No Nonsense Forex Trading Psychology

by Patrick Victor

Forex is not getting you out of your bad situation anytime soon, no matter how great you think you are at it.

The allure of quick money + the desperation of no longer wanting to be poor = a perfect breeding ground for scammers.

I tell people to shoot for a 12% yearly ROI when they test out their system.

When you’re starting off, consistency is way more important than ROI will ever be,

Ability to play the long game is a superpower, believe it. Because nobody out there has any patience whatsoever.

“Individuals develop behavior patterns, and a group of individuals, interacting with one another on a consistent basis, form collective behavior patterns. These behavior patterns are observable and quantifiable, and they repeat themselves with statistical reliability.

Technical analysis is a method that organizes this collective behavior into identifiable patterns that can give a clear indication of when there is a greater probability of one thing happening over another. In a sense, technical analysis allows you to get into the mind of the market to anticipate what’s likely to happen next, based on the kind of patterns the market generated at some previous moment.”

“On the other hand, fundamental analysis creates what I call a ‘reality gap’ between ‘what should be’, and ‘what is.’ The reality gap makes it extremely difficult to make anything but very long-term predictions that can be difficult to exploit, even if they are correct.”

Do not pigeon-hole yourself into one market and limit your opportunities.