Physology of Successful Trader ( Source:fxdialogue trading maual )
Paul75:
I am agree that thinking big as big trade is important for getting success in forex trading. But new trader should avoid it. Experienced traders can go for this trading psychology as there is high risk and they can manage it.
I am agree that thinking big as big trade is important for getting success in forex trading. But new trader should avoid it. Experienced traders can go for this trading psychology as there is high risk and they can manage it.
This is one thing many traders tend to get wrong easily especially the new ones. As a trader who is new to the forex market and had probably gone through his demo practice brimming with confidence and experience from the demo, it is not really wise to start of in a live account with big position sizes. No, big trades are not the best for you now. One thing you are unlikely to get along in your experience from the demo is successful trading psychology- because now you are trading with real money and may find your mentality failing you.
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Developing the Psychology of a Successful Trader
Combining the best qualities of all of the identified types of traders will yield a personality type that is best suited to making the right trading decisions most o the time. Remember, that is what a good trader will aim at. Striving for perfection will paralyze a trader faster than almost anything else, since, if no trade can go wrong, many trades will never be entered and many will never be exited even after stop losses have been hit.Practical, Realistic and Decisive: If we have seen a common thread above, it is that the traders who are bound to have the most success tend to be practical and realistic, as well as decisive. Individuals who are organized will be better at keeping track of signals, keeping track of trades, and analyzing trades afterwards. These organized and practical individuals are good at formulating a set of standards and then following the steps to reach their goals. One of the big problems is to try to combine all of these traitsof the detailed, organized, administrative types with an ability to see the big picture, and may tend to concentrate on smaller goals and be too rigid. The big picture is important
to trading success