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PSYCHOLOGY OF FOREX TRADING

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PSYCHOLOGY OF FOREX TRADING

Post by asiaforexmentor on Fri Aug 17, 2012 3:01 pm

Guys.. this is something important which i want you guys to think about.
Most of us spend most of our time looking in charts, looking for good entries to
enter. And we spend all our time in that.
But are we doing the right thing all these while?
let us step out of our charts and look at the entire forex picture.
Let us reflect on how we can improve our forex game.
what are the things that we are doing wrong and should remove.
what are the things that we should be doing, but did not do?
what are the things that we are doing correctly and should keep doing
Let us look deeper..
What is our general risk reward ratio, – is it good enough for our account size
to grow and cover our loss we take in the mean while
what is our risk % size – is it too much or too little?
Did you enter the same position size on EVERY trade? are you discipline enough
to do that.
Price Action – Remember this is king in forex, did you enter with price action or
without it?
Emotions – (Entry) do we let emotions affect us as to when we enter the trade
(afraid of missing a trade)
is it because of missing a trade, we fail to enter on the break of the price
action bar + 10 pips. Instead we entered on the close of the bar and made a lot
of losses.
Emotions – (Exits) do we exit our trade base on emotions. How ofter does it
happen. did we stick to our initial plan?
Stop loss – did we shift our stop loss accordingly. Did we ever shift back our
stop loss because we hope it will go back to our direction we wanted?
Picky – are we losing money because we are not picky enough on our trades. Do we
enter base on 3 to 5 reasons or only 1 reason?
Overtrading – do we tend to over trade because we do not want to waste our time
looking at charts but not entering. did we enter more trades to grow our account
but instead make more losses.
Above are some reasons.
i want you guys to step back and think of the reasons that is affecting you. I
want all of us to improve our game further. and not just trade blindly.
Remember – CONFLUENCE is the key. Confluence means many reasons and not only 1
reason to enter.
Confluence makes you picky, confluence removes overtrading.
Postion sizing and money management is VERY IMPORTANT. If you are still not
implementing it. PLEASE CLOSE YOUR ACCOUNT. i do not want you to lose any more
money. PERIOD.
Remember to COMPOUND. this is what makes us FULL time forex traders and not
wannabes.

Ezekiel Chew
!!! Blocked DIRECT EXTERNAL URL Link => Edit & leave it without URL tags OR put it into CODE tags !!!
A complete professional forex trading system that even newbies can apply instantly.
Asia Forex Mentor's forex course is now FREE! www.asiaforexmentor.com
asiaforexmentor
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