The two scenario described in the Forex trade for you – 2: Emotional world forex trade article are illustrating the four components of the emotional thinking. These examples are common for the best forex trading practices and the worst ones. Applied to global forex trading these four elements of the emotional thinking may be developed through command of 10 most important psychological practices for successful forex trading strategies. So let’s procede with our forex trading tutorial series.

Though most traders master all of these skills by themselves, some may need the instructor’s assistance. Moreover, these skills, if learned earlier may help you keep your savings and earn more quicker.

1. Watch your thoughts and feelings and reminisce on them

The ability to watch one’s thoughts and reminisce on the feelings is one of the fundamental blocks of the most psychological skills. Trading instructors claim that accurate recording is n essential component of successful trade.

In his Come into My Trading Room Alexander Elder says: “Show me the trader who has accurate records and I’ll show you a good trader”. Except including technical aspects of deals into the records, you should fix information about your thoughts and feelings.

In addition to the accurate records it’s crucial to watch them through regularly.

As a trader, let’s call him Bill, is opening and closing positions daily, he is skipping through his daily journals. It helps him find positive and negative signs in his trading. Moreover, once a month he reads through his journals archives.

As well he is comparing results of his monthly results and the charts of his incomes levels in order to find possible correlation of success and some of his actions. If he notices deviation of his performance, he is thinking whether something could distract him from useful information or bring him to emotional misbalance. Usually he finds something correlating and is trying to keep his emotions.

Part 1: Ten Forex Broker Trading Skills - 1
Part 2: Ten Forex Broker Trading Skills – 2: international currency exchange rules
Part 3: Ten Forex Broker Trading Skills – 3: Sell and Buy Foreign Currency emotionally
Part 4: Ten Forex Broker Trading Skills - 4: Money Currency Exchange Emotional
Part 5: Ten Forex Broker Trading Skills – 5: Online Currency Exchange Visualisation
Part 6: Ten Forex Broker Trading Skills -6: Currency Exchange Market Secrets