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Control Your Emotions

There are many common principles in trading psychology and risk management. Forex traders need to be able to control their emotions. If you cannot control your emotions whilst trading, you will not be able to reach a position where you can achieve the profits you want from trading.

Why?

Emotional traders struggle to stick to trading rules and strategies. Overly stubborn traders may not exit losing trades quickly enough, because they expect the market to turn in their favour.

When a trader realises their mistake, they need to leave the market, taking the smallest loss possible. Waiting too long may cause the trader to end up losing substantial capital. Once out, traders need to be patient and re-enter the market when a genuine opportunity presents itself.

Traders who are emotional following a loss also might make larger trades trying to recoup their losses, but consequently, increase their risk. The opposite can happen when a trader has a winning streak - they might get cocky and stop following proper Forex risk management rules.

Ultimately, do not become stressed in the trading process. The best Forex risk management strategies rely on traders avoiding stress.

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The first impression is the moment the trader becomes addicted
He sees his dreams as attainable to the extent that he sees himself having them
The moment when money is deposited in his account for the first time is more enjoyable than satisfaction, but at the same time, he may not have a special reaction.
But this addiction makes the trader hate being an employee and working and having working hours and can never justify himself in an employee uniform.
And the thing is, this impression may have been due to luck
Now that our trader has tasted the profit and reality of trading and sees his dreams as accessible.

He is ready to stay in the market for several years in the hope that he will succeed again
But this time, because he has made an impression, it is more difficult to change psychologically, because he may not consider himself a first-class trader, but he considers himself a trader and has come out of the previous stage (training and error testing, etc.).

Therefore, he resists changes, and this makes him spend several years of his life solely on the point that he will always remain a student of the market and must always improve himself.
And of course, many traders run out of money before reaching the top stage or are psychologically under so much pressure that they stop trading and carry the anchor (what would have happened if I continued) for the rest of my life.‌‌

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Forwarded from Fore Account Management trading Service>