In this article I am trying to write and explain about the most important and common traders mistake in the Forex market.I hope you enjoy this item and try to control your emotional when you are trading.
Market analysis is not complex, your personal character is too complicated!Before become a good trader try to have a control on your emotional sense by knowing your personality and ability.
Let me ask a simple question.
What will you do when you figure out that on open position your analysis is wrong. and order is conducted without SL/TP?
1- I will close my position.
2- I will wait maybe I will be lucky and market come back.
The question is have you ever been in the same situation?
I think most traders in their life at least once experienced kind of condition in this market. some time they close their position and then they saw oh no market come backed!And sometimes they wait and don’t close and market goes against their position.
After this mistakes they think they are unlucky trader! If you rely on your chance to win some money, my suggestion is betting and gambling will be better idea than entering in Forex market .
The other questions:
1- Are you brave enough to accept your fault?
2- With knowing your position is wrong why you still want to keep it?
I know the answer because some time you close your position and then you saw market go through your position! this is very bad situation.But how we can prevent to interfere with such a bad situation. You should be wise person to accept your fault without any hesitation.
Trader must be tolerant and wise.
WISE TRADER DEFINED AS:
Even if you have some loses on trade accept your fault and close your position and if continued loses on trade do the same.try to correct your analyzing market if your think your analysis some how is wrong .
Why are you not sure you entered point is in right place?. And why you don’t accept your defeat?
This will happen because sometimes we misunderstand the reaction of Forex market and I will explain why .
some time you hesitated either open a new position or close you previous one?
As I mentioned above the most important facts that help to trader become a successful is control his/her emotional sense.
To read more,please download this book.
binary options trader, Forex, forex bonus without deposit, Forex Broker, forex broker bonus, forex learn, forex learning, forex learning pdf, forex tutorials for beginners pdf, how to trade forex for beginners pdf, learning forex trading pdf, Market Psychology (I)
LEAVE A COMMENT
- Candlesticks For Support And Resistance
- Online Trading Courses
- Commodity Futures Trading for Beginners
- Hidden Divergence
- Peaks and Troughs
- Reverse Divergences And Momentum
- The NYSE Tick Index And Candlesticks
- Trend Determination
- The Original Turtle Trading Rules
- Introduction to Forex
- The Six Forces of Forex
- Study Book for Successful Foreign Exchange Dealing
- Forex. On-Line Manual for Successful Trading
- 18 Trading Champions Share Their Keys to Top Trading Profits
- The Way to Trade Forex
- The Truth About Fibonacci Trading
- Quick Guide to Forex Trading
- Chart Patterns and Technical Indicators
- Forex Trading
- Trading Forex: What Investors Need to Know
- My Dog Ate My Forex
- Point & Figure for Forex
Forex Market in General
- Screen Information, Trader Activity, and Bid-Ask Spreads in a Limit Order Market
- Strategic experimentation in a dealership market
- Limit Orders, Depth, and Volatility
- Reminiscences of a Stock Operator
- Market Profile Basics
- Quote Setting and Price Formation in an Order Driven Market
- Phantom of the Pits
- An Introduction to Market Profile and a Users Guide to Capital Flow Software
- The Effect of Tick Size on Volatility, Trader Behavior, and Market Quality
- Trading as a Business
- What Moves the Currency Market?
- Macroeconomic Implications of the Beliefs and Behavior of Foreign Exchange Traders
- All About the Foreign Exchange Market in the United States
Psychology of Trading
- A Course in Miracles
- Thoughts on Trading
- Calming The Mind So That Body Can Perform
- Lifestyles of the Rich and Pipped
- The Miracle of Discipline
- Zoom in on Personal Trading Behavior And Profit from It
- The Woodchuck and the Possum
- 25 Rules Of Forex Trading Discipline
- Stop Losses Are For Sissies
- Your Personality and Successful Trading
- Trading as a Business
- The 7 Deadly Sins of Forex (and How to Avoid Them)
- The 5 Steps to Becoming a Trader
- Risk Control and Money Management
- Money Management
- Position-sizing Effects on Trader Performance: An experimental analysis
- Fine-Tuning Your Money Management System
- Money Management: Controlling Risk and Capturing Profits
- Money Management Strategies for Serious Traders
- The Truth About Money Management
- Money Management and Risk Management
- 1-2-3 System
- Bollinger Bandit Trading Strategy
- Value Area
- The Dynamic Breakout II Strategy
- Ghost Trader Trading Strategy
- King Keltner Trading Strategy
- Scalp Trading Methods
- LSS - An Introduction to the 3-Day Cycle Method
- Market Turns And Continuation Moves With The Tick Index
- The Money Manager Trading Strategy
- Picking Tops And Bottoms With The Tick Index
- The Super Combo Day Trading Strategy
- The Eleven Elliott Wave Patterns
- The Thermostat Trading Strategy
- Intraday trading with the TICK
- Traders Trick Entry
- Fibonacci Trader Journal
- Rapid Forex
- Microtrading the 1 Minute Chart
- BunnyGirl Forex Trading Strategy Rules and FAQ
- The Daily Fozzy Method
- Forex Traders Cheat Sheet
- Offset Trading
- How to Trade Both Trend and Range Markets by Single Strategy?
- A Practical Guide to Technical Indicators; Moving Averages
- FX Wizard
- FX Destroyer
- A Practical Guide to Swing Trading
- Practical Fibonacci Methods for Forex Trading
- Using The Heikin-Ashi Technique
- The Day Trade Forex System
- Not So Squeezy Trading Manual
- KobasFX Strategy
- Killer Patterns
- 3D Trading
- 4 Hour MACD Forex Strategy
- WRB Analysis Tutorial
Advanced Forex Trading
- A New Interpretation of Information Rate
- CCI Manual
- Nicktrader and Jeff Explaining Reverse and Regular Divers
- NickTrader on No Price CCI Divergence Trading
- Are Supply and Demand Driving Stock Prices?
- The Sharpe Ratio
- The Interaction Between the Frequency of Market Quotes, Spread and Volatility in Forex
- Trend Determination
- Trend vs. No Trend
- A Six-Part Study Guide to Market Profile
- How George Soros Knows What He Knows
- Core Point and Figure Chart Patterns
- Coders Guru Full Course
- Point and Figure Charting: a Computational Methodology and Trading Rule Performance in the S&P 500 Futures Market
- Evolving Chart Pattern Sensitive Neural Network Based Forex Trading Agents
- Heisenberg Uncertainty Principle and Economic Analogues of Basic Physical Quantities
- The String Prediction Models as an Invariants of Time Series in Forex Market
- Using Recurrent Neural Networks to Forecasting of Forex
- The New Elliott Wave Rule - Achieve Definitive Wave Counts