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How emotions affect our trading strategy in forex
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[QUOTE="Holicent, post: 250621, member: 76163"] In forex trading, emotions play a very important role. It is well known that traders who are emotionally stable and can control their emotions are more likely to succeed in the market. Emotions can have a negative impact on your trading strategy as it could lead to bad decisions and loss of money. However, if you can control your emotions, then you will be able to make better decisions and avoid losses. Here are some ways in which emotions affect your trading: Loss aversion - Loss aversion refers to an investor's tendency to strongly prefer avoiding losses over acquiring gains. In other words, we hate losing what we have more than we like gaining something new. As investors, we tend to hold onto losing positions longer than we should because of this tendency. We may also be hesitant about taking profits from winning trades because of our fear of missing out on additional gains or "giving back" our profits. Greed - Greed is another emotion that affects trading negatively as it leads us into making poor decisions based on hope rather than hard evidence or facts. Greed causes us to follow hot stocks without doing adequate research beforehand, which often leads us into buying high and selling low at times when prices make sudden movements against our positions. [/QUOTE]
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How emotions affect our trading strategy in forex
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