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Forex Trading Psychology

 

 

Many people point out the great opportunities with Forex , and think seriously to make a huge wealth from forex trading. Anyone wants a financial freedom to live a rich lifestyle.

Indeed, Forex is a serious thing to consider and invest on , but do you think that any one can do that and be a successful forex trader ?
Of Course No , forex trading isn’t that easy which you always read on the broker’s advertising.

Foreign exchange is a very good opportunity to make a fortune and good money , but in same time it is an opportunity to loose our money, so that you must know that you will be in risk. Mistake after mistake , then you will find yourself has lost everything.

You must practice well on demo accounts , and read from here and there. Try this and that, you will collect helpful information.

Always Identify the mistake which you made , Define where is the mistake exactly and find out what caused the mistake , then try to fix it.

Create a trading plan, set yourself some rules and never break them. Practice your trading plane on a demo account for a log time and learn from your mistakes.

It is advisable to place a protective stop-loss for any open position.
Stop-loss is a point when the trader leaves the market in order to avoid a very risky situation.
It is recommended to use stop-loss to insure against extra losses.

You must know how to deal with mistakes and manage your money. Risk management and fund management go hand in hand , always read about them more than reading about indicators and trading systems.

If you lose a trade or some , that doesn’t mean you are a bad trader. You must trust yourself and believe that you can be successful one day.

 

Written by /
Ahmed Elagouz

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