Analyze FOREX

 Analyze

Every successful trader will tell you that the most challenging aspect of trading is keeping your emotions out. It's hard to stay in trades that have a lot of unrealized profit, just as it is hard to close a trade that is moving against you. It's hard to keep believing in a trading system that hasn't delivered for some time, and very easy to start doubting everything you do.

You have to do everything you can to limit the temptation of making emotional decisions, and of the most important steps you can take to that end is to find out what kind of trader you are. What kind of trading personality do you have? Are you impulsive, (relatively) good at taking a loss? Are you patient, disciplined, do you believe the natural direction of a given stock is up?

In my book 'Forex for Ambitious Beginners' I go deeper into the process of self-assessment for traders and also list a number of questions that will help you gauge your own trading personality. If you already have the book, I strongly suggest you spend time on the chapter about self-assessment.