Currency Trading Information Channel
Psychology Of Trading
The psychological aspect of trading is usually underestimated by those new to trading. The psychological problem for most traders is the fear of losing - ironically it is this fear that causes most traders to lose money in the long run. The fear of losing can manifest itself in a number of ways:
Unable to pull the trigger and enter a trade. A trader can start to lose faith in a system that has produced a number of consecutive losing trades and might start to look for further confirmation before taking the next trade. Inevitably the trade that is not taken will be the winner. The point of a mechanical trading system is that it forces the trader to take the trades that they wouldn't normally take just by looking at a chart.
Unwilling to accept a losing trade and cut a losing position short. Losing trades are an inevitable part of trading, many successful systems will produce more than 50% losing trades. The key is to never marry a position - if it hits your stop loss then exit it. Preserve your capital for the next trade.
Taking a profit too early to prevent a winning position become a losing one.
There are a number of ways to counteract the fear of losing:
Have a plan. Never enter a trade on a hunch, tip or gut feeling. Always know your exit before you enter a trade.
Discipline. Developing your own trading plan that you believe in will make it much easier to follow than trying to trade someone else's.
Money Management. If a position is too large for your account size then you are more likely to hang on to the losers or cut the winners short. Each trade is merely one step along a very long journey. Strict money management rules should ensure that you never stake more than you are comfortable with.
Ignore the money. Don't view your trading account as money, view it as points. The better your trading plan and your execution the more points you will accumulate as a reward. It is difficult to trade objectively if all you can think of is that your last losing trade could have paid for a two week holiday or bought you the latest camcorder!
Tim Wreford runs Online Futures Trading, a website that provides information and resources for traders. Tim also provides a free day trading system, the results of which are updated daily on the site.
MORE RESOURCES updated Sat. March / 06 / 2021
FOREX.com Review 2021: Fees, Services and More Yahoo Finance
Forex Trading – How Do I begin? - NuWireInvestor NuWire Investor
Which Are the Basic Forex Trading Styles? NameCoinNews
IG Review 2021: Fees, Services and More Yahoo Finance
What is the Interbank Market? Investment U
Why forex trading is beneficial with EagleFX The Coin Republic
The Currency-Market Snoozefest Might Not Last The Wall Street Journal
How to Trade Commodity Currencies in Forex Trading Moneyshow.com
2 crypto currency trading platforms shut down by New York Attorney General WWTI - InformNNY.com
3 Simple Forex Trading Strategies Mighty Gadget
GSI introduces unprecedented AI-powered EA trading system for Forex - Press Release - Digital Journal
How Crypto Arbitrage Trading Bot works | LondonDailyPost.com London Daily Post
USD/CAD Waiting For US Data Release Action Forex
SEC and NY AG Sue Virtual Currency Trading Platform Coinseed Law Street Media
USD/ZAR: Choppy Trading with a Hint of Downward Sentiment DailyForex.com
Forex Weekly Look Back: PrimeXM February trading volume reaches $909.89 billion, Refinitiv and MarketsMojo pair up to expand global reach - Leaprate Forex Trading News
Forex Weekly Look Back: PrimeXM February trading volume reaches $909.89 billion, Refinitiv and MarketsMojo pair up to expand global reach Leaprate Forex Trading News
We estimate NFP rose to 225K, unchanged Unemployment Rate of 6.3% in February – Goldman Sachs - Forex Crunch
We estimate NFP rose to 225K, unchanged Unemployment Rate of 6.3% in February – Goldman Sachs Forex Crunch
What Is Forex Trading? Forbes
How to increase consistency in making money doing Forex Trading Australian Times
Trading Forex For Living – is it for real? TechFinancials
GBPEUR Trades at 1.16 as Markets Fear Bonds Again Pound Sterling Forecast
The Analytical Overview Of The Main Currency Pairs Action Forex
GBP/EUR: Pound Holds €1.16 Currency Live
Central bank, police officials warn against investment in forex trading floors - http://en.vietnamplus.vn/
Central bank, police officials warn against investment in forex trading floors http://en.vietnamplus.vn/
USD/PKR: Rupee Weakens Amid Political Uncertainty Currency Live
You Can Earn 6%, 8%, Even 12% on a Bitcoin ‘Savings Account’—Yeah, Right The Wall Street Journal
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Fundamentals grow strong despite crypto market-wide... - Forex Crunch
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Fundamentals grow strong despite crypto market-wide... Forex Crunch
Daily market commentary: Gold is still suffering against the strength of the greenback - Leaprate Forex Trading News
Daily market commentary: Gold is still suffering against the strength of the greenback Leaprate Forex Trading News
USD Gains Ahead Of The US Employment Report Action Forex
The 6 Best Online Forex Trading Classes of 2021 Investopedia
Forex Brokers: Are They a Scam? | Investing | US News U.S News & World Report Money
Next Forex Trading Terms You Need to Know Before Trading North Forty News
Inside the weird new world of social ‘forex’ trading—where you sign up friends, and some report risky red flags for investors - Fortune
Inside the weird new world of social ‘forex’ trading—where you sign up friends, and some report risky red flags for investors Fortune
Forex Market: Unlocking Opportunities for Investors Visual Capitalist
A Forex Trading Guide For Beginners | Sponsored | state-journal.com State-Journal.com
Dogecoin rockets 59% higher after Elon Musk backs the cryptocurrency in return to Twitter - Markets Insider
Dogecoin rockets 59% higher after Elon Musk backs the cryptocurrency in return to Twitter Markets Insider
Making Money By Forex Trading The FINANCIAL
Everything To Know About Getting Into Forex Trading GQ Australia
Focus Remains On Yields Ahead Of US Jobs Report Action Forex
Best online brokers for forex trading in March 2021 Bankrate.com
Facts You Need To Know About Forex Trading Forbes India
How to Trade Forex? - A Guide to Forex Trading in 2021 DailyForex.com
The Benefits of Forex Trading – Film Daily Film Daily
A guide to forex trading instruments - Boca Raton's Most Reliable News Source - The Boca Raton Tribune
A guide to forex trading instruments - Boca Raton's Most Reliable News Source The Boca Raton Tribune