Trading Psychology

While learning a lot about market analysis and money management is an obvious and necessary step to become a successful FX trader, you also need to master your emotions to keep your trading performance under strict control of mind and intuition. Controlling your emotions in Forex trading is often balancing between greed and fear. Almost any known psychological practices and techniques can help currency traders to follow their trading strategies rather than their spontaneous emotions. The problems you will have to deal with while being a professional Forex trader include:

  • Greed
  • Overtrading
  • Lack of discipline
  • Lack of confidence
  • Blind following others’ forecasts

These are very professional books on psychology written specifically for financial traders:

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