Psychology Of Forex Trading

Offline
08-17-2012, 11:53 AM,
#1
Guys.. this is something important which i want you guys to think about.
Most of us spend most of our time looking in charts, looking for good entries to
enter. And we spend all our time in that.
But are we doing the right thing all these while?
let us step out of our charts and look at the entire forex picture.
Let us reflect on how we can improve our forex game.
what are the things that we are doing wrong and should remove.
what are the things that we should be doing, but did not do?
what are the things that we are doing correctly and should keep doing
Let us look deeper..
What is our general risk reward ratio, – is it good enough for our account size
to grow and cover our loss we take in the mean while
what is our risk % size – is it too much or too little?
Did you enter the same position size on EVERY trade? are you discipline enoughrespek
to do that.
Price Action – Remember this is king in forex, did you enter with price action or
without it?
Emotions – (Entry) do we let emotions affect us as to when we enter the trade
(afraid of missing a trade)
is it because of missing a trade, we fail to enter on the break of the price
action bar + 10 pips. Instead we entered on the close of the bar and made a lot
of losses.
Emotions – (Exits) do we exit our trade base on emotions. How ofter does it
happen. did we stick to our initial plan?
Stop loss – did we shift our stop loss accordingly. Did we ever shift back our
stop loss because we hope it will go back to our direction we wanted?
Picky – are we losing money because we are not picky enough on our trades. Do we
enter base on 3 to 5 reasons or only 1 reason?
Overtrading – do we tend to over trade because we do not want to waste our time
looking at charts but not entering. did we enter more trades to grow our account
but instead make more losses.
Above are some reasons.
i want you guys to step back and think of the reasons that is affecting you. I
want all of us to improve our game further. and not just trade blindly.
Remember – CONFLUENCE is the key. Confluence means many reasons and not only 1
reason to enter.
Confluence makes you picky, confluence removes overtrading.
Postion sizing and money management is VERY IMPORTANT. If you are still not
implementing it. PLEASE CLOSE YOUR ACCOUNT. i do not want you to lose any more
money. PERIOD.
Remember to COMPOUND. this is what makes us FULL time forex traders and not
wannabes.

Ezekiel Chew
Asia's #1 Forex Mentor

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Offline
03-15-2013, 08:41 PM,
#2
Forex market is one of the biggest economy exchange in india. Investing money in forex trading is beneficial for traders.
Offline
09-26-2013, 01:32 PM, (This post was last modified: 10-12-2013, 02:17 PM by haley23.)
#3
Forex trading psychology means the perception change that you go through once you are actively in the markets trading your own currency.


Trade the most popular currency pairs and CFDs
Offline
11-07-2013, 02:10 AM,
#4
(03-15-2013, 08:41 PM)preet72787 Wrote: Forex market is one of the biggest economy exchange in india. Investing money in forex trading is beneficial for traders.

Here in the Philippines, Forex market is not that big but it is rapidly growing. Huge numbers of stock traders, including me, are signing up for new Forex trading account. Like stock trading, I think, it is a lucrative way to earn money online.
Offline
11-12-2013, 01:26 AM,
#5
(11-07-2013, 02:10 AM)lee.belisar Wrote: Here in the Philippines, Forex market is not that big but it is rapidly growing. Huge numbers of stock traders, including me, are signing up for new Forex trading account. Like stock trading, I think, it is a lucrative way to earn money online.

I do agree with you,forex is a legit way to earn via the internet.But I iniatially thought it was a quick and easy way to earn money only to find out that you must be equipped with knowledge and skill to be successful.

Anyway,another great share by the TS.
Offline
11-15-2013, 08:16 AM,
#6
This is another good thread,thanks much asia forex mentor.Forex market is really big thats why we must master our emotions and apply when trading.
Offline
11-16-2013, 02:18 AM,
#7
(11-12-2013, 01:26 AM)rrayne20009 Wrote: I do agree with you,forex is a legit way to earn via the internet.But I iniatially thought it was a quick and easy way to earn money only to find out that you must be equipped with knowledge and skill to be successful.

Anyway,another great share by the TS.

Forex trading is a process. You have to learn it from one to two and so on. Its like a ladder. You must take the first one then the second one and so forth to reach high.
Offline
11-21-2013, 07:40 AM,
#8
(08-17-2012, 11:53 AM)asiaforexmentor Wrote: Guys.. this is something important which i want you guys to think about.
Most of us spend most of our time looking in charts, looking for good entries to
enter. And we spend all our time in that.
But are we doing the right thing all these while?
let us step out of our charts and look at the entire forex picture.
Let us reflect on how we can improve our forex game.
what are the things that we are doing wrong and should remove.
what are the things that we should be doing, but did not do?
what are the things that we are doing correctly and should keep doing
Let us look deeper..
What is our general risk reward ratio, – is it good enough for our account size
to grow and cover our loss we take in the mean while
what is our risk % size – is it too much or too little?
Did you enter the same position size on EVERY trade? are you discipline enoughrespek
to do that.
Price Action – Remember this is king in forex, did you enter with price action or
without it?
Emotions – (Entry) do we let emotions affect us as to when we enter the trade
(afraid of missing a trade)
is it because of missing a trade, we fail to enter on the break of the price
action bar + 10 pips. Instead we entered on the close of the bar and made a lot
of losses.
Emotions – (Exits) do we exit our trade base on emotions. How ofter does it
happen. did we stick to our initial plan?
Stop loss – did we shift our stop loss accordingly. Did we ever shift back our
stop loss because we hope it will go back to our direction we wanted?
Picky – are we losing money because we are not picky enough on our trades. Do we
enter base on 3 to 5 reasons or only 1 reason?
Overtrading – do we tend to over trade because we do not want to waste our time
looking at charts but not entering. did we enter more trades to grow our account
but instead make more losses.
Above are some reasons.
i want you guys to step back and think of the reasons that is affecting you. I
want all of us to improve our game further. and not just trade blindly.
Remember – CONFLUENCE is the key. Confluence means many reasons and not only 1
reason to enter.
Confluence makes you picky, confluence removes overtrading.
Postion sizing and money management is VERY IMPORTANT. If you are still not
implementing it. PLEASE CLOSE YOUR ACCOUNT. i do not want you to lose any more
money. PERIOD.
Remember to COMPOUND. this is what makes us FULL time forex traders and not
wannabes.

Ezekiel Chew
Asia's #1 Forex Mentor

Thank you for sharing,good tips.Learning and analyzing our own trading experienced is helpful not to commit the same mistakes in trading again.
Offline
11-21-2013, 01:21 PM,
#9
(11-21-2013, 07:40 AM)graceb Wrote: Thank you for sharing,good tips.Learning and analyzing our own trading experienced is helpful not to commit the same mistakes in trading again.

Very nice tips indeed. Thanks for sharing. It is noted with big thanks. Hope to hear more from you. Its a good guide for new traders like me.
Offline
11-23-2013, 02:27 AM, (This post was last modified: 11-23-2013, 02:42 AM by rrayne20009.)
#10
I really appreacite your effort to come up with such a good post just like this.These are useful tips and guidelines for traders and specially for new players in forex.
Offline
11-23-2013, 07:24 AM,
#11
(03-15-2013, 08:41 PM)preet72787 Wrote: Forex market is one of the biggest economy exchange in india. Investing money in forex trading is beneficial for traders.

I agree forex is global and its been attracting a lot of people to invest/trade .Forex is indeed beneficial to traders who fully educated themselves about forex.
Offline
11-23-2013, 04:34 PM,
#12
(11-23-2013, 07:24 AM)gerski Wrote: I agree forex is global and its been attracting a lot of people to invest/trade .Forex is indeed beneficial to traders who fully educated themselves about forex.

In the Philippines, Forex trading is booming and is one of the fastest growing online venture. Maybe this because of the much hype created by Forex brokers and traders as well via Facebook, Twitter and the likes.
Offline
11-27-2013, 06:08 PM,
#13
Forex psychology,in my opinion,is how you deal and rebound from a loss.Sometimes when a trader lose,there a possibility you get angry and makes revenge trade.Sometimes you also feel fear,as you think that your startegy isn't working.IMHO,the best way is to take a loss.Analyze what went wrong and device a plan so wont be making the same mistakes again.Plan how to enter,manage and exit a trade using a logical decision and not by emotional decision.
Offline
11-29-2013, 04:33 PM,
#14
(11-23-2013, 02:27 AM)rrayne20009 Wrote: I really appreacite your effort to come up with such a good post just like this.These are useful tips and guidelines for traders and specially for new players in forex.
Well said. This is indeed very useful and helpful to new traders, including me.
Offline
11-29-2013, 04:50 PM,
#15
(11-27-2013, 06:08 PM)rrayne20009 Wrote: Forex psychology,in my opinion,is how you deal and rebound from a loss.Sometimes when a trader lose,there a possibility you get angry and makes revenge trade.Sometimes you also feel fear,as you think that your startegy isn't working.IMHO,the best way is to take a loss.Analyze what went wrong and device a plan so wont be making the same mistakes again.Plan how to enter,manage and exit a trade using a logical decision and not by emotional decision.

To add up, thorough and constant monitoring of the Forex market is also very crucial. You need to keep an eye to the ups and downs of the market. In this way, you'll know the good timing when to place up your trade.



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