Updated from Baby Pips original posting on April 26, 2010
In all my years of trading and talking to fellow traders, I have noticed that newbie traders are susceptible to four main psychological pitfalls. Let’s take a look at each one and examine them carefully. Hopefully, after reading this, you will be able to see them coming and stop them before they destroy your account.
- The Desire to be Rich
- Fear of Losing
- The Need to be Right
- Being Undisciplined
#1 & #4 – The reasons why I lost a wod of money. I can accept a lost and I expect to be wrong sometimes. But yes, I do trade Forex because I think it can make me rich and I do lack discipline.
Read Full Article Here (By Baby Pips)