Some traders think that their intuition is the reason for their superior performance. Actually, it is an outcome pop put when qualitative research and decent psychology focuses on your decision making capability. This ultimately gives qualitative results which reveal different experiences of each trader. It’s all about how consciously or sub consciously you prevent yourself from the influences of the emotions on the trading decisions. Role played by emotions is somewhat relative to perception and judgment. And after several research findings, you not only get unique way to predict the market but you also get aware of the fact that there is vast difference between “intuition” and “impulse”. |
Before moving forward let me ask you a question. Should “money” be the only objective for a trader? According to me, answer should be a big “no”. Now you must be scratching your head that why is it so? Let me explain. Don’t you earn knowledge? Don’t you learn how to tackle the situation, how to have control over your emotions or actions! Getting motivated by money is not enough, motivation towards work is the necessary fuel needed to push us through the tough times and to pull us forward towards something new.
Forex trading is the art which improves day by day depending on how much you practice and play with your trades. Those traders who don’t learn from their mistakes would be definitely destined to commit the same mistake again. People focus on what is responsible to move the market, however, the cause of you to move in the market is equally important, an important endeavor! Make sure you understand your states of mind, your emotions, and your behavior for not repeating the same mistakes again and again. Once you learn the tactics of market, you analyze the market charts or economy better; you perform better to control actions while facing any uncertainty.
Forex online trading is very uncertain then how can you be a consistent profitable trader. You may see, sometimes market have too many transactions and at times market look very drowsy. Sometimes it goes very high unexpectedly or sometimes it goes down suddenly. Market runs in its own rhythm. Similarly, we survive on our own as per the market situation and hence becoming a consistent performer!
“Plan the trade, and trade the plan!” You might aware of this statement. This is the most common advice that is given to almost all traders. It is good to read, good to retain but don’t work accurately for the beginners. Their problems faced practically do quite differ. Actually what happens is that the plan and the trade are very true but what if when plan fails while executing? In this case, how would you trade a failed plan? So it is better to prepare yourself before for any uncertainty. Moreover, planning depends on your intellect and rather I would say from your own experience!
These are the some crucial facts that a trader need to know while surviving in the forex world. In the next article I would like to penetrate into more about these facts.
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