Day Trading Forex By Using Common Sense
I really know that the concept of learning how to day trade the forex market is extremely puzzling to most traders. They don’t quite get how the entire process works. Unfortunately, many traders feel like you have to be super intelligent to be able to pull it off. I guess I can understand why traders would feel that way. I think most know that most people that tried to day trade the forex market, haven’t done so very well.
But in actuality, there is no reason why you cant have any success. Trust me you dont need to have a degree from an Ivy League college.
Unfortunately, so many traders just flat out cannot handle their emotions when they trade. I don’t care which trading method you choose to use. I don’t care if the trade is working or not, if you can’t get a hold of your emotions, you will never success in this business. You can bank on it.
There is no doubt that the two biggest emotions that traders have to deal with during a trade are fear and greed. Greed is something that happens to a trader when they usually have made winning trades in a row. There is this feeling of overconfidence. These traders feel as if the own and control the market. They feels as if they are kings.
Fear is the exact opposite of greed. This happens from a severe lack of confidence. They don’t have a grasp of what is actually going on in the market. They don’t really know the underlying reason why they are taking the trades which they are taking.
I believe the reason why this happens is because many traders really don’t want to hold themselves accountable for what they are doing. They would much prefer to let indicators do the trade for them. Traders have to stop doing this.
It just not going to cut it. If you are actually planning to make money in the forex market, you better be ready to comprehend what actually makes the market tick. This is especially true when you are talking about day trading.
It all starts with grasping the concept of price action. You can start today by letting go of every indicator that are you used to using.