What Does Forex Psychology Teach?
What Does Forex Psychology Teach?
Forex trading can be unpredictable. Many people coming to forex have great hopes. Sure, who does not dream of financial stability and independence? Everyone dreams of quitting his boring low paid job and become a forex trader. Why does forex attract so many people? There are many reasons some of them lie in the field of psychology. First of all, forex gives people the hope to get rich. Many people are greedy these days, so forex is the chance for them to become millionaires. Their main mistake is though inability to realize that there can be no easy money in forex.
Sometimes even experienced traders fail in forex. It does not happen due to lack of knowledge and experience. Traders who spent several years in forex do have knowledge and experience. Sometimes they fail because of greed and disrespect to forex psychology.
What is forex psychology anyway? This science is not lectured in the Universities. You will not read much of it in the books, although there is much information about it on the Internet. Anyway, forex psychology is very important both for beginners and seasoned traders.
What does forex psychology teach? Forex psychology teaches to master emotions. There is nothing worse than emotional forex trading. When you are angry you forget about everything. You do not mind economic indicators. You forget about market drivers. All you remember is that you need to earn money. But you totally forget about analytics. When you are too excited you cannot make reasonable decisions. Thus, you open positions not because your strategy suggests so but because you want to become a millionaire. Some traders picture in their minds cars and houses they will buy after big wins that usually never happen in their career.
Forex psychology helps to fight illusions. Indeed, you can win in forex. But you should understand that in order to win big money you are to risk big money. With a $100 deposit you will not be able to become rich. A $100 deposit will help you learn and gain experience.
Forex psychology teaches courage. Some traders are so afraid to lose that as soon as they see they win 20 pips they quit the market although they could stay and get 100 pips. But they prefer to close position because their have prior negative experience.
Forex psychology teaches to fight your greed and set realistic goals. Greediness is what makes most traders fail in forex. It is never enough. Everyone wants to earn more money. Well, some traders do succeed once or twice. That is called good luck. But short term losses mean nothing. You are to win in the long term.
Thus, forex psychology is extremely important for all traders.
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