Greed

When you feel the urge to participate in the financial markets thinking that unless you act fast you are losing opportunities, you are experiencing the symptoms of greed. Opening and closing positions quickly to accumulate earnings without diligent planning increases your chances of losing your funds. The uncontrollable impulse for swift financial gain should not be what steers your direction in the forex markets.

How to avoid it

Traders should not let the feeling of greed interfere with the trading practices they have developed. Your most powerful tool is a disciplined approach towards trading which leaves no space for impulse when making important financial markets decisions. With a trading strategy based on meticulous analysis of the markets in place and the discipline to follow it from the beginning to the end of a trade, you can effectively steer clear from one of the most dreaded enemies of the mind.

Fear

Fear is considered the opposite of greed and it can have equally negative effects on your trading decisions. Fear can take over traders’ minds and fill them with self-doubt about their trading practices. Traders conquered by fear are inhibited to act when the time is right and are convinced that their trading practices are not refined enough to ever yield enough earnings, no matter the amount of time and effort they invested in developing them.

How to avoid it

You need to always remind yourselves that the most successful traders in the world have achieved their goals by trusting their own processes. With hard work, meticulous studying and constant exposure to the markets you can hone your trading strategies which combined with determination and a calm approach could result in earnings.

Euphoria

Traders taken over by the feeling of euphoria deceivably believe that they can have access to unlimited successful trades and limitless earnings. A string of correct trading decisions is usually what triggers the feeling of euphoria and with the false belief that their trading decisions are impeccable, traders can fall prey to the traps of their own psychology.

How to avoid it

The first step to keeping euphoria at bay is for traders to realise that trading the financial markets inherently involves a certain level of risk that no one can escape and all traders must be able to accept. What can increase your potential for financial markets gains is hard work, diligent planning and the ability to masterfully control your emotions so as not to get the best of your trading abilities.

Take you trading to the next level by mastering your mind and taking advantage of the unparalleled advantages Finior Capital offers its traders. With global webinars and seminars, elite investment opportunities for high-end trading, cutting-edge technology, security of funds and 24/5 customer support you have everything you need to enter the financial markets with confidence.