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Often overlooked, trading psychology is an important facet of a trader’s skillset, and it can determine one’s overall success or failure in the markets. No matter your prowess in technical or fundamental analysis, your trading psychology will impact your trading decisions in the market.
Psychology is the study of mind and behaviour, or simply, personality. As such, trading psychology refers to a trader’s mindset during any trading activity.
Different traders have different personalities, which means that they are influenced by trading psychology differently. Understanding trading psychology, therefore, means that one understands one’s own personality, and particularly the negative psychological traits that can limit one’s success in the markets. It also means building the positive psychological traits that will enhance better decision making in the forex and CFD markets.
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