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FX TRADING PSYCHOLOGY


But with a specific type of training, which we will cover in details in the next articles, and applying the right principles, your learning curve will be shortened and you will avoid making mistakes that most beginners, int e rmedia t es and even advanced traders continue to do.


Make sure you have a strategy


Trading is a game of market study and pattern r e c o g n it io n . P a


t t e r n


r e c o g n it io n means that you have identified a setup that you think will be favorable


for a


plans – you are simply following a random course in your decision making process, and the results will be random as well.


You should also have a very good


execution skill. Let’s assume that you have already back-tested a pattern and you know that all you have to do is click a button to execute your trade. Now, if you are not clicking the button, there are two possible reasons for that:


- You are


not confident enough in the pattern itself, this means you still


haven’t


reached the level of expertise you need to have in order


to know


exactly what you see on the chart


certain direction of the price and will help you place a trade. It could be a cross of a moving average, a break of a trendline or a Gann fan – it does not matter. What matters is that if you have done some proper back testing (testing your strategy on past market data) and you know that probabilities are in your favor, and you will place a trade based on the chosen pattern, in other words a trading system.


Without a trading strategy, you are focusing on a casino type of trading where you have no entry or exit


30 FX TRADER MAGAZINE January - March 2019


Opening a position is easy, closing it much more difficult


knowledge of market fundamentals. Traders who know how to combine both fundamentals analysis and technicals have much more consistent results and better performance rates. A technical approach should be applied aſter a thorough analysis of economic events.


Don’t underestimate trade execution


An important aspect which I will develop in these pages is the


is


- You are afraid of opening a position due to fear; either because you have done wrong


in


the past and there is a doubt


in your mind whether you will be able to make money on this trade; or you are risking more money than you should.


Mapping a chart pattern and executing an order sounds like something easy to be done, yet in reality it is not. It


is something that needs to


be conditioned – a set of skills that traders should learn, understand and practice. It takes time to develop a successful trading methodology and it’s not easy. My opinion on trading


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