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Mastering Your Emotions While Trading Forex

Discussion in 'Forex Discussions' started by FoReX^ExPeRt, Aug 10, 2010.

  1. FoReX^ExPeRt

    FoReX^ExPeRt New Member

    Apr 3, 2010
    Likes Received:
    Emotions can have a strong effect on one's Forex trading success & it's important to master your emotions so that you can have the best trading experience possible & hopefully earn the most money possible. Here's 5 simple, yet effective steps for managing & controlling your emotions while trading:

    1.) Eliminate Greed

    Greed & Forex trading simply don't go together. When trading, make sure that you're being reasonable about your potential, take initial deposit & current market trends into account. Even if you're winning a trade, things can turn around quickly, never get cocky while trading FX.

    2.) Anger & Frusteration Can Quickly Drain Your Account

    When trading, think of yourself as a robot, an expert FX robot that feels no emotion, no pain, no feelings of "what if my money disappears". The truth is, as humans we feel emotion & apprehension when trading real money, the key is to eliminate this as much as possible.

    3.) Take Time To Relax & Calm Yourself

    Many Forex traders spend hours trading, many spend the whole day. Take a moment to calm & relax yourself. Workout, go for a run, play your favorite video game, do some yoga, anything to refresh & calm your mind so you can approach your next trades with a clear, fresh mind.

    4.) Have A Positive Attitude

    Have a reasonably positive attitude & believe in yourself & your abilities. If you're unsure, practice on a demo account & brush up on your strategies to gain genuine confidence in your abilities.

    5.) Be Well Rounded

    Being a well rounded person really does have a huge effect on your Forex trading success. By being a well rounded person who is able to be successful & effective in many facets of life, you will gain the control necessary to have an advantage in Forex trading.

    Best of luck in Forex :)

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