The Rules Of Day Trading The Forex Market
To many traders, the whole idea of learning to day trade forex is so intimidating for a lot of traders. They can't contemplate how the concept works. The sad thing is that most new traders think that there you have to be a intellectual freak of nature to be able to have success. I suppose I can understand why traders have this feeling. After all, only 5% of day traders have been able to have long term success.
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.
Unfortunately, so many traders just flat out cannot handle their emotions when they trade. I don't care which trading method you choose to use. I don't care if the trade is working or not, if you can't get a hold of your emotions, you will never success in this business. You can bank on it.
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.
However, when it comes to fear, its quite the reverse. It usually occurs when you absolutely have no confidence in yourself, and you dont really grasp why you are taking the trades that you are taking. All you are doing is hoping that you are right.
I believe the reason why this happens is because many traders really don't want to hold themselves accountable for what they are doing. They would much prefer to let indicators do the trade for them. Traders have to stop doing this.
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.
Start by using price action to learn day trading. This means losing every indicator that is on your charting platform. - 23196
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.
Unfortunately, so many traders just flat out cannot handle their emotions when they trade. I don't care which trading method you choose to use. I don't care if the trade is working or not, if you can't get a hold of your emotions, you will never success in this business. You can bank on it.
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.
However, when it comes to fear, its quite the reverse. It usually occurs when you absolutely have no confidence in yourself, and you dont really grasp why you are taking the trades that you are taking. All you are doing is hoping that you are right.
I believe the reason why this happens is because many traders really don't want to hold themselves accountable for what they are doing. They would much prefer to let indicators do the trade for them. Traders have to stop doing this.
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.
Start by using price action to learn day trading. This means losing every indicator that is on your charting platform. - 23196
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 @ 4:03 AM
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