشارك برأيك لا تقرأ وترحل
تقييمك للمواضيع يساعدنا على معرفة مدى توفقنا فى اختيار المحتوى المناسب لك وتعليقاتك تطلعنا على رأيك وانطباعك واحتياجاتك مما يساعدنا على تلبيتها.
شرف لنا أن تحمل صفحاتنا كلماتك.
تفضل بالتعليق: