1. Use a demo account when learning how to use the trading platform. Open a demo account with roughly the same size as you intend to trade on your first live account.
2. When you change to a live account after your twenty straight wins, do nothing different to what you did on your demo account.
3. Start with a small live account regardless of what size account you eventually aim to have.
4. Once you have proven to yourself your ability to take trades and pick good trades, then look at increasing the account size slowly.
5. Always keep the percentage you risk per trade the same regardless to your account size. Integrity wise usually maintain it at 10000 for gold. Look to make a consistent percentage return and do not get concerned about the actual monetary return. That will come later.
6. Ensure you have a high reward:risk ratio when you enter a new trade. This will ensure that you don’t need to be correct on every trade in order to be profitable
7. Have a daily routine for your trading and stick to it.
8. Don’t try adding systems or breaking the rules just because you suffered a loss
9. Don’t think that you can get revenge on the market by doubling the correct position size just because you’ve suffered losses before or this time you think this is a certaint
10. Learn to trust in yourself and in the system.
11. Understanding that back testing will improve your overall trading skill and experience as you uncover more things.
12. Realize that simply adding more indicators, it will not make a bad strategy become a good strategy.
13. Do not trade just for the sake of trading. If the market is quiet and there are not good entries, simply don’t trade. On the other hand, when the market is showing plenty of good new trade setups, don’t be frightened to take those trade
14. Learn to trade when it suits you. It’s important to not chase a trade. What is your is yours, what isn’t just leave it b
15. Accept that to be a good trader takes time. Exactly how long depends upon you but no matter what, it will definitely take time to understand and become successful.
16. Accept that even the best looking setups will fail. Trading is all about probabilities and no system will be correct all of the time.
17. Accept that there will be good and bad trades, good and bad days, good and bad weeks, good and bad months and good and bad years.
18. Accept that most people will not understand what you do but they will be quick to offer their advice such as telling you, you’re a gambler, or that someone they know lost all of their money from trading
19. Don’t give up when times are hard and don’t go crazy and break rules when times are goo
20. Have a passion for trading. Be exicited by it and what it teaches you and by what it can offer you.
21. Smile and realize that you trade an amazing market that most people don’t even know exists
Source: Complete Guide to Forex Trading Psychology
Thanks funzybeegames to share useful tips under "Complete Guide to Forex Trading Psychology". These tips are useful for both new traders and experienced.
You shared a long list of Forex Trading Psychology that is useful for each and every trader. I am familiar with some trading psychology but some points are new for me. Thanks to share it with us.
Hey funzybeegames, that a great post concerning Forex Psychology. Am going to copy this and add it in my daily notes as it can be very helpful. However, i am familiar with some of it but there are other that am seeing today. Good luck!