Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

asiaforexmentor

Mastering Your Emotions for Efficient Forex Trading.

Recommended Posts

Forex Trading Psychology – Mastering your emotions for efficient Forex Trading

 

 

A lot of people lose money in Forex Trading because they fail to master their emotions. Many books have been written on tips for better trading, but even so, no two people using the same trading methods come up with the same results. How come? Yet every trader has at some point attended a workshop, courses and mentorship programs aimed at enabling traders make more money. But despite all these, very few people succeed. The question is, why?

Forex Trading Psychology

 

Simple as it sounds, Forex trading psychology is a crucial aspect of successful trading. Trading psychology has to do with the emotional state of mind when trading. Most times, people fail in Forex trading because of emotions and trading anxiety that can result in uncalculated trading. The consequence normally is poor returns! To trade efficiently, you have to take charge of your emotions, eliminate any trading anxiety, be confident and ensure you avoid silly trading mistakes that can cost you money.

The moment you cannot control your emotions, irrational decision making sets in, and even though you might be an experienced trader, you lose money in situations you would have fared better. Psychology can mean the difference between profits and losses. Your state of mind is crucial in Forex Trading, as you make decisions on a sixth sense and fast.

But how do you go about controlling your mind and taking charge of successful trading for maximum profits? Here are some tips to start you off:

• You can begin by making use of stop loss and taking profit prices to reign in your trade. What this does is give you the opportunity to place the trade and halt any deals with it. The overall effect is experience, for the more you deal with a trade, the more it becomes engrained in your mind.

• Once you have placed a stop loss, walk away. Do not wait to see how the trade turns out. Most traders place a stop loss and then wait around to see what happens. It beats the whole point of stop loss in the first place. Being there means you are planning to interfere with trading midway, and you don’t want to do that. So walk away!

• Another tactic is to employ low leverages. Super high leverages may seem attractive because of the higher profits, but be careful because they carry the potential for heavy losses as well. Plus if in such a situation, the uncertainty that comes with it can lead to trading anxiety, and subsequently poor trading decisions. So keep the leverages low until such a time when you are confident you have the psychological control necessary for high leverages.

• Make use of proven methods of trading, those you are sure about. There is nothing as dangerous in trading as using a method you are not sure of. Proper and efficient trading methods help you relax and stay a bit calmer, as the uncertainty is somehow eradicated.

Whatever you do, watch out for your psychology. It works to your advantage if you can work on your mental fitness and stay in control.

Forex Trading Psychology is one of the MOST IMPORTANT thing to master when it comes to forex trading. This is something which we teach in our AFM Winning Forex Course

See you on the other side my friend,

Asia Forex Mentor

Ezekiel Chew

Asia #1 Forex Mentor

Image.jpg.488a576504b62bfefb3614953d169155.jpg

Share this post


Link to post
Share on other sites

Once you have placed a stop loss, walk away. Do not wait to see how the trade turns out. Most traders place a stop loss and then wait around to see what happens. It beats the whole point of stop loss in the first place. Being there means you are planning to interfere with trading midway, and you don’t want to do that. So walk away!

 

I like this point. This is something I utilized that really helped me stay calm and objective while the trade was just starting out. I use a smaller first target on half of my position and since each trade has an initial stop loss once I get a fill I will either have a first target hit or a stop loss hit.

 

There was no judgement needed in between. Sometimes I would decide to exit early before one of the two were hit and it always worked out against me. Leaving the two alone and letting the trade work was incredibly important because once I get that first target hit the trade typically would continue in my favor.

 

Once I get in a trade, I use that time to get up an stretch or use the restroom. It may seem silly, but that trick really helped build my patience over the years.

Share this post


Link to post
Share on other sites

What is described here is external discipline - an essential element in trading. And it is good advice - if a person could only snap their fingers and change their beliefs when engaged with uncertainty, most traders I know would be successful. To make external discipline work, internal discipline has to be built into the psychology of the person -- if they did not come equipped with it as standard psychological issue at birth. It is the triggering of uncertainty morphing into fear that creates the irrational thinking that keeps people stuck in self limiting trading patterns (like dealing impartially with their stops). Until this element is resolved, external discipline by itself will be undone by learned patterns of fear being exposed in the process of trading. This also tends to be one of the last things that a trader is willing to do.

 

Rande Howell

Share this post


Link to post
Share on other sites
Rande,

Where you been?

Thought you had give up on us

or

died

or

finally realized that Bruce Krasting: New Study – Traders are worse than Psychopaths

 

:)

 

How’s the new book coming?

 

zdo

 

zdo

Thanks for asking. The rumors of my demise are premature. To tell you the truth, I simply haven't found much that I could contribute to for awhile on TL. The conversations in the Trader Psychology section did not seem focused on the psychological aspects of trading. Writing and speaking schedule, clients, webinars, and building affiliations have keep me busy. Lots of solid feeback on the book. I'll added a section on Memory Enrichment in the ebook as a tool for developing the internal resources of the trader. I have found that it is a more effective way for traders to build strength and manage emotional state rather than the symbolic representation I've used in the past. Together, they help build a mental model for peak performance that is easier to grasp and learn. I'll be speaking in Chicago in October, Wall St and Las Vegas in November, and Charlotte, NC in December - so I'm going to traveling a bit.

Would you be interested in attending my 4 session webinar course for free? Let me know. I have a couple of scholarships available.

 

By the way, I looked at the study about psychopaths and traders. I have found that there is a vast difference from Wall St types and the folks who actively trade for themselves. The traders in this market tend to be decent people trying to build a life for themselves and their families. Very different than what is found in a trading room on Wall St.

 

Rande Howell

Share this post


Link to post
Share on other sites
Rande you remind me a lot of Van Tharp, great content. Thanks for sharing.

 

I get that alot. I really don't know much about the process he uses. Fundamentally, my position is that psychological learning and change occurs when the neuro-circuitry, the biology of the brain, is re-wired into new patterns of perception. Until that happens, change may be sweet, but it is short term. Kinda like diets. People can lose weight short term, but they gain it back because they don't do the work of changing belief and adaptation to stress at the neural pathway level. If this element is not accounted for in a change process, the old ways will widdle themselves back into the performance psychology of the person. There is no AHA MOMENT and life changes for ever. There is a moment of possibility for change that has to be make into a habit. And that new habit has to be practiced just like any other skill set. That's the work of long term change.

 

You're in Chicago. I'd love to have the opportunity of meeting you. I will be speaking at the Options Industry Council's seminar in Chacago on October 22. I see you're into Emini's and don't know if you trade and teach options. But if your coming to the event, would love to meet you and see how we might work together.

 

Rande Howell

www.tradersstateofmind.com

Share this post


Link to post
Share on other sites
I didn't really find much useful info at that link. I actually tried following leads to other places, but didn't find much of anything explaining the study.

 

Tradewinds, Nor did I…it started as a funny. I think Krasting was just having some fun too.

But seriously - while Rande made a good point differentiating 'family guys' from 'wall streeters' (broad stroke generalizations of course), I have found I do my best trading when I stop to consciously click into a ‘predator vs predator’ identity and state…

also, I always trade in my office and never trade from home / ie I have also had to put considerable work into clicking back out the instant I leave the office and not carrying those energies into our home, etc.

 

 

Have a great weekend all.

Share this post


Link to post
Share on other sites
Tradewinds, Nor did I…it started as a funny. I think Krasting was just having some fun too.

 

Yes, the first thing I did was laugh when I saw that. And in a sense I kind of take pride in being different and doing something that most people wouldn't do.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Date: 11th July 2025.   Demand For Gold Rises As Trump Announces Tariffs!   Gold prices rose significantly throughout the week as investors took advantage of the 2.50% lower entry level. Investors also return to the safe-haven asset as the US trade policy continues to escalate. As a result, investors are taking a more dovish tone. The ‘risk-off’ appetite is also something which can be seen within the stock market. The NASDAQ on Thursday took a 0.90% dive within only 30 minutes.   Trade Tensions Escalate President Trump has been teasing with new tariffs throughout the week. However, the tariffs were confirmed on Thursday. A 35% tariff on Canadian imports starting August 1st, along with 50% tariffs on copper and goods from Brazil. Some experts are advising that Brazil has been specifically targeted due to its association with the BRICS.   However, the President has not directly associated the tariffs with BRICS yet. According to President Trump, Brazil is targeting US technology companies and carrying out a ‘witch hunt’against former Brazilian President Jair Bolsonaro, a close ally who is currently facing prosecution for allegedly attempting to overturn the 2022 Brazilian election.   Although Brazil is one of the largest and fastest-growing economies in the Americas, it is not the main concern for investors. Investors are more concerned about Tariffs on Canada. The White House said it will impose a 35% tariff on Canadian imports, effective August 1st, raised from the earlier 25% rate. This covers most goods, with exceptions under USMCA and exemptions for Canadian companies producing within the US.   It is also vital for investors to note that Canada is among the US;’s top 3 trading partners. The increase was justified by Trump citing issues like the trade deficit, Canada’s handling of fentanyl trafficking, and perceived unfair trade practices.   The President is also threatening new measures against the EU. These moves caused US and European stock futures to fall nearly 1%, while the Dollar rose and commodity prices saw small gains. However, the main benefactor was Silver and Gold, which are the two best-performing metals of the day.   How Will The Fed Impact Gold? The FOMC indicated that the number of members warming up to the idea of interest rate cuts is increasing. If the Fed takes a dovish tone, the price of Gold may further rise. In the meantime, the President pushing for a 3% rate cut sparked talk of a more dovish Fed nominee next year and raised worries about future inflation.   Meanwhile, jobless claims dropped for the fourth straight week, coming in better than expected and supporting the view that the labour market remains strong after last week’s solid payroll report. Markets still expect two rate cuts this year, but rate futures show most investors see no change at the next Fed meeting. Gold is expected to finish the week mostly flat.       Gold 15-Minute Chart     If the price of Gold increases above $3,337.50, buy signals are likely to materialise again. However, the price is currently retracing, meaning traders are likely to wait for regained momentum before entering further buy trades. According to HSBC, they expect an average price of $3,215 in 2025 (up from $3,015) and $3,125 in 2026, with projections showing a volatile range between $3,100 and $3,600   Key Takeaway Points: Gold Rises on Safe-Haven Demand. Gold gained as investors reacted to rising trade tensions and market volatility. Canada Tariffs Spark Concern. A 35% tariff on Canadian imports drew attention due to Canada’s key trade role. Fed Dovish Shift Supports Gold. Growing expectations of rate cuts and Trump’s push for a 3% cut boosted the gold outlook. Gold Eyes Breakout Above $3,337.5. Price is consolidating; a move above $3,337.50 could trigger new buy signals. Always trade with strict risk management. Your capital is the single most important aspect of your trading business.   Please note that times displayed based on local time zone and are from time of writing this report.   Click HERE to access the full HFM Economic calendar.   Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!   Click HERE to READ more Market news.   Michalis Efthymiou HFMarkets   Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Back in the early 2000s, Netflix mailed DVDs to subscribers.   It wasn’t sexy—but it was smart. No late fees. No driving to Blockbuster.   People subscribed because they were lazy. Investors bought the stock because they realized everyone else is lazy too.   Those who saw the future in that red envelope? They could’ve caught a 10,000%+ move.   Another story…   Back in the mid-2000s, Amazon launched Prime.   It wasn’t flashy—but it was fast.   Free two-day shipping. No minimums. No hassle.   People subscribed because they were impatient. Investors bought the stock because they realized everyone hates waiting.   Those who saw the future in that speedy little yellow button? They could’ve caught another 10,000%+ move.   Finally…   Back in 2011, Bitcoin was trading under $10.   It wasn’t regulated—but it worked.   No bank. No middleman. Just wallet to wallet.   People used it to send money. Investors bought it because they saw the potential.   Those who saw something glimmering in that strange orange coin? They could’ve caught a 100,000%+ move.   The people who made those calls weren’t fortune tellers. They just noticed something simple before others did.   A better way. A quiet shift. A small edge. An asymmetric bet.   The red envelope fixed late fees. The yellow button fixed waiting. The orange coin gave billions a choice.   Of course, these types of gains are rare. And they happen only once in a blue moon. That’s exactly why it’s important to notice when the conditions start to look familiar.   Not after the move. Not once it's on CNBC. But in the quiet build-up— before the surface breaks.   Enter the Blue Button Please read more here: https://altucherconfidential.com/posts/netflix-amazon-bitcoin-blue  Profits from free accurate cryptos signals: https://www.predictmag.com/ 
    • What These Attacks Look Like There are several ways you could get hacked. And the threats compound by the day.   Here’s a quick rundown:   Phishing: Fake emails from your “bank.” Click the link, give your password—game over.   Ransomware: Malware that locks your files and demands crypto. Pay up, or it’s gone.   DDoS: Overwhelm a website with traffic until it crashes. Like 10,000 bots blocking the door. Often used by nations.   Man-in-the-Middle: Hackers intercept your messages on public WiFi and read or change them.   Social Engineering: Hackers pose as IT or drop infected USB drives labeled “Payroll.”   You don’t need to be “important” to be a target.   You just need to be online.   What You Can Do (Without Buying a Bunker) You don’t have to be tech-savvy.   You just need to stop being low-hanging fruit.   Here’s how:   Use a YubiKey (physical passkey device) or Authenticator app – Ditch text message 2FA. SIM swaps are real. Hackers often have people on the inside at telecom companies.   Use a password manager (with Yubikey) – One unique password per account. Stop using your dog’s name.   Update your devices – Those annoying updates patch real security holes. Use them.   Back up your files – If ransomware hits, you don’t want your important documents held hostage.   Avoid public WiFi for sensitive stuff – Or use a VPN.   Think before you click – Emails that feel “urgent” are often fake. Go to the websites manually for confirmation.   Consider Starlink in case the internet goes down – I think it’s time for me to make the leap. Don’t Panic. Prepare. (Then Invest.)   I spent an hour in that basement bar reading about cyberattacks—and watching real-world systems fall apart like dominos.   The internet going down used to be an inconvenience. Now, it’s a warning.   Cyberwar isn’t coming. It’s here.   And the next time your internet goes out, it might not just be your router.   Don’t panic. Prepare.   And maybe keep a backup plan in your back pocket. Like a local basement bar with good bourbon—and working WiFi.   As usual, we’re on the lookout for more opportunities in cybersecurity. Stay tuned.   Author: Chris Campbell (AltucherConfidential) Profits from free accurate cryptos signals: https://www.predictmag.com/   
    • DUMBSHELL:  re the automation of corruption ---  200,000 "Science Papers" in academic journal database PubMed may have been AI-generated with errors, hallucinations and false sourcing 
    • Does any crypto exchanges get banned in your country? How's about other as Bybit, Kraken, MEXC, OKX?
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.