gaining knowledge and experience is a dedicated decision, need a very long time of patience with a great level of focus.
Definitely. When it comes to forex trading, you cannot survive without knowledge for long. You might get lucky once or twice but that’s it.
You are right, even if you don’t want to learn it at first, if you want to achieve results, you will have to come back to it.
Yes you right, survive in forex trading is something that not an easy job, there are so many beginners who come to forex with very excited found a business that very promising like forex, but after a jump in, they realize if forex trading is not easy, some of them leaving forex because, in desperation, forex trading is long time journey to learn how to manage money to make money, besides that, choosing a reliable broker is very important, regulation, execution speed, low spread cost, contact support, etc, so far I am satisfied with FXOpen
Sorry to be blunt, but NO amount of psychology will help you unless you have a proven edge, which makes you a consistently profitable trader. Only THEN, you may want to explore the unconscious, subconscious, and psychology. You have to learn the craft first, and be successful at it. Not even Sigmund Freud can help you, unless you have mastered the craft...
Trading psychology is at least 70% of it, knowing how to make money in the market is the easy part - actually having the mind set to do is a rare trait that not many have because out hard wired human nature makes us lousy traders. Sure you need an edge, which does not imply a high win rate - it is the sum part of your trading plan, risk/trade mgmt, & the psychology to actually follow it. Ever wonder why your logic goes out the window when stressing over loses & end up compounding mistakes when you knew better , this is an Amygdala hijack.
I guess you can study the psychological aspect of trading, while learning to trade (thus saving time). Learning to trade is a very long journey. It is important to have a positive mindset, and resilience for sure. BUT, if you think that studying psychology and emotions at 70% of your efforts, initially, will turn you into a winning trader (instead of thousands of hours in front of the screen), well, you are pretty fucked, and people like me, WILL take your money: Every Single Day... PS. Knowing how to make money in the market is actually pretty hard. The YouTube video was not very good. Shadé Zahrai has ZERO clue about trading stress, or stress in general, even if it was branded and seared on her forehead. Just keeping it real. I am currently reading this, which will prove much more helpful:
There are those that have a proven edge as verified by their backtesting results, simulator trading results, 3rd party verification and then still fuck it all up when they traverse into real money trading because of crappy trade psychology due to lack of trading experience. Therefore, you're absolutely correct...they have to learn the craft of trading first to be able to apply appropriately that proven edge. wrbtrader
Many skills are required for trading successfully in the financial markets. They include the abilities to evaluate a company's fundamentals and to determine the direction of a stock's trend. But neither of these technical skills is as important as the trader's mindset.