Trading Psychology – Things You Must Know When Learning Forex
Trading psychology must begin with discipline from the start you learn forex trading.
Here there are 10 important things in trading psychology that you need to know from starting to learn forex trading, whether you are a Scalper, Day Trader or Momentum / Swing Trader
1. The Market Pays You To Be Discipline.
The more you discipline Cut Loss and discipline with your methods and strategies, the market will respect you by providing benefits. Determination of cut loss must begin to be accustomed from starting to learn forex trading and that is very important in trading psychology.
2. Never Turn A Winner Into A Loser.
Second trading psychology, if you have experienced Floating Profit, don’t wait until Floating Loss then you have to close the position with Cut Loss. Use Trailing Stop. In learning forex trading, this trailing stop must also be well understood.
3. Develop A Methodology And Stick With It. Don’t Change It From Day to Day.
From starting to learn forex trading, use a strategy that you trust and believe in and that you will use. Don’t change it until you really believe that the loss you are experiencing is not because you are not disciplined in using your strategy. In trading psychology, you can change the strategy if it is bad and really cannot be applied to the market that you enter.
4. Be yourself. Don’t Try To Be Someone Else.
The fourth trading psychology, use a trading method that suits your personality and life and apply from the beginning when you start learning forex trading. The more comfortable you are with your trading style, whether it’s strategy, Time Frame and the Money Management you use, the better your trading results. And you too will love the business that can increase your income.
5. The First Loss is The Best Loss.
Don’t wait until your losing trades gets bigger by letting the price move beyond your Cut Loss point. Consistent with trading psychology by not changing the Cut Loss from the start. You must have prepared for your loss until your Cut Loss point once you enter the market. Don’t lick your own saliva and don’t lose it to exceed your Cut Loss points. Once again apply this from starting to learn forex trading
6. Don’t Hope, Don’t Speculate. If You Do, You’ll Lose.
The sixth trading psychology, by analyzing, means that you have reduced and even eliminated the side of speculation (the gambling side) in trading. Nothing guarantees that you will not experience loss with your analysis. But there is no guarantee that you will profit by speculating and (just) sitting praying and hoping.
7.Hit Singles, Not Home Run.
The best advantage is that the benefits obtained little by little are according to realistic targets. Indeed, we all expect big profits in a short time. But along with the development of the “High-Risk High Return” trading psychology sentence, “Fast High Return – Fast High Risk”. Rome Was Built in A Day. Understand this principle also when learning forex trading before real trading
8. Don’t Over-Analyze and Don’t Hesitate. If You Do, You’ll Lose.
Don’t be too in analyzing a market. Remember, you aim to trade and make transactions. Not to do market research or make a thesis. Your goal is to analyze, enter the market (transaction) and exit the market (profit or loss) according to your plan. Remember our trading psychology when learning forex trading is not to be an analyst.
9. All Traders Are Created Equal in The Eyes of the Market.
A great trader is not a trader who is never wrong and never loses. A great trader is a trader who can make good strategies and can follow his plans well. Setup your trading psychology that all great traders must have lost and wrong. They even believe that they are great because they have lost and lost. The important thing is how the average trading result is 6 or 12 months. Not just 1 – 3 months. While still learning forex trading, calculate our profit & loss comparison.
10. It’s The Market Itself That Wields The Ultimate Scale of Justice.
The last trading psychology, there are only two rules that traders need to obey from starting to learn forex trading. First: The Market Is Always Right. Second: Remember the First Rule.
It’s about 10 things trading psychology when learning Forex Trading that we need to apply consistently, which with strong psychology trading it will help much to make quality trades in every transaction