When it comes to taking pleasure from success, human beings are very selfish. We, humans, are expert to accept sadness in our life as a normal event, but we are afraid to celebrate a moment of pleasure. When it comes to forex trading, the Forex traders are human beings and the result is alike. We should learn how to cherish our pleasure and how to get over our sadness. Clinical psychologist Daniel Kahneman has won the noble prize. His research was based on decision making. Through his research, he has found an amazing discovery. Human beings take pain more in losses and take little pleasure in gains.
This simple research which won the noble prize for Daniel Kahneman was an outstanding discovery. It could explain why human beings can take risks for a little profit and big loss but cannot accept a fixed loss.
If we give you an example of a scenario, it would be easier for you to understand his research. You are a Forex trader and you have money in your account. If you are in the market, you see that you can make a 500-dollar trade by trading in your online trading platform. When you place the trade, you make a 50-dollar profit. You became happy. But what would happen to you if you have lost 50 dollars? This is the result of this research when it can explain your human emotions. When you are winning 50 dollars, you are not getting happy. You are taking that as granted. When you are losing the 50 dollars in your account, you are not ready to accept that loss. This 50-dollar loss hurt you like a bullet in the heart. It is happening because you did not take pleasure from your gains. You are only taking the pains from your loss.
As a Forex trader, you should develop the habit to accept a loss. If you cannot accept the loss, your mental health could be devastated by Forex. When you are making a profit, if it is only 1 dollar profit, enjoy and celebrate the moment. When you are losing money in the Forex, do not get sad. Accept it and try to learn what went wrong in your trading. If you can learn from your mistakes and embraces your success, you will be a more professional trader in this market. Don’t look for trading signals in your online trading platform after few consecutive losses rather take the day off and start your next day with a fresh mind.
Risk management factors
If you look at the professional traders in Singapore then you will be stunned to see how disciplined they are. Every single one of them is trading the live assets with the professional broker like Saxo. The importance of choosing the perfect broker is enormous since it allows to trade with a robust online trading platform like SaxoTraderGo. But when you look for trading signal always remember to follow proper risk management factors in every single trade. Most of the novice traders in the forex trading industry are losing money in forex trading only due to their lack of trading knowledge and trading discipline. So make sure that you follow proper risk management factors in every single trade.
Conclusion: Do not be a robot. Enjoy your success in your Forex career. As a successful trader, you should enjoy your life like other people in the society do. Try become an active social being and it will refresh your mind and will help you to take a better trading decision in the market.