How much of Forex trading is psychological?

Quoting bugscoe

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I think it's effects are huge and is 100% the reason why some 90% of people fail.

The most basic one is letting losses run and cutting winners way short. I see it everyday with some of the traders I'm in contact with. For instance, one trader was only looking for 5-10 pips per trade but then let his GBP trade go some 70 pips against him since he was pretty sure he was right and it would "come back".

You just can't get ahead thinking that way. There are many more but they all have to do with the way our minds are geared from childhood. You basically have to re-learn how to think, in almost the exact opposite way you do prior to trading, to be successful.

It's a long road but if you have the desire and faith you can do it, you can.

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Quoting tznef

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...What do you think is the affect of psychology on forex trading?

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Quoting tznef

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It appears to me that at least 90% of Forex trading is psychological, because the Forex market itself does not require allot of knowledge in order to succeed. If you know how to read the charts and have basic understanding of the news you can do pretty well. And yet many Forex traders loose BIG TIME from what I see. Does anyone think differently? What do you think is the affect of psychology on forex trading?

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Quoting Andy12

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I respectfully, but absolutly disagree. This missleading fact get me into forex in the first place.
A year ago, I was crusing and making money on some sort of sport gambling. I had 100% mechanical system. When I follow system I won, when I am not then I start loosing. So I follow system and have discipline to follow it.
Many people telling me, go do something with forex or stocks and make money. At first I was skeptical and disintrested. At least in sport you have to watch event and enjoy to the fullest power of my system.
Then I get book, do not remmember author but this book says that 90% succsess in trading is psychology. I found in this book, that author keep saying the same problems traders faces when they trade and it was the same problems I had and successfully solved in my betting. So I decided to get into Forex. And now I tell you, it is absolutly not true that 90% is in psychology.
If you talk about successful trader with many years of experience maybe. But for newby it is very wrong statment.
Turns out, on Forex almost imposible to create 100% mechanical system. And I spend many month trying to create it unsuccessfully and later when I was desprete because I fail. And I hate failier I try to follow other people mechanical systems, doing backtesting. Boy I was for rude awaikining. It still did not work. So basically if mecanical systems do not work then Forex much harder to crack then actually some sport betting.
Now finally, I am getting positive results. I use somewhat discretionary trading by using candels and rainbow of Linuxtroll. And maybe only now psychology is becaming important to me. But only now when I know how to win money, not before that.

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Quoting Andy12

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I respectfully, but absolutly disagree. This missleading fact get me into forex in the first place.
A year ago, I was crusing and making money on some sort of sport gambling. I had 100% mechanical system. When I follow system I won, when I am not then I start loosing. So I follow system and have discipline to follow it.
Many people telling me, go do something with forex or stocks and make money. At first I was skeptical and disintrested. At least in sport you have to watch event and enjoy to the fullest power of my system.
Then I get book, do not remmember author but this book says that 90% succsess in trading is psychology. I found in this book, that author keep saying the same problems traders faces when they trade and it was the same problems I had and successfully solved in my betting. So I decided to get into Forex. And now I tell you, it is absolutly not true that 90% is in psychology.
If you talk about successful trader with many years of experience maybe. But for newby it is very wrong statment.
Turns out, on Forex almost imposible to create 100% mechanical system. And I spend many month trying to create it unsuccessfully and later when I was desprete because I fail. And I hate failier I try to follow other people mechanical systems, doing backtesting. Boy I was for rude awaikining. It still did not work. So basically if mecanical systems do not work then Forex much harder to crack then actually some sport betting.
Now finally, I am getting positive results. I use somewhat discretionary trading by using candels and rainbow of Linuxtroll. And maybe only now psychology is becaming important to me. But only now when I know how to win money, not before that.

Ignored