Forex Trading Library
EUR
$1.04
(+0.07%)
GBP
$1.22
(+0.2%)
AUD
$0.69
(+0.09%)
JPY
$0.01
(-0.09%)
TRY
$0.06
(+0.56%)
INR
$0.01
(+0.48%)
SGD
$0.72
(+0.24%)
MYR
$0.23
(0%)
JOD
$1.41
(0%)
KWD
$3.26
(+0.02%)
SAR
$0.27
(0%)
AED
$0.27
(0%)
QAR
$0.27
(0%)
OMR
$2.60
(+0.02%)
EGP
$0.05
(-0.13%)

Keep control of your emotions

0 484

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.

Leave A Reply

Your email address will not be published.