Forex Trading Can Test Your Patience

I always remind myself when doing forex philippines to wait, wait and be patient. Sometimes, when I look at the chart and a setup is just forming. My mind tells my eyes what I want to see and not actually what is forming. Making me enter trades that are too early or the set up is not that established, wasting money in the process.

Note to self: Enter trades that have powerful indicators first…

In forex trading, I think its more of a psychological business for the most part and only 1% technical. Why did I say so? It’s quite simple, in forex trading, you only need to buy or sell, to long or to short. There always 50% chance to profit and 50% chance to lose. But why is that 95% of all forex traders fail? It’s because its a psychological struggle.

I am not in a way a professional or experienced trader. That is the purpose of this site. I keep my trades here so I can reflect back on trades I lost or won and hopefully gain experience in the process and also help individuals who find themselves at lost or struck with a heavy loss in the trade. For one thing, a loss in forex trading is always given and its how you manage your money that will separate you from a typical gambler to a successful forex trader.

Having your emotions affect your decision in a trade is the most common thing why people fail. Greed, fear and anxiety is most of the time, the culprit why you have negative pips in your account. I try to remind myself again and again to trade based on what I see and not what I want to see. If I’ll lose, I hope to lose less and if I win, I win enough to cover my next 2 or 3 trades. Most of it is money management.

The difference between a gambler and a trader is that, a gambler trades enough just to get his money back, in most cases, he won’t. A trader trades enough just to cover his future trades, giving him profit.