One of the common sayings in the forex market is that the psychological challenge accounts for almost 90% of the struggle for continued success as a trader in the Forex market. The question now is, can this really be true?
The answer to Forex Master Levels Scam question is yes and not at the same time. Not surprisingly, many of the big traders in the Forex market, who wrote about their trades, mentioned how their internal psychological problems were a major cause of the losses, even when they knew that what they were doing was wrong. There may be no doubt about the importance of psychological factors in the world of trading in the Forex market or speculating on anything else.
Know that a professional psychological trading will not bring you much money in itself, but if you are not really familiar with the various methods that your mind always try to do on its own, you are likely to find yourself in a certain loss, even if you are trading in Good and correct in making decisions about trading. There are hundreds of ways in which the trader can harm himself calmly. That is, there is a psychological aspect of the trade that we can not cover.
Getting to know many of the psychological trading that affects traders in the Forex market may help you in your trading trip. Often you have to test something yourself to learn: nothing knows better than direct experience. Some of these points may give you a new and clear understanding of the trading mistakes you have already committed, or you can also be warned in advance of mistakes you have not made so far. Always try not to blame yourself when you make mistakes in trading; Learn and understand the lesson and avoid committing this mistake again in the future.
The most common psychological trading mistakes:
Do not trust your curriculum
It is truly shocking how many people are trading without the conviction that they can make money and make a profit, or at least ensure that they have a good chance of doing so at any time. Even if you really believe in what you do in circulation, are you sure you do not have big hidden doubts about trading? The answer to this question lies in testing methodology. For example, if you follow patterns, take some time to retroactively test a lot of old data. Will it give you good results most of the time? Are these patterns based on a consistent principle, such as patterns of reflections of the medium or momentum? If the answer to these questions is yes, then believe in what you do strongly and do not forget to do so.
Not to develop a plan and abide by it
This point seems very clear. It’s not just about setting up a Secret Profit Matrix Reviews trading plan, but you should also have a lot of plans and some flexibility. For example, if you are trading every day, you have to have your own method of reporting on each trading day, which currency pair will you trade? However, if the currency pair you choose does not move, while the rest of the other pairs are starting, you may now have to rethink your decision instead of “sticking to the plan” without thinking, and allowing yourself to change your mind about once every hour. This is a plan, but a plan that includes many structural flexibility.
No differentiation between planning and implementation
It is easy to put a successful plan on paper, but this may be quite different when it comes to the actual implementation of that plan. A good example of this is the plan to do hundreds of trades in about a year and expect your account to fall by -20% when you go through a series of 20 losing trades. You may do a retrospective test for approximately one day and decide that these losses are acceptable. You’ll probably feel a whole different feeling when a few weeks or even months lose real money frequently, and you see your account shrink day by day. There is no good solution to this problem, but you just have to realize that spending several months of time in almost an hour is not considered a good psychological exercise for bad trading times.
Excessive fear or enthusiasm
These are two sides to one problem. To avoid this, you have to tell yourself every day that you are willing to do several trades or not to trade at all, and that what you do will depend entirely on market conditions, rather than on your portfolio or mood. There will be days without any movement and other days with lots of movements. You have to adapt to different circumstances.
Stability in transactions with the market
When you tell yourself that if the price rises by another 10 points then you will exit trading immediately, and if the price does not rise within the next hour you will also exit trading. This is the subconscious which moves on the basis of fear and irrationality. You should ignore it completely, stick to the stability and never go out of business unless according to the rapid trend gainer plan.
Burning to gain profits in the Forex market
When you see profits in abundance and you think it’s good to make them, then stop trading for a day and enjoy a profitable trading day. This is nothing but laziness and indulgence in pleasures and you must resist it. The only reason for earning profits should be based on a real reason to believe that the market will not move further in the direction you want. Let the market prove it to you, do not expect.
Give up the loss in early times
It’s like burning for profit. You may have to rethink your risk management strategy.
Allow losing trades to work
There is a simple way to avoid this: Always use strong breakpoints and never expand.
Not being responsible for trading transactions
It is very easy to put excuses for yourself. If I had not missed the bus, or if I had not been in a bad mood, I would have handled this transaction better, and I would have made profits rather than suffered losses. Your real job is to make sure you do not miss the bus or be in a bad mood. When you succeed in being responsible for all your trades, then you can only improve your mood when you see that there is a way to make things better for you. This is a marathon journey and not an enemy race.
Infinite pursuit of highest possible profits
You do some tests and develop strategies that give you a rate of 20% per year. But slow down! Have you tried something else that achieves 25%? Is there something better there? Maybe yes, but this research and testing may take a very long time. So, think with me: What if you spent 6 months continuously doing the test instead of doing the trading in a committed way to find a way to achieve 25% instead of 20%, you lost 10% and then you will need another year to make up for that loss! You should continue to search, of course, but do not make this a big impact on your trades. As long as you have a strong trading methodology, it should not be very ideal.