new trader

It is very tricky to understand human mind and brain of new trader. Mind tends to play different games to test the personality of humans. Men fell in the trap of the dirty games of their own mind. It is said that you need to be emotionless if you want to do well in Forex trade. But is it really possible? Definitely it is not. You can learn to control your emotions but you cannot get rid of them. The decision patterns of men form their personality which can sometimes prove fatal for Forex traders. Let’s have a look on some of the decision patterns and games of human mind.

Enjoyment:

When you start forex trading, you feel super energetic and enthusiastic. If you succeed to earn profit in your first deal then you feel the same level of excitement as of doing something adventurous. It is the same feeling you get from riding the bike at high speed for the first time. Then your mind starts its game. It makes you overconfident. Next time you will not pay much attention to the analysis and just blindly trade. Obviously it is going to end well. Thus do not let your emotions cloud your judgment skills. Be humble and trade wisely. new trader

Fear of loss and missed opportunities by new trader:

Alternatively if you lose in first deal, you not only lose your capital, but also lose much of your confidence as well. By any chance if you miss the next beneficial trading opportunity, your morale will further go down. In such a state you will be afraid of loss and missing a good deal at the same time. Such a situation will lead you to make hasty decisions which will worsen the situation. Then in order to avoid pain of loss, you will quit eventually.

Thus be practical and decide wisely. You should learn to move on from your previous trading deals. New trader should not let the outcome of the previous deal to affect your next deal. Be confident as you are here for long run.