Trading Psychology – How to be a ready successful trader

[gramanno]

Many beginners fail to trade Forex or stock market successfully. To be precise, 90% of traders lose money. The first test you need to pass if you want to become a successful Forex trader is to resist the lure of profits and the FOMO (Fear of Missing Out).

You win 10 trades in a row. The very next trade cuts half or all of your balance. This is the quickest way to bust an account.

The second time, you may approach carefully. You realize that you lose patience, change directions, open too many trades, you stop sleeping regularly…

Trading like this sooner or later will bust your account, your health and will probably break you to never come back. Forex market is going to test your tenacity like nothing before.

 

[adil149]

Agreed. Even with a good trading system, if we are emotionally unstable, we can make mistakes and lose.

 

[John Miller]

The stronger the psychology is, the higher the sustaining power is. So, focus on building a strong psychology because it will backup and support you in trading.

 

[noxes]

In the last few years, psychologists focused on the trading mentality have been appearing on different platforms (such as youtube). I think it is as important to learn from the financial markets as from our own psychology that patterns of behavior come to light when we are in real markets.