8 Emotions That Kill Your Forex Account (And How To Manage Them Effectively)
You didn’t come to the markets to lose money.
No one does.
But somehow, you lost it with a good reason. It is because of this very reason, you’ve not been able to thrive in the forex market despite spending so many years and money in it.
At first you thought it was because of the wrong strategy you used.
Then you blamed the forex market for being rigged.
Finally you gave up without knowing the actual reason.
If this is you, then today’s lesson is definitely for you. Not only are you going to know the true reason for you losing in the forex market, you’re also going to learn how to overcome it.
Listen. It is this thing that’s killing your trading account —EMOTION.
It’s not the big boys whom you accuse of hunting your stops that kill your account. They have no interest in your $500 account, I’m pretty sure.
It’s not the cat that’s lying on your trading desk that accidentally presses the wrong button and kills your account. It only cares if you remember to feed it.
It is your inability to manage your emotions while trading that’s killing your forex account, my friend!
Pretty hurts, huh?
So what is trading emotion exactly? It’s your psychological responses to various market developments.
And why is emotion management so important to trading success?
You see. The forex market simply does not care about how you feel. Let’s put it in another way, you won’t gain any upper hand in the forex market by acting on your feelings.
In fact, the more emotional you are while trading, the more money you’re going to lose. There is a positive correlation between emotion and loss.
I don’t like gambling but I’d bet my house on this. Your last account was blown because of your emotions!
Let’s go over some of the destructive emotions that haunt a forex trader while he’s trading. Only when you’re able to recognise and identify these culprits, will you find a way to kill them before they kill your account.