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Forex Trading Psychology

Forex Trading Psychology

If you want to win at Forex trading, you don't just need a good Forex trading strategy, you also need the right mindset which will allow you to execute your trading strategy with discipline.

You always need to keep in mind, that if you cannot execute your trading strategy with discipline – you don't have one. Having the right Forex trading psychology is the key to success and it remains the one area that the vast majority of traders simply cannot get right and this is proved by the following fact:

95% of all Forex traders lost 50 years ago and the same number lose today and this is despite all the technological advances we have seen in the period – We have more and better news, software with massive number crunching ability, PC's that are more powerful than Mission Control which landed man on the moon and more and better news but the fact remains none of these advances have made any difference to the number of traders who lose money. The ratio is 95% today, just as was 50 years ago and this ratio will probably still be the same, in 50 years time.

The reason the ratio of traders who lose remains the same is simply due to human nature remaining constant, In Forex trading it's not the market that beats the trader, the trader beats himself.

Traders continue to let their emotions get involved in their trading and this leads to disaster. The real problem traders have is accepting losses and as soon as they start to lose, they run losses and hope they turn around, deviate from their trading plan and engage in revenge trading or swap systems and they lose their money.

If you want to win at Forex trading, not only do you have to have the discipline to cut your losses quickly and keep them small, you also need to have the courage to run your profitable trades and milk them for all their worth.

Trading Forex with money on the line, requires an iron will and total confidence in your ability to succeed. Of course, you can can adopt the right mindset and you can trade with discipline, if you want to but make no mistake learning a Forex trading strategy is easy but applying it in real time and staying on course is far harder.

 

 
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