The Rules Of Day Trading The Forex Market
To many traders, the whole idea of learning to day trade forex is so intimidating for a lot of traders. They can't contemplate how the concept works. The sad thing is that most new traders think that there you have to be a intellectual freak of nature to be able to have success. I suppose I can understand why traders have this feeling. After all, only 5% of day traders have been able to have long term success.
The truth is there is nothing holding you back from succeeding in day trading the forex market. You don't need an MBA from Harvard.
To begin with, many traders just really cant control their emotions when they trade. It really makes no difference of the trading system or method which you are using. Bottom line is if you can handle the emotions of trading, even if it is or isn't working, you will never be able to have success. There is no denying it that.
I don't think that there is any doubt that the two strongest emotions that traders have to deal with would have to be fear and greed. Greed usually comes whenever you have made some consecutive winning trades, and you have this extreme feeling of overconfidence. You think that you are able to control the market and make it do what you want to do.
Fear is the exact opposite of greed. This happens from a severe lack of confidence. They don't have a grasp of what is actually going on in the market. They don't really know the underlying reason why they are taking the trades which they are taking.
I believe the reason why this happens is because many traders really don't want to hold themselves accountable for what they are doing. They would much prefer to let indicators do the trade for them. Traders have to stop doing this.
This is not going to cut it. If you want to be a success in this business, you better be prepared to dig deeper and understand the underlying reasons as to what makes the market move the way that it does. This is what day trading is all about.
Start by using price action to learn day trading. This means losing every indicator that is on your charting platform. - 23159
The truth is there is nothing holding you back from succeeding in day trading the forex market. You don't need an MBA from Harvard.
To begin with, many traders just really cant control their emotions when they trade. It really makes no difference of the trading system or method which you are using. Bottom line is if you can handle the emotions of trading, even if it is or isn't working, you will never be able to have success. There is no denying it that.
I don't think that there is any doubt that the two strongest emotions that traders have to deal with would have to be fear and greed. Greed usually comes whenever you have made some consecutive winning trades, and you have this extreme feeling of overconfidence. You think that you are able to control the market and make it do what you want to do.
Fear is the exact opposite of greed. This happens from a severe lack of confidence. They don't have a grasp of what is actually going on in the market. They don't really know the underlying reason why they are taking the trades which they are taking.
I believe the reason why this happens is because many traders really don't want to hold themselves accountable for what they are doing. They would much prefer to let indicators do the trade for them. Traders have to stop doing this.
This is not going to cut it. If you want to be a success in this business, you better be prepared to dig deeper and understand the underlying reasons as to what makes the market move the way that it does. This is what day trading is all about.
Start by using price action to learn day trading. This means losing every indicator that is on your charting platform. - 23159
About the Author:
If you want to learn to day trade forex, then you should really look at Trading In The Buff.
posted by X - Men @ 2:04 AM
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