Market Psychology (I)

In this article I am trying to write and explain about the most important and common  traders mistake in the Forex market.I hope you enjoy this item and try to control your emotional when you are trading.

Market analysis is not complex, your personal character is too complicated!Before become a good trader try to have a control on your emotional sense by knowing your personality and ability.
Let me ask a simple question.

What will you do when you figure out that on open position your analysis is wrong. and order is conducted without SL/TP?

1- I will close  my position.

2- I will wait maybe I will be lucky and market come back.

The question is have you ever been in the same situation?

I think most traders in their life at least once experienced kind of condition in this market. some time they close their position and then they saw oh no market come backed!And sometimes they wait and don’t close and market goes against their position.

After this mistakes they think they are unlucky trader! If you rely on your chance to win some money, my suggestion is betting and gambling  will be better idea than entering in Forex market .

The other questions:

1- Are you brave enough to accept your fault?

2- With knowing your position is wrong why you still want to keep it?

I know the answer because some time you close your position and then you saw market go through your position! this is very bad situation.But how we can prevent to interfere with such a  bad situation. You should be wise person to accept your fault without any hesitation.

Trader must be tolerant and wise.

WISE TRADER DEFINED AS:

Even if you have some loses on trade accept your fault and close your position and if continued loses on trade do the same.try to correct your analyzing market if your think your analysis some how is wrong .

Why are you not sure you entered point is in right place?. And why you don’t accept your defeat?

This will happen because sometimes we misunderstand the reaction of Forex market  and I will explain why .

some time you hesitated either open a new position or close you previous one?

As I mentioned above the most important facts that help to trader become a successful is control his/her emotional sense.

To read more,please download this book.

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