Forex Psychology - Courage in the Face of Danger

By Ogbonnaya Eme

Having harnessed your potentials in terms of learning the market, taking a currency pair and trying to master its reactions to news and speculations (and all such jargon that goes with forex trading) there is need for you to take a trade.

In taking your trade, so many things goes on in your mind like; are you crazy? Do you think you are entering at the right time? your heart begins to pump, adrenalin keeps splashing all over as you press the trigger hard!

All of a sudden, the market starts going against you and you begin to ask yourself, Oh God, I said it, Hey!! I should have gone long or short!!! or in between(whatever that means). Its usually at this point, when you begin to see your raw earned cash being swept under the floor that you can know who has logically built him/herself for the trade. Your first point might be, men i got to close this trade to avoid losing more, even though something deep down might tell you to follow the pattern and of course the plan. Your emotion just got the better part of your reason, and just as you click the button, as if the market was just waiting for you to blow the whistle, the market reverses and begins to head back towards your previous direction. So what, you might say, men if I had known, I would have held on a little bit...

There is need to master your emotions if you are to be profitable in this trade. Learn the basics, see so many materials on the web, and most importantly DEMO TRADE with the amount you wish to trade with and handle it as if it were your real money, applying all the gimmicks you would like to apply using this pseudo money so that you can grab the basics ahead of what works for you and what doesn't.

Remember, the wise is only able to stay longer because he has a trading plan, which consist of his money management. KEEP FIT.

Want to learn all there is in trading forex? Click here. I'm just a start up guy with quite a load of experience and still counting. Forex money making takes quite a lot. Learn it all and have confidence in yourself.