1) All traders must understand one important thing in Forex Business, Holding profits for a long time is the only way for making yourself a Profitable trader. In Simple words, Run profits for a long time and close the losses soon. NOTE: Closing profit sooner is equal to Making more losses.
2) Trading Physchology : All Human Beings are Emotional Creatures in the world. we all have emotions (happy, sad, angry,…) We need to manage our Emotions while trading.
3) As we all know, Money is the most important thing in Human’s life. The Most important things in the world is always combined with emotions. Forex Traders are all here to make and see more money in their life. That’s the reason, Trader’s are more emotional while trading.
4) If you want to avoid some emotions while trading, just move your Stop Loss price to entry price if market goes positive on your trade. If market goes on negative, you should not worry about reaching Stop Loss price. Because, you must understand that : Stop Loss is used for Limiting the Losses, not to loss all your money in single trade, So, please don’t take more risk on a single trade by placing high lot. Take only the small risks on each trade.
5) Invest only the affordable money in the forex market to trade with less emotions. We can’t avoid the emotions 100% completely. We are not a “Monk” to live without emotions. We are just a normal Human Beings filled with emotions(Happy, sad, angry, worries, envy, etc …) You need to change your mind from Normal human mind to Trader mind by learning the forex trading in correct way.
6) Trading with fixed commitments mostly leads to failure in trading. The reason is “Forex Market is not going to make a fixed movements all the time”. Example : if you are trading with EUR/USD, someday you can make +50 pips profit, someday you will make +80 pips profit and some other day you will make +30 pips profit, but, you can’t make fixed +80 pips profit all the day. It’s a very important fact, most of the beginners don’t understand until they loss all their money. Solution : Please trade forex market only at good opportunities available in the market.
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