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Human Weaknesses in Forex Currency Trading
There are different human weaknesses that are obstacles to become a profitable Forex currency trader. To avoid these weaknesses first we must know them. The main human weaknesses are: 1. Fear By using leverage we can make a lot of money in Forex, but we can also lose a lot of money. The situation in the currency market can change very quickly. Almost everyone is afraid to lose money. The fear of losing money sometimes paralyses inexperienced traders who miss good trades because of the fear. 2. Low Confidence A little similar but different from fear is low confidence. Sometimes some traders start making good profits, but then, because of low or lack of confidence they are afraid to lose what they have gained. So they take only a little profit and run, wasting opportunities to make a really good profit. 3. Hesitation When we hesitate we can't decide to enter a trade or not to enter. We are thinking and hesitating, while in the meantime missing best chances. 4. Greed We want more and more. When we should take 1% profit we want at least 2%. When we have 5% profit we want 7%. But Forex market is very volatile and the situation can change quickly. Because of greed the profitable trade can change into losing trade. 5. Negligence There is no place for negligence in Forex. A little negligence can cause big losses. Account's money sometimes gets lost because of tiny negligence. 6. Tiredness It can be very tiring sitting in front of a computer and following trades. When we get tired it is easy to make mistakes and to lose a trade. 7. No Discipline Without discipline there is no way to be a good and successful currency trader. A disciplined trader will stop losing trades or takes profit when it is the best time. Undisciplined trader will allow his emotions to take over and will continue trading hoping for the losing trade to turn into the profitable one. Or while winning, he or she won't take profit at the right time being greedy and wanting to take more profit. It is possible to control our weaknesses by being disciplined, but without discipline there's no way to be successful. There are of course more human weaknesses that are obstacles to becoming a successful trader, but these mentioned above are the main ones. The way to defeat these weaknesses is by following a plan and by being disciplined. Another way to avoid problems with human weaknesses is to use automated Forex robots. In chess robots often beat humans; similarly good Forex trading robots can be very good at currency trading. Like always in Forex we should never start using robots in real trades without testing them first trading on demo. If you want to learn more about Forex go to: http://currencytradingmethod.com/trademachine/, where you will receive FREE e-course ($67 value). To trade in Forex easily with Forex Robot visit: http://www.manifestwealthmentor.com/forexautopilot.html |
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This intel was contributed by Kris
Kris
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May, 2012
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