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The subjects of trading psychology and your mindset aren’t given enough credence when the subject of FX trading is discussed. It’s impossible to calculate the impact your overall state of mind can have on your trading outcomes, due to it being an intangible factor that’s impossible to assess. Within the spectrum of trader-psychology fear is paramount and fear (in relation to trading) can manifest in many forms. You can experience the fear of losing, the fear of failure and the fear of missing out (FOMO). These are just three definitions that can be filed under the subject of psychology and you need to quickly put in measures to control these fears, in order to progress as a trader.
Fear of loss
None of us traders like to lose, if you’ve decided to take up FX trading as a hobby or potential career then (in simplistic terms) you’ve taken the plunge to become involved to make money. You’re either looking to: supplement your income, to put your savings to work, or to ...
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