Forex trading psychology is a brief but useful document that helps you master the psychology of financial transactions.
File type: PDF
Pages: 11 pages
Introduction
Trading psychology plays a crucial role in a trader’s success in the forex market. It encompasses the mindset and emotional discipline needed to make sound decisions and manage stress, fear, and greed while trading.
How do Experienced traders handle emotions?
The Forex trading psychology of Experienced traders are quite good and they do handle their emotions well.
They exactly knows when to trade the market and when it’s better not to trade. The below are the ways how they handle their emotions.
- They don’t trade out of greed
- They are aware of the uncertainty in forex
- They never expect quick profit
- Prevention is better than cure
Managing your emotions is the key to long-term success
• If you have ever wondered why 90% of Forex traders lose money and quit trading forever, then you have the answer now.
• One thing that makes a lot of traders to quit trading is poor risk management; they risk more than they should.
• But why do they practice poor risk management in the first place? The definite one-word answer to this question is ‘greed’, which is an emotion.
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