Day Trading Forex Currency: How to Eliminate the High Cost of Fear

Day Trading Forex Currency can be a very emotional occupation and unfortunately, emotions are the cause of more lost money than the unpredicability of the markets. You see it all the time. Every time you hesitate to make the right move, it costs you. Staying in a trade longer than you should and miss taking the profits off the table, you simply hand your capital to the markets. Whenever you get scared and cut your winner short is another indicator of the high cost of emotions.

"Once bitten, twice shy." is experienced often in day trading Forex currency. The source of many emotional problems in day trading Forex currency is fear. Fear that because you've felt the sting of an avoidable loss before, that it will happen again right now. That fear is what causes the hesitation, the hanging on too long, the getting out too early.

Many emotions can influence your decision-making also, like greed, hope, despair, guilt, shame, anxiety, confusion, anger, pride, plus a whole slew of other feelings. Revenge is a big one too. When you've been hurt with a regrettable loss that has you licking your financial wounds, part of you wants to strike back. You want to get even with the markets and get your money back. It's only human to experience this.

Day trading Forex currency runs opposite to all that we learned growing up and to our nature as human beings. Our emotions are part of a survival mechanism that in trading, tend to work against you. It's not natural for humans to step into a potentially high-risk situation, get hurt (take losses) a more than half of the time, be okay with it, and then ask for more. Self-preservation is our natural response. In day trading Forex currency, you're dealing with the unpredictable behavior of the markets, plus trying to assimilate a large body of knowledge as you continue to develop as a trader.https://www.forexlasers.com/forums/.

Gaining control over your emotions, or at least to the point that they do not disrupt your decision-making and to act decisively at the right time requires more than simple determination. You can't just 'force' the discipline to stick to your system, at least not for long.

As your confidence builds, your fears will subside, plus you'll find that it becomes easy to have the discipline to do the right thing when the time calls for it. Keep in mind that forcing it doesn't do. Certain skills must be developed to make this happen, especially Emotional Intelligence.

Because most have never participated in anything like trading, it is completely new and subsequently very challenging. In any occupation, to be good at it and have the confidence you need, and like all new experiences, you have to develop the skills for day trading Forex currency. Most of the time when you move into a new occupation, you get trained for the job. The company wants you to do well, so they make sure that you have the skills you'll need. The chance for that just isn't presented to most traders. In any occupation, training yourself on-the-job is the most disadvantageous way to go about it, but even moreso in day trading Forex currency.

'Trading Psychology' books have been just about the only help for traders, but most of these were written by Psychologists and not traders. Skills, not just concepts are what Emotional Intelligence is about. You don't develop skill from reading, you get it from specific actions. Your paradigms shift and your skills grow not through acquiring new knowledge, but through experience.