As forex traders, we are confronted with our emotions every day. We already know that the main emotions of day trading are fear and greed. If you want to succeed with forex trading, then you must learn how to conquer them both.
Here's what I will cover:
- The importance of emotional state for trading decisions
- The impact of fear and greed on trading
- The risk taking experiment (asking everyone to answer themselves to a risk taking question)
- Common psychological traps for traders
- Avoiding making irresponsible decisions based on fear and greed
- Managing fear and greed makes the difference between success and failure
- Discussing fear and greed for the EURUSD chart from July 2012 and my own trades from the Dukascopy Trader's Contest.
- The psychology of a winning trader