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Home Psychology of Trading

You can be a free person who can live and work at any place in the world. You can get rid of boring daily routines, you do not have to report to anyone and you yourself can be a director of your own. This is the successful Forex trader’s life. Many players all over the world want it, however only few of them achieve it. The beginner looks the graph and sees how millions are operated in front of him. They enter the game in the hope of big profits but eventually they sustain losses, they enter again and sustain more losses until they receive a margain call. New traders lose because the game is inherently difficult and where knowledge is not sufficient and self-discipline is not at good level, it is completely logical the results to be so sad. The training for operation in the financial market is a lengthy process, often accompanied by moments of sweeping highs and painful lows.

The doctor learns for life and if they stop improving their skills and knowledge, they become dangerous for their patients. The same is with the trader – they face the necessity of constantly evolving. If they stop doing it, they become dangerous for themselves and their capital. Most successful players say that the key to victory does not lie in the computer, and respectively on the screen, but in one’s own mind. Understanding of what happens in our minds must pass through self-awareness and learning of individual psychology and group psychology. Many Forex traders say they strive for success but conclude their transactions affected by moment impulses and unconscious sympathies and antipathies. In fact, they cruelly deceive themselves, and in practice they play against themselves. It is customary to believe that lying to other people is a bad thing but lying to yourself – this is hopeless.

No matter what we use as a basis of our decisions /fundamental or technical analysis, insight information or our own intuition/ whenever we enter the market we have feelings. психология на търговиятаThey could be the conquerer’s excitement in front of the golden gates of Troya or Jewish userer’s fear of possible loss. When the transaction is complete the feeling is happiness in the event of success and humiliation in case of loss. Forex player’s feelings make a huge psychological wave which moves the financial markets on its crest. When entering a position the most players lose control of their emotions – they smile blissfully or groan in pain, and sometimes they go for very short time from one state to another and back, making a kind of emotional surfing. It is true that people are not robots and we will always have feelings; however, the more we manage to control them, the more profitable our transactions will be.
All of the best Forex traders understand the importance of psychology; those who ignore it stay in the Forex market not for long. In order to be in good health, the player must see the actual trends and turns, not the imaginary ones. Any time spent in useless dreams and anguish is irretrievably lost. Financial games are often compared with extreme sports. According to statistics for the more experienced athletes the chance to die is greater because they take greater risks; it is paradoxical but true. The same goes for traders, no matter how experienced you become safety rules must be respected.

Successful Forex trading is based on three fundamentals; I call them “the three kits” ("трите кита") – knowledge through wich we analyse the market; psychology of trading; established system of playing and money management.психология на търговиятаEvery market needs a continuous flow of losers that deliver much needed fresh money in order for the flourishing of the financial industry. Most people consider themselves smarter than others and with the opportunities arising from the margin trading they expect rapid and significant success. Why to play? People do it on different reasons no matter whether they are rational or irrational.  Playing allows you to quickly gain a lot of money that cannot be realized by any other activity. Money means freedom, even though many people do not know what to do with it when they have it. Trading attracts those who love and can take risks and discourage people who rely on security and peaceful sleep. See more in Courses 

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