forex market<\/a> crash. It would be natural for the fear to tell you that you should act defensively and liquidate holdings and be reluctant to place new positions.<\/p>\n\n\n\nIf you were to become angry with yourself for this reluctance or a loss, your perception and judgment would become clouded, and any immediate decisions made would be emotional instead of logical ones. <\/p>\n\n\n\n
Some mental exercises such as pausing and becoming calm before making any big decisions will take you a long way in these moments. <\/p>\n\n\n\n
That pause may allow you to identify what drives your decision-making process and avert disaster.<\/p>\n\n\n\n <\/figure>\n\n\n\nImpatience and Greed<\/h3>\n\n\n\n A big misconception about trading that can lead to impatience and fuel greed is that trading is a \u201cget rich quick\u201d business. <\/p>\n\n\n\n
Sustainable, long-term trading requires staying power and forethought and the ability to accept smaller wins over a long period. <\/p>\n\n\n\n
Trading is a long game. If you increase your position too much, you risk a larger loss. <\/p>\n\n\n\n
Greed is another natural human emotion that factors in here as well. Don’t yield to your whims; stick to your carefully thought-out strategy.<\/p>\n\n\n\n
Helpful Tips<\/h2>\n\n\n\nFigure out your trading personality. If you\u2019re stable, you\u2019ll know you can rely on yourself in good times and bad. If you\u2019re impulsive, plan to avoid that kind of decision-making.<\/li> Set out a trading plan and follow it through. This eliminates the need for emotional or split-second decision-making.<\/li> Don\u2019t expect to get rich quickly because you most likely won’t.<\/li> Don’t give in to greed. Remember that the market won’t always be in your favor, and you won’t respond as negatively to losses.<\/li><\/ol>\n\n\n\nWrap Up<\/h2>\n\n\n\n And there you have them; the basics of Forex trading psychology! Use them well, and you\u2019ll go far.<\/p>\n","protected":false},"excerpt":{"rendered":"
As with many businesses, the psychology of trading stocks is an essential aspect of the Forex industry. The psychology of the trade is no less important than the skills you need to acquire to operate within the industry or the understanding of the current market conditions. It’s an integral part of doing well as a […]<\/p>\n","protected":false},"author":1,"featured_media":3708,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[846],"tags":[],"yst_prominent_words":[96],"_links":{"self":[{"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/posts\/3707"}],"collection":[{"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/comments?post=3707"}],"version-history":[{"count":0,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/posts\/3707\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/media\/3708"}],"wp:attachment":[{"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/media?parent=3707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/categories?post=3707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/tags?post=3707"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/yst_prominent_words?post=3707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}