FOREX TRADING PSYCHOLOGY

Madam, 

If you want to make quick cash try something else not Forex because Forex is not a quick money making scheme.

One evening an old wise man was seated with his grandson speaking about life, telling him about the internal battle that goes on inside all of us. He said my son, inside all of us there exists a constant battle between two wolves. One wolf is evil - it forces you to deal with anger, arrogance, greed, resentment, failure etc. 

The other wolf is good - it helps you to experience joy, success, love, kindness, peace, etc. He thought about it for a moment and looked at his old man and said, which one wins?

The one you feed, he replied smiling shallow.

From this day I would like to invite all those who are aspiring to be Forex traders to start feeding the good wolf. 

That will help us to do away with the myths and wrong information we have been told about Forex that has led us to lose more money while trying to make some.

Psychology: The Advanced Oxford Dictionary defines psychology as the scientific study of the mind and how it influences behaviour.

Leadership

Dr  Milles Munroe, in his book the Spirit of Leadership, said the mind is like a new CPU. If you don’t store anything, it will remain empty but once you store something, you will be able to retrieve it and use it as and when you want to.

Forex is a business: With social media being infiltrated by marketers who tell you to invest let’s say E1 000 and get E3 000 between three and seven days in the name of trading, we have seen more people falling for that trap. 

Have you ever wondered how they make such money in a short space of time? Have you seen a business that makes such profits in such a short space of time? 

Why do we act as if we are children - why do we act so vulnerably? These people are making money through you. If they can make so much money in such a short period of time, I am confident that they can take their system and present it to a bank and the bank would buy it with over US$ 1 billion.

Take a look at big companies financial statements during year end. Most of them make less than 10 per cent net profit per annum. Take that mindset and apply it to the Forex business you want to pursue and you will be a step ahead. 

Forex, having far less expenses compared to the companies, means that your profits should be a little bit high but making 400 per cent in seven days is not practical. Those people are scammers.

I always advise people to learn first, begin trading with small account until they are confident. That’s when then can put in large money. To be a successful Forex trader you need to have this in place:

Business plan

Trading plan

Trading checklit

Trading journal

Money management system

A reliable trading system

A reliable trading platform to name a few.Invest in your own knowledge and you will avoid the scammers and slowly you will be working your way towards financial freedom. 

Quote: Rome was not built in one day. Take that first step to financial freedom.

Moses Phila Nkosi

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