7 PSYCHOLOGY A TRADER SHOULD HAVE, ESPECIALLY FOREX TRADERS
In trading, we often experience a sense of dissatisfaction with our trading results. This is because basically humans are creatures who are always looking for satisfaction. That's what makes us continue to change our trading strategy.
Please note, struggling in the world of trading, especially forex is not easy. This is because in the world of forex a deep understanding is required. When it comes to opening a position or when it is about to close, there must be a reason why we are opening a position or when we are closing a position.
One understanding that a trader should know is the psychology of trading. Yup, a qualified strategy will not work if the user has an undisciplined attitude from the rules of the strategy he has created.
Understanding trading psychology
Trading psychology is a term that is common among professional traders, where the term trading psychology includes the emotions, understanding, and feelings of a trader.
Some of these emotions will certainly be of great help when trading. Therefore, it must continue to be built and developed. Meanwhile, there are also some feelings that must be limited when trading, this is in order to prevent irregularities when we trade.
Just imagine when we trade when we are angry about something that happened to us. This will have an impact on our trading activities whose results will definitely not be optimal.
Therefore, on this occasion AnymoreBusiness will briefly review 7 psychologies that must be possessed before entering the world of trading.
1. Steel minded
When trading, it will not always run smoothly. There are times every now and then we will experience failure. If this happens, most of us will feel down and feel trading is a futile job. Right?
That's why a trader must have a mental steel. A professional trader will not fall even after the market drops several times. This is because a reliable trader knows if not forever he will be able to enjoy the benefits of trading carried out.
2. Positive thinking
This understanding must be possessed and developed by a trader. How not, most traders when they have suffered losses will accuse the market of fraud and so on.
In a situation like this try to think positively, why are you losing? What caused it? and what is the solution ?. After you know the solution, try to apply it. Guaranteed your efforts will definitely pay off.
3. not greedy
This attitude is a basic attitude that humans have. This is natural because basically humans are always looking for ways to find satisfaction. In forex trading, many traders intentionally increase the number of their lots or hold their floating for a very long period of time in order to get more profit.
But keep in mind, greed is one attitude that must be overcome when trading. The forex market is a high volume market, so try to stick to the strategies we have set.
4. get rid of fear
Fear is also one of the attitudes that should be avoided when trading. This attitude can lead us to miss the important momentum we should be getting.
Fear of losing, fear of taking wrong steps, fear of taking positions, and other fears are feelings that make a trader lose his enthusiasm for trading.
5. Want to learn
An attitude of wanting to learn not only in the real world, but also in the world of trading. When we experience mistakes, try to learn from those experiences. Remember, experience is the most valuable teacher.
In addition, an attitude of wanting to learn is not only applied when we experience failure. But also in every free time we have. This is useful for honing our trading skills to be better.
6. Self-discipline
Like to change take profits, like to replace stop losses, or even change trading strategies are characteristics of a trader who does not have a fixed stance.
A good trader should stick to the strategy he has made. This is useful for maintaining consistency in trading. We recommend that you continue to sharpen a trading strategy for the better, this is so that the strategy is in accordance with our personality
7. Patience
This one attitude is an attitude that must be really applied by a trader. Most traders feel impatient, they often monitor the charts for a short period of time.
This is what then makes a trader often change the take profit or stop loss he has made. A trader should not have such an attitude, with high patience showing that a trader believes in the analysis he has done
CONCLUSION :
In trading activities, a trader is required to have a strong trading psychology. This is to maintain trader consistency in trading. The emotions and feelings that a trader is experiencing will greatly affect his trading results. Therefore, a good trader must have at least 7 trading psychology before entering the trading world.
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