FX Trader Psychology for Beginners| KOL Analysis•Bola Akinya

Beginners only have one thing in mind when getting into Forex Trading and that is to have winning trades every time but it doesnt work that way.

Beginners tend to make losses on their trades because they trade with emotions, lack purpose, discipline and the game is difficult.

This makes them to keep making impulsive trades as they do not have any trading plan or money management rules.

To put it simply, an amateur trader will cut short his profits, and let the losses run. A lot of amateur investors do this.

Professional Traders accept the importance of psychology, yet the novice traders ignore it.

You must practice sound money management and you should watch your capital.

This article gives you the trader, how to create your own trading plan, strategies and how to build on it as you gain more experience with each passing day you practice.

Success in trading comes with experience, practice and learning from past mistakes.

Trading the Forex is one of the most exciting instruments to trade. The problem for some is that with the emotional rollercoaster you can experience from volatility in the Forex, you also are more likely to experience psychological pitfalls that bring about sabotage.

The good part of having such volatility is that you can earn money quickly. Newbies should be aware of sabotage pitfalls by investing in the knowledge of the markets, so as to spot them head on the instant you see them. With this knowledge you are more likely to want to take the steps necessary to avoid sabotage before it gets too rooted in your psychology.

I have seen this happen to a lot of brilliant traders whose only fault is trading on emotions.

At this point they have lost all their capital or developed deeply rooted conditioned responses to loss, which hinders their taking action when the opportunity arises.

If they do continue to trade without first addressing these issues, they are headed for further disastrous experiences in trading.

Trading is the sure way to financial freedom in that it allows you to trade from any part of the world, giving you freedom to devote your time to what matters in your lives, eliminating the cycle of working 9 to 5, where you spend most of your income on bills, rent and expenses (which is called the financial trap!)

Trainers can give you the skills/know how, but you and you alone can get the drive, determination, and motivation to succeed.

Understand what to have in your trading system and learn straightforward winning strategies and techniques that you might no doubt have come across, but dont know how to apply correctly.

I am positive that you will ways that these strategies will maximize your earning potential and will be highly profitable for you on the short term.

I have no doubt in mind that traders have come across many mentors giving you trading plans/systems that do not actually work or they are not active traders themselves.

We are living in a digital world now, where there is so much information, making a lot of traders uncertain, and in most cases indecisive due to information overload on tools for technical analysis like the hundreds of candlestick chart patterns, indicators and chart types out there.

How do we know what works？ It comes as no surprise that a lot of traders lose money, get discouraged and give up trading altogether.

To succeed in trading, you should Keep It Simple.

Start with simple strategies, which have worked for me and my students in the past, with actual charting examples and trades.

We do not use lots of indicators or fancy trading systems. If you keep it simple, you will succeed.

But if you overkill your brain with too much conflicting/Contradictory information, then you are destined to lose.

Get trainers that cut the crap and go straight to the point!

You do not need any third-party killer trading system, you yourself can create your OWN Killer Trading System, based on your knowledge of the markets.

You only need to have faith and belief in yourself. Yes, You!

Let me once again assure you that, there are NO Secret formula, NO Secret Code, NO Killer Trading System, and NO Unique Discoveries. The only thing that will hinder you from succeeding is YOU.

In addition to knowledge of basic trading procedures, Traders need to keep up on the latest market news and events that affect price action, like the Feds interest rate plans, the economic outlook, as well as understanding key Economic Indicators etc.

So do your homework. Make a wish list of instruments you would like to trade and keep yourself informed about the selected companies and general markets. Scan business news and visit reliable financial websites.

Put money aside for your trading Capital. You need money to make money on the Markets. Assess how much capital you are willing to risk on each trade. Many successful day traders risk less than 1% to 2% of their account per trade. If you have a £50,000 trading account and are willing to risk 0.5% of your capital on each trade, your maximum loss per trade is roughly $200 (0.5% * $40,000).

Set aside your time too if you consider Day trading. Day trading requires your time. That is why it's called day trading.

You will need to give up most of your day, in fact. Do not consider it if you have limited time to spare. I normally advise Traders with full time jobs to go in to swing/Long term trading.

The process requires a trader to track the markets and spot opportunities, which can arise at any time during and at all trading trading hours. Moving quickly is key, and of utmost importance.

It is also important to time your trades. Many market orders placed by investors and traders begin to execute as soon as the markets open in the morning, which contributes to volatility in price action.

An experienced trader may be able to recognize patterns and pick appropriately to make profits. But for beginners, it may be better just to read the market without making any moves for the first 15 to 20 minutes.

This is due to the large market orders that occurs at the Open of each Market, sending mixed signals. Trade a settled market.

The middle hours are usually less volatile, and then movement begins to pick up again toward the close of the markets.

Though the rush hours offer more opportunities in price action for more experienced traders, it is safer for beginners to avoid them at first.

Watch and make sure you have your trading system in place for any trade you place.

Once you make profits from any trade you place, avoid immediately going back to that instrument again. You will find out that you may even lose the profit you made and more. There are hidden charges in that for some brokers so trade another instrument, let it be.

Dont look for someone to show you a Secret, which does not exist! Believe in yourself. Practice and find what works best for you, record all your trades and learn from your mistakes.

That is the Secret Formula.

[About The Author]

Bola Akinya is a Forex trader and consultant with more than 20 years of immense experience in Forex Indices, Commodities and Currencies.

Prior to becoming a professional Trader, she held positions as a Head of Sales/Business Developer with Credit Registry and Operations Manager with Peak Merchant Bank both in Nigeria before moving to UK where she worked with great companies like AIG and The Wealth Training Company as Course Instructor and Speaker for over 15 years on the FX and Stock Markets before she set up her own Forex training school – The Learn and Earn Forex Training Company 5 years ago.

Company as Course Instructor and Speaker for over 15 years on the FX and Stock Markets before she started (my own) company

Through using of Fundamental and Technical analysis, with highlight of trader psychology, she has derived successful trading strategy in short and medium term.

As the top Forex coach and mentor, she has trained individual traders/investors with her formidable strategies.

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