Forex Trading Without Emotion

The finest, most profitable forex trading system is worthless in the hands of a trader that is filled with fear and emotion. Would you agree that this a bold statement? A beginner trader might think so. However, if you are an aspiring or experienced trader then you most likely have some idea of how true that statement is.

Many forex trading systems are sold without any regard to dealing with the fear and emotions that come along with trading the markets. I consider these systems sellers marketing incomplete strategies at the very least, and being unscrupulous at the very worst. To promote a forex trading system without teaching basic concepts in trading psychology says simply, “We don’t care if you succeed in your trading endeavors but we would sure like your money for this sale!”

Lets define “trading psychology.” Trading psychology, to me, is the field of study that includes all of the emotional aspects of financial trading that do not involve the trading system rules that you use to trade. Within this field fits all of the fear and emotion that a currency trader might feel when placing or exiting a trade. Adequately dealing with this fear and emotion is the difference between success and failure in the forex trading business.

Why, if working positively with the fears and emotions of trading is paramount to being a profitable trader, is the subject so commonly not dealt with adequately? Understanding trading psychology is not required in order to purchase a trading system, so the seller has no vested interest in disclosing these required skills to the buyer. A sellers goal is to sell, not to educate, train, or enlighten.

It is of utmost importance that traders can and should elevate their understanding of trading psychology by searching out and performing simple trading exercises that can dramatically affect (positively) their mindset, their enjoyment of trading, and their profitability.

Awareness is the first step in recognizing the need for a trading psychology plan. Novice traders must realize and embrace that the mental part of the trading game is a normal and real stumbling block to achieving success. At one point or another, every trader must raise the white flag and realize that there are powerful mental forces that may be preventing from being successful in the forex market.

Now that we recognize the absolute need for a trading psychology plan in order to be a consistently profitable trader, we can set some goals. 대여계좌

Goal # 1: I will always adhere to my entry rules.

Goal # 2: If I miss my entry, I will wait until the next setup

Goal # 3: I will manage my trades by my exit rules and not by guessing the market’s moves

Goal # 4: I will not trade based on feel, only on what I see

Goal # 5: I will not trade with emotion or fear.

Goal # 6: I will not take more risk than my trading plan allows

Goals will get you started on your way toward understanding your mental trading challenges.

We have recognized the importance of trading psychology and developed some goals to accomplish on our way to taking the fear and emotion out of our trading.

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