Forex Trading Library

Have patience and humility

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Have patience and humility

Overconfidence tends to result in excessively large position taking or even over-trading, while impatience can severely hamper the amount of money your winning positions could make. Both of these emotion driven responses can reduce your effectiveness and profitability as a Forex trader, so most successful traders aim to be as patient and humble as possible when operating in the Forex market. Remember, the Forex market is far, far bigger than any one trader or financial institution, so it makes sense to be humble when approaching this vast currency marketplace. Also, patience is indeed a virtue for a Forex trader since you may have to wait some time for the move you were expecting to materialize, and it would be a shame to take in only a modest profit when a major profit was just around the corner if you had only had the patience to wait for it.

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