1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Mastering Your Emotions While Trading Forex

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

  1. FoReX^ExPeRt

    FoReX^ExPeRt New Member

    Joined:
    Apr 3, 2010
    Messages:
    25
    Likes Received:
    0
    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 :)
     
Loading...

Share This Page