Hello traders,
Everyone of us have went through one or many of these traits listed here. Some of us are still struggling with this. Honestly, trading psychology is less taught in the trading world and this has become one of the contributing factors that causes traders to lose money and give up trading.
These traits, if they are not controlled they can burn accounts and even leave a trader in a lot of debts which will lead to depression.
It is always best to know oneself, list down all the traits that are manifested when in front of the screen and evaluate oneself what might be causing these traits and look for ways to control this.
One can start sweating immediately he starts watching price swings and another can begin increasing the lot sizes after a loss hoping to recover the money lost.
One can begin to be very confident in his new-found strategy that gave him profit 5 times in a row and only go harder the sixth time and loose it all.
Another one sees a 24 year old boy on Instagram driving a Lamborghini that he apparently bought cash from the money he made from Forex in just 6 months and throw 100k in his trading account and risk it all.
One loss after another, until the losses accumulates to thousands of dollars and eventually a trader begins to feel worthless and give up.
It is not only about a strategy, your strategy can be good, if you do not have the right mindset-the mind of a trader, your strategy is useless.
Safeguard your mind by feeding it with health stuffs, learn the proper way of investing, plan for a long term, write down your plans and work according to your plans-never ever deviate from them.
Today, there are so many trading gurus-just how they are flexing about how they are making money from Forex, this tempts you to pull the MT4 trigger, aimlessly, hoping you can be like them.
If you envy them and are making you feel greedy- unfollow them. Hahahaha.
Trading isn't simple, if it were, I bet 90% of retail traders could be millionaires.
Be patient with yourself, set long term goals and be determined to reach those goals slowly.
Above all, continue acquiring knowledge and be humble to admit that no one knows it all. Me and you are a grain of sand on the seashore compared to the giant market.
Everyone of us have went through one or many of these traits listed here. Some of us are still struggling with this. Honestly, trading psychology is less taught in the trading world and this has become one of the contributing factors that causes traders to lose money and give up trading.
These traits, if they are not controlled they can burn accounts and even leave a trader in a lot of debts which will lead to depression.
It is always best to know oneself, list down all the traits that are manifested when in front of the screen and evaluate oneself what might be causing these traits and look for ways to control this.
One can start sweating immediately he starts watching price swings and another can begin increasing the lot sizes after a loss hoping to recover the money lost.
One can begin to be very confident in his new-found strategy that gave him profit 5 times in a row and only go harder the sixth time and loose it all.
Another one sees a 24 year old boy on Instagram driving a Lamborghini that he apparently bought cash from the money he made from Forex in just 6 months and throw 100k in his trading account and risk it all.
One loss after another, until the losses accumulates to thousands of dollars and eventually a trader begins to feel worthless and give up.
It is not only about a strategy, your strategy can be good, if you do not have the right mindset-the mind of a trader, your strategy is useless.
Safeguard your mind by feeding it with health stuffs, learn the proper way of investing, plan for a long term, write down your plans and work according to your plans-never ever deviate from them.
Today, there are so many trading gurus-just how they are flexing about how they are making money from Forex, this tempts you to pull the MT4 trigger, aimlessly, hoping you can be like them.
If you envy them and are making you feel greedy- unfollow them. Hahahaha.
Trading isn't simple, if it were, I bet 90% of retail traders could be millionaires.
Be patient with yourself, set long term goals and be determined to reach those goals slowly.
Above all, continue acquiring knowledge and be humble to admit that no one knows it all. Me and you are a grain of sand on the seashore compared to the giant market.