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Forex Coaching | forexcoachingsolutions.com

  • #1
  • First Post: Edited Jul 14, 2016 10:44pm Mar 15, 2015 7:27am | Edited Jul 14, 2016 10:44pm
About me: I am a currency trader and Im also a trading coach. Ive been trading the forex markets for 4 years.

How do I trade?
I use a simple trading methodology that combines fundamental analisys with technical analisys. I do not like sitting at a computer all day watching charts. I use daily charts to establish the trend, support and resistance and hourly charts to establish the price entry and exit.
  • #2
  • Mar 15, 2015 7:30am Mar 15, 2015 7:30am
Why did I fail as a forex trader?

Today I will talk about the beginning of my experience as a trader.

In the first year I lost a lot of money due to the lack of education, discipline and patience. I was letting emotions control my trading decisions and I was having unrealistic expectations.

My first transaction was short EUR/USD with high leverage and in less than one hour I doubled my account. I thought that I could get rich quick, but in less than two weeks, I blew it.

Now I see forex trading as a long run. I focus more on the money management and on the risk and less on the profits. I always use stop losses and I am not afraid of being stoped out. I have a trading plan. The trading plan made me disciplined, patienced and the more important of all, it made me profitable. If I can do it, you can do it too, but you need to educate
yourself.
  • #3
  • Last Post: Mar 16, 2015 1:04pm Mar 16, 2015 1:04pm
Emotions in Forex Trading

A friend asked me yesterday how much profit can I achieve in trading the forex market.

Since this is a very controversial topic, I wanted to write a few words about it.

If you want to be successful in trading, you need to develop the trader’s mindset. Many individuals believe that trading a few months will enable them to quit their full-time jobs or to grow their accounts from $1000 to $100.000. In other words, they have unrealistic expectations. Not only that they won’t achieve what they dream to, but they will end up losing all their savings. Thinking this way and trading without a realistic plan, makes you want to overtrade or risk to much. Risk envolves emotions and emotions envolve wrong decisions.

Which are the emotions in forex trading that are the worst enemy of a trader?

Greed, fear, revenge, euphoria and pride. I think everybody knows these emotions and felt them, but let me write a few words about each one:
1. Greed – we need this emotion in the right amount, because it gives us ambition. But in extremes amount, it can kill your account. Greed makes you overtrade or hold positions longer than you should.
2. Fear – in the right amount, fear protects of from doing things that are too risky. But what if fear dominates our thoughts? It prevents us from trading, even if the trade could be a winning one.
3. Revenge – this emotion does not have any positive side. When it controls your thoughts, as greed in extremes amounts, it makes you take random trades, not applying the plan, and what is worst, it makes you double the trade size and the risk because you want to gain what you want to gain quickly what you have lost. I have a simple advice for this: accept the loss.
4. Euphoria – you have just started trading. You place a trade and you close it with a nice profit. You place another trade, this time you increase the size of the position, you close it with another beautiful profit. You are invincible. The third one is bigger in size as the second one. This time the trade goes against you. You lose all the profit you made in the first two trades. You didn’t close the trade yet. It almost hits you stop loss, but you move it, because of the next emotion, pride. This is how you wipe out an account.
5. Pride – this emotion, as the revenge, doesn’t let you accept the loss. You can see my advice at the third point.
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