The Role of Psychology in Forex Trading |
Posted: September 27, 2019 |
Human psychology is a very strong power and it can make you survive when lost in a jungle or to be a very successful trader in the Forex market. A forex trader surely needs to know strategies, technical terms, risk management, and various other lessons, but all of this is of no use if you are not having stable psychology. When a beginner starts, it is easy to gain profits a couple of times but maintaining a stable mindset is tricky. Difference between the Mindset of a Seasoned Trader and a Beginner Beginners need not feel demotivated with the fact that the stability of their mindset will not be as strong as that of an experienced trader. Whatever activities you would have done in your life, it is a basic principle that in beginning you will be weak. Though with time, lessons, and losses (the most Important) you can become stronger. When you are new as a trader, you can observe your growth by making notes of the time when you did the trade. You will observe in the graph of your growth that when you started using new strategies, you got better, but it was not like what you wanted or had expected it to be. The most possible reason for this is the fact that you lacked confidence and were not prepared for the post-trade period. Because of this you either closed the deal too early or held the trade for too long. Taking a look at the trading life of an experienced trader, you will observe that they have control over their emotions and have bold decision-making ability. We can conclude that to make big from a trade, you need to make your psychology more stable and this can be done by being stress-free. Being Stress-Free Can Help You Gain Confidence and Have a Stable Mindset Enemy number 1 for a trader is stress. It might not sound so critical but when you are trading, then the decisions that you make while live trading are heavily impacted by stress. It is the stress that makes your decisions weak. It has also been stated that trading is the second most stressful profession, after a combat engineer. Apart from the stress of trade, it is possible to have external stress like due payments of credit card, electricity bills, college fees, etc. Though if you are able to manage your psychology well, you cannot be stopped from being a successful trader. Beating down this stress is very essential if you want to be a successful trader in the currency exchange market.
Can A Good Mentor Help You With Strengthening Your Psychology? When it comes to getting a stable mindset, no one can help you with it, though having a mentor itself plays a magical effect. When you have a mentor you feel confident that there is someone to guide you with wrong decisions. A mentor can demonstrate a live trade done with stable mindset by showing his live trade. You will notice how many times you just closed the trade too early or held the amount for a very long duration. Seeing things done by a professional just one time can clear a lot of doubts and give you a strong direction. You can read about many strategies on the internet and in books, but the kind of experience you can get from a mentor can be compared to nothing. Though it is very important that the mentor that you are following is the real deal.
Hafizzat Rusli the Real Deal Mentor Hafizzat is one of the most successful mentors of the currency exchange market. This guy transformed himself from a beginner of forex trade to a successful and famous trader in just 2 years. He was able to do this because of stable thinking and focus. Hafizzat also helped his friends and later the students from different countries to become successful traders. If you are really interested in learning forex trade and also become successful in this field, learning it from Hafizzat will be a game-changing decision. Just make sure you are contacting the real Hafizzat and not the scammers because of whom Rusli's name came in disturbing headlines like Hafizzat Rusli Forex Scammer. To reach the right source of Hafizzat's trading course, click the link here.
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