Chris4XTrading

Trading psychology lessons I've learned

Education
FX:XAUUSD   Gold Spot / U.S. Dollar
Patience:
Above all else, patience is key. Rushing into trades that don't meet your strategies' requirements will end up in losses 8/10 times. Sometimes you get lucky, but being a professional Trader isn't about luck. Wait for where you would like the price to be and do nott enter until it gets there. Have multiple options available to you at any one time.

Awareness:
This works hand-in-hand with patience. Set alerts to know when the price is doing what you want it to do. Keep up to date with the currencies you trade most often by following news feeds and/or other Traders.

Mastering your emotions:
A vital part of trading is to be able to put your emotions in the back seat and let logic and reason drive. Once you've opened a trade (according to your strategy, of course) don't fall victim to the temptation of moving your SL or TP. Analyse your losses, learn from them, and try again.

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