Traders have overcome the four horsemen to became a professional trades. The key to trading success is emotional discipline. It is the skill of managing your own emotions and is a part of Forex trading psychology. Lets explore Four Horsemen that kill your forex trading.
Greed is the excessive lust for money. However, as it relates to trading, it can be as expecting unrealistically profit from a trade, this desire is very hard to control. If you want to be a successful forex trader, greed is probably the biggest obstacle you’ll have to overcome.
Many traders struggle with fear at some point, and they also get abused by it, to become a successful trader, it is essential to make fear your ally, to harness it and flow with it to reap the benefits.
Hope is essentially the expectation that something will happen or a strong desire for it to happen. When traders trade with “hope”, they often ‘hope themselves’ but in fx trading hope is of no value whatsoever and in fact, can prove extremely costly.
Regret is the feeling that traders often feel after a losing trade. Regret can slowly destroy your trading account, it’s mostly a waste of time to stew over lost trades or that you didn’t make as much money as you could have.