The Psychology of Forex market.
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Thread: The Psychology of Forex market.

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    The Psychology of Forex market.

    1.Trading Stress:Trading stress is stress that is caused by the act of trading. For example, the fear of losing money can place a trader under significant stress. Perversely, trading stress only compounds the original problem. For example, if a trader is having difficulty making a trade management decision, the stress that ensues will only make it harder to make the decision, and will almost guarantee that the decision is made badly.

    The solution to trading stress is knowledge and experience. Knowledge gives a trader the ability to trade well, and experience gives a trader the confidence to trust in their knowledge. When a trader knows that they have the ability to be profitable, and they also have the confidence to believe in themselves, it is much easier to overcome any stressful situations that might arise.

    market-cycle.jpg

    2.Patience and Discipline psychology:All humans including new traders and professional traders alike experience emotions often whether they like it or not, and trading is one activity that can elicit many different emotions and rather strong emotionss like many monetary activities. As a result, new traders and professional traders alike, should know that their emotions are going to affect their trading whether they like it or not. In response, professional traders either have or develop personalities that allow them to overcome their emotions and trade profitably. Two of the most important such personality traits are patience and discipline, because they allow a trader to handle one of the most difficult aspects of trading
    Source: http://daytrading.about.com/od/tradi...Discipline.htm

    3.No Holy Grail System: It is widely believed by new traders, that there is a single trading system a single set of trading rules, that is composed of a small group of technical analysis indicators with a certain configuration of technical indicator settings that can be traded on any market using any trading style like scalping, day trading, swing trading, or position trading and always makes a profit. Many new traders spend years searching for the holy grail of trading, believing that it is the key to their being a consistently profitable trader. But there is no holy grail system in forex your success totally depend upon your hard work and skill

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    Last edited by Value trader; 01-27-2015 at 02:28 PM.

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    Registered user Hukam's Avatar
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    First of all I am very thankful to you dear because these things are very important for our trading career and success. As we know that a good trading discipline and patience psychology both are very essential in trading and we should never feel stress at the time of trading we have to do trade with a clear and fresh mind. That's also true that there is no holy grail system in forex

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    stress was caused by someone who can not control the emotion or they just let the emotion drive the minds, and they will not get a clear mind to think with well, so everything they will do, just start it with careless thing, it is so danger if traders stay at this position too long,
    then we need to fix this part, start it with open mind, let down ego and just think with realistic, then everything we do , we just take it without the burden, and discipline , patience will have important role to keep stable everything

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    Forex trading is a long existing market, it can not be gained in its entirely just in a day. One needs to understands his ways of trading and gimmicks. To be a good of the market, you should work more on your trading ethics and discipline, these are what i consider to be engine room psychology in trading.

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    i`m totally understand that the forex mainly wants of us to be self control and self managed . so when we trade we may find ourselves cnnot controlled of our will and cannot control of our emotions towards the market, cannot control of our greed . cannot control of our love to quiek profit . all this we have to control . if so we will beat the Forex no doubt

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    First of all I am very thankful that you all are posting regularly in my threads. Without all of you there is meaning of my threads, hope you are learning well from my threads and implementing all these things in your real trading. And one thing also you have to put in your mind that there is no holy grail system in forex you have to do hard work yourself and have to make your own trading system

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    Quote Originally Posted by newentry View Post
    stress was caused by someone who can not control the emotion or they just let the emotion drive the minds, and they will not get a clear mind to think with well, so everything they will do, just start it with careless thing, it is so danger if traders stay at this position too long,
    then we need to fix this part, start it with open mind, let down ego and just think with realistic, then everything we do , we just take it without the burden, and discipline , patience will have important role to keep stable everything
    For sure sir, we have to follow a good discipline and a good patience in our trading for better performance, Yeah our emotion can affect our trading and can impact negatively in our business. We have to trade with right trading attitude, We don't have do careless trading and don't have to become egoistic in forex.

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    Quote Originally Posted by silverlady View Post
    Forex trading is a long existing market, it can not be gained in its entirely just in a day. One needs to understands his ways of trading and gimmicks. To be a good of the market, you should work more on your trading ethics and discipline, these are what i consider to be engine room psychology in trading.
    You are right forex trading is a very long term business and there is no end of this business. We have to learn till a long term time here to get better result. This business is very risky but by getting a good experience we can gain better profit by taking less risk in our life. We have to work more and more on our trading ethics and discipline too

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    Trading stress is not good at all, there are many things which can give us a lot of tension and stress in trading, like taking a very high risk in trading, ignorance of money management and risk management, big money motive in short time etc. So its very important to keep patience we have to never try to search any holy grail trading system too because there is no holy grail system available for making money

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    There is no holy grail available in forex well said dear, I also searched a lot in past to check about it but I never able to got anything better regarding holy grail system only our hard work and good regular forex market experience can help us to know about our own holy grail trading system. We need daily exercise and meditation for better trading psychology

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