Trading Weaknesses: What Forex Traders Suffer From the Most?!
Every forex trader should be aware of the psychological weaknesses accompanied with forex trading. Understanding of these weaknesses and good care of one’s psychological health are important parts of being successful. There are all kind of different human weaknesses, however do all psychological weaknesses cause traders to lose? Or are there some specific weaknesses that affect forex trading in particular?
Confidence and Loop of Success
I can’t stand losing! None of us really can! I don’t think there is a forex trader who sincerely doesn’t hate losing pips. Disappearance of so-much-wanted profits leads to hurt ego, frustration or an empty feeling of a wasted trading day. What are ways to fight the anxiety in forex trading?
Overcome the Lack of Confidence
The dilemma in forex trading is the uncertainty, since it is extremely difficult to predict for sure when the market is going to be overbought or oversold. The struggle between your mind and actions is endless. Sometimes you end up blowing up your account completely due to fear and hesitation. The question is, how can you force yourself to be more focused during trading and concentrate better while entering a trade? How to overcome the urge to close the trade too early and therefore end up with a small profit?
Forex trading isn’t easy and there are no guarantees in this game. The trick is to lean to play the odds in your favor and build up the trading experience.
Forex Trading - An Importance of Losing!
After losing some I won a generous amount of cash the other day. There I was sitting next to my computer monitor trying to stop the set of uncontrollable giggles that erupted right after the winning. This made me think – in the word of forex market, can forex trader feel the same excitement without losing? Is losing a necessary piece of a puzzle to enjoy forex trading?
We can all agree that winning something is absolutely amazing, especially if it is money. On the other hand, losing in forex trading can be closely compared to taking a beating. Could this be the reason why forex trading is so attractive, scary and yet no less fascinating?
Emotional Side of Forex Trader
If forex trading is not a game how come I sometimes feel like a looser? After all these years of experience is it possible to still have forex trading “anxiety”? Can forex trader be depressed?!
Before running to your psychologist with a new list of questions, let’s try to make things clear ourselves. It doesn’t really matter whether you are a beginner or an experienced trader – money loss is something that can happen to every one of us, no exceptions. The question is how you can overcome the fear of becoming a looser without missing a good profit opportunity.