Forex Psychology I

Every good Forex trader understands the importance of psychology, since currency trading is an exclusively intellectual challenge. It is not enough to learn basic concepts and processes related to the foreign exchange market. The success or failure of the participants is largely determined by their ability to control and control their emotional state and behaviour. It takes strong discipline to cling to  the chosen strategy and to follow unswervingly the rules for risk management. Without solid risk management even the best forex trading strategy would not lead to the desired success.

Is there a right strategy and how different emotional states as elements of forex psychology could influence will be discussed in the next four articles.