Trade Psychology to trade money

OK , guys I agree there are many threads related to psychology on this forum, but I want to discuss all the myths & emotions a trader feels while trading or when you started trading?

Because only and only if we put them forward can we all find a solution & find a stable mind which am sure will facilitate in better trading.

For I believe that before we start trading money, its better we trade our psychology i.e. get control over our emotions!

Beginners can share their apprehensions & experienced traders can maybe help them deal with them.

Lets help others in order to help ourselves! :thumb:

Let me start ,
when I started trading forex, first of all I was very concerned about the legalities in India. And that problem kept on playing at the back of my mind & my often lost money. It was only when my broker assured about its safety & also I found out that there are many other fellow India traders & its all safe i could actually make more Pips!

My take: get all your doubts & queries cleared about the trade you'll be undertaking & you'll be able to trade well with an empty mind rather a clooged one! :thumb:

could you please advice what is the best time and the currency pair to trade the forex market from India.

well firstly let me list down the Indian time that the diff forex markets open & close.

Sydney- 3.30 Am- 11.30AM
Tokyo- 4.30 AM - 12.30 PM
London- 12.30 PM- 8.30 PM
New York- 5.30PM - 1.30AM

Now as you can see Sydney opens up really early & closes down pretty soon too. So ther won't be much stuff happening there, as Tokyo will be still catching up.
Also, London I think is the best time, coz by that time Tokyo will be full fledged in action & even at the near end of closing , New York will catch up. Most importantly, by the time London MArket will open, Tokyo would have released its imp. fundamental reports also. Coz of all this it makes the London Market the most favorable for atleast us - the Indians.

AS for currencies, better & safer to invest in major currencies like EUR/USD, GBP/USD, USD/JPY, USD/CHF.
EUR/USD any day proves to be my favourite.

Hey quite a good post! must commend you! for when i began trading too, i was stumbling all along and getting a hold on your nerves is like... difficult!!! so am sure, a lot of traders will benefit from this post.

but why is it so inactive?! it should have been a major place for discussions between the newbies & experts. and obviously the intermediates like me!

on a serious note, lets begin this.

said that I will do so:

Q- When we see, the market is trending against your strategy, should you hold the position or close it? I mean what is the average level one should go for it? I am asking this because I have seen my friends and even me on quite a lot have experienced that when the market goes against my strategy, i hold on till it reverses back. and in doing so i have occurred HUGE LOSSES ( demo account )

but it really shook me up!

On the other instance, having experienced the previous situation, when i saw the trend going opposite i closed my trade within a loss of 35 pips. coz i obviously didn't want to go for more loss. But guess what? the market again changed its course and went according to my strategy, and i would have been able to capture almost about 150 pips profit!!!!


How does one determine when to go on or to let go in such situations!?!?!?!!?


experts, kindly help!!!

Thanks

Hi shivam007, the thank you for appreciating this thread.

also, about your question, quite a good one. it is face by many new comers in the world of fx.

there is a very important rule to remember: always apply a stop-loss mark! may it be in the beginning or sometime during the trade you feel, but always apply it. its the safest option. yes, maybe in the beginning the stop losses may be hit pretty soon, but as and when you get well acquainted with it you will be able to judge it better. the stop losses are important as well as the take profits. try including them in your strategy as much as possible it will be beneficial.

remember: its about taking as many profits as possible and avoiding stop-losses as many as possible

goodluck:thumb:

Only 1 advice: One bad trade doesn't mean the end of world have some faith!

@sweety410 : yes u r correct, stop losses are very important part while trading.

@angelnish: Ya bro, not the end of the world but i don't like to repeat mistakes! so if i can gain some useful insights from the experienced traders, why would i ever miss a chance?!

Could you please advice on a good broker for forex trading,also of any ECN brokers in India that you know of?