Recently, this market has become increasingly popular among the population. More and more people are interested in alternative ways of earning. But before starting its activity in this market, a trader should know what he is going for. In this article we will talk about the psychology of a trader in the financial markets in general and in Forex in particular.
First of all, you should know yourself, not the market. If you are unable to make quick decisions, if you shake at the mere thought of losing money, then this market is not for you. Alas. A good trader knows that he will have both good and bad days. And bad days are even more useful for him than successful ones. If a player in the financial market incurs losses, then something in his strategy is incompatible with the real situation in the market. Whether it is a technical analysis or own psychological attitudes. If you are not ready for this, then you better look for other ways to invest money.
If you expect to trade on Forex, you will pay your bills, cover loans or debts, then this is the shortest way to loss. Because in the first year of work in the market you should not expect super profits. A very good indicator is that you earn just enough to cover all expenses. If your head is busy with some problems, then it is better not to enter the market. This will surely affect your trade. The same applies to the situation when you have already entered the position. If today you have a headache, or your wife, mother, husband, child, or you are ill, do not trade on this day. Better watch the market. Suppose you do not get profit on this day, but you will have reason to be proud that you have enough discipline not to engage in an adventure.
An important component of trading in any financial market, be it Forex or MICEX, RTS or NASDAQ, is DISCIPLINE. Even if you have the most error-free strategy or the best technical analysis, if you do not have discipline, it will not help. Discipline is manifested in the time to get out of the transaction, if you see that it is unprofitable, and not cling to it with the last strength, so as not to lose money. It is in the falling market that most traders take off. It is a bear market that shows the professionalism of a merchant. Discipline is even more important if the market does not have a trend. I personally saw how at such moments, in order to somehow occupy themselves, they played “tic-tac-toe.”
It is equally important to forget about your ego during trading on the financial market. The market will not go up or down just because you want it. On the other side, there are millions of traders like you who do not know you. They don’t care if you make a profit or incur losses. The market is impersonal and indifferent. If you blame for your failed transaction the market situation, then, most likely, the fact is that your plan did not correspond to reality. You must admit your mistakes, analyze them, make a new analysis of the situation and, based on technical indicators, correct your plan. When it comes to the market, you should immediately forget about things such as hope, desire or prayer.
The main commandment that a trader should always remember is Trade for the successful implementation of a strategy, not for profit! Lewis Barcelino (a millionaire who made his fortune in financial markets) wrote: "Remember: the market is not money. Think about making good deals, not making money. Concentrate on the trading process. If this process is organized correctly, you end up with a profit. ”
Having described the main aspects of psychology, we wish you a successful trade,
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p. with. This is an advertising post, not written by me, but, nevertheless, I fully share the point of view of the author. I also played Forex and also squandered all my money. But this does not mean that Forex is a universal divorce. It only means that I did not control my actions. I rushed from one system to another almost every other day, and therefore slowly poured the deposit. And I almost tore my hair when the system, which I refused just yesterday, the next day gave +200 points 🙂
Any system will take you to zero or a very small minus if you stick to it down to the smallest detail. And it will give you the opportunity to gradually improve it, without fear for your deposit. If the system will give continuous losses, you will only need to “deploy” it, and then you will have solid advantages.
And do not forget about money management.