Keep control of your emotions

0 15

Learning to keep control of your emotions when trading is an essential part of becoming a seasoned forex trader. Basically, traders are humans who have emotions that can cause trading errors that interfere with the successful application of a forex trading plan and ultimately reduce profitability. For example, the fear of taking a loss can motivate a trader to move their stop loss orders away from the market. In addition, greed for making more money than would normally satisfy a trade can result in the trader moving their take profit orders away from the market, with the possible result that they will not be executed. Furthermore, hope can incapacitate a trader from taking a timely loss if they are motivated by the hope that the position will eventually return to profitability, which can result in a worse loss than was necessary. If you find you have difficulty controlling your emotions, consider automating your trade plan.


or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss