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Year 2017 is closing and I am in mood for some light-hearted banter yet to write meaningful article. So here I go talking about some behavioral economics and its implication on forex trader and his trading. Behavioral economics in essence is a method of analysis that applies psychological aspect of human behavior on economic decision-making.
Although the terms mentioned in this article have wide implications in different economic decision making process, I will keep the scope of these terms to forex trading and investing only.
  • Framing

Fig. 1
Framing refers to how a trader perceives a forex movement of a pair. It’s a glass half full or glass half empty kind of situation(same as above comic strip). In last 2 weeks gbp/nzd is correcting from 1.98 to 1.90 zone. So when price retrace to 1.93, a trader may think, wow the pair is at 3% discount and will try to buy only to find price go even lower. So it is important to see that pair is in strong corrective mode after more than 10% rise in last 2 months.
The key is to perceive the market correctly and never feel that “I am most intelligent”. Follow technical’s and wait for the pair to form a support/resistance in strong correction / r…
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Yuliya_N avatar
Yuliya_N 3 Jan.

Very nice article. Good job friend!

Annyrio avatar
Annyrio 3 Jan.

Very good!!!

hrustiashka avatar

Well written article!

Vlad73 avatar
Vlad73 8 Jan.

well done

Siarhei89 avatar
Siarhei89 14 Jan.

good article!!!

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Introduction

“Some are born great, some achieve greatness, and some have greatness thrust upon them.” is a famous quote from William Shakespeare. With research firmly suggesting that more than 90% of day traders lose money in the long run, the Forex market surely is not for the fainthearted. What is apparent is that the 10% that thrive in Forex market do not depend on sheer luck or mere coincidence but possess superior skill and superb character. This article endeavors to educate traders and aspiring traders on the traits of a good trader.
The key fundamental traits of a good trader
  • Extremely disciplined.
Going through High school one of the lessons that I learnt from my teachers is that discipline constitutes half of a person’s education and if that half is missing then the other half is not there. The same with Forex trading, discipline is everything. Discipline needs to be exercised at all times and not sometimes only. No matter what strategy a trader pursues they should be disciplined enough to follow through their chosen strategy.
As Jim Rohn right says, ”Discipline is the bridge between goals and accomplishment.”
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VictoriaVika avatar

Good work!

Enju avatar
Enju 14 Dec.

good job

mutsi avatar
mutsi 14 Dec.

Well done !

FXRabbit avatar
FXRabbit 14 Dec.

Good article!

IRUNYA avatar
IRUNYA 14 Dec.

хорошая статья

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