Emotional? Get Ready To Lose Your Shirt In The Forex Game!
Go with your gut.
Yeah right. That’s advice to doom you at the currency exchange game.
When it comes to forex trading, thats a trading strategy that is bound to lose you money unless your gut is highly trained and impervious to emotion. The trick to making money in the currency exchange market is to avoid making emotional decisions and follow a carefully thought out strategy that takes the current market and history into account.
Forex trading is a highly volatile market. Emotions tend to run high and low and either of those extremes can influence your trading decisions, unless you have a strategy planned in advance, and stick to it, no matter what you THINK youre seeing at the moment. The keys to success in Forex are system, analysis and perseverance. Note that emotion is not one of them. Going with your gut is a losing proposition in forex trading.
Letting your emotions rule your decisions can hurt your trading in several different ways. Its the reason that most experienced traders tell novice traders that they need to develop a system and stick to it no matter what. The...
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