The Rules Of Day Trading The Forex Market
I really know that the concept of learning how to day trade the forex market is extremely puzzling to most traders. They don't quite get how the entire process works. Unfortunately, many traders feel like you have to be super intelligent to be able to pull it off. I guess I can understand why traders would feel that way. I think most know that most people that tried to day trade the forex market, haven't done so very well.
But in actuality, there is no reason why you cant have any success. Trust me you dont need to have a degree from an Ivy League college.
When it comes to emotions, many traders just don't know how to handle them. It makes absolutely no difference of the kind of forex trading method which you use. If you are not going to be able to take care of your emotions when you are trading, irregardless if the trade is working or not, you will have absolutely zero chance of succeeding.
I can say without any doubt that the two biggest obstacles as far as emotions that traders have to deal with are fear and greed. Greed usually happens when a trader gets overconfident. This is usually due to the fact that they have won a few trades in a row and they are in cloud nine. They feel like they can completely manipulate the market to do what they want them to do.
Fear is the exact opposite of greed. This happens from a severe lack of confidence. They don't have a grasp of what is actually going on in the market. They don't really know the underlying reason why they are taking the trades which they are taking.
This really boils down to the fact there are so many traders who want to take themselves out of the equation when they make a trade. They would rather just use indicators instead. This separates the trader from the market by using these indicators.
It just not going to cut it. If you are actually planning to make money in the forex market, you better be ready to comprehend what actually makes the market tick. This is especially true when you are talking about day trading.
If you want to begin, the start to learn price action. Begin today by getting rid of every single indicator you are used to trading with. - 23212
But in actuality, there is no reason why you cant have any success. Trust me you dont need to have a degree from an Ivy League college.
When it comes to emotions, many traders just don't know how to handle them. It makes absolutely no difference of the kind of forex trading method which you use. If you are not going to be able to take care of your emotions when you are trading, irregardless if the trade is working or not, you will have absolutely zero chance of succeeding.
I can say without any doubt that the two biggest obstacles as far as emotions that traders have to deal with are fear and greed. Greed usually happens when a trader gets overconfident. This is usually due to the fact that they have won a few trades in a row and they are in cloud nine. They feel like they can completely manipulate the market to do what they want them to do.
Fear is the exact opposite of greed. This happens from a severe lack of confidence. They don't have a grasp of what is actually going on in the market. They don't really know the underlying reason why they are taking the trades which they are taking.
This really boils down to the fact there are so many traders who want to take themselves out of the equation when they make a trade. They would rather just use indicators instead. This separates the trader from the market by using these indicators.
It just not going to cut it. If you are actually planning to make money in the forex market, you better be ready to comprehend what actually makes the market tick. This is especially true when you are talking about day trading.
If you want to begin, the start to learn price action. Begin today by getting rid of every single indicator you are used to trading with. - 23212
About the Author:
If you want to learn to day trade forex, then you should really look at Trading In The Buff.
posted by X - Men @ 2:05 AM
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