Strategies that traders use in the forex Australia market are either self-devised or acquired from some source on the internet, with the latter being the more common route taken by most new forex traders.
If you have a good understanding of the market then it is also likely that you have already discovered good strategies to use in it. Unfortunately, they are not working for you and you are starting to question the forex Australia market itself.
The reason for this, however, is something else. The reason why your strategies are not working for you is simply wrong timing. Why is the timing of your decisions in the forex market off? Here are some reasons why.
Fear of Losing
The most common reason traders getting their timing wrong in the forex Australia market is that they are afraid to lose. For instance, their fear of loss makes them hesitate with closing their losing positions because they keep hoping that it will turn around even when charts show otherwise.
Losing, however, is an integral part of the forex market and needs to be embraced instead of frowned upon. The moment you accept that losses are inevitable, you will learn to take them into account and keep them at bay.
The Need to Always Be Right
Another very common reason why traders get their timing wrong in the forex Australia market is their need to always be right. This desire makes them keep even losing positions open for extended periods of time because they are certain that they cannot be wrong and that the market is wrong. The solution to this problem is also a psychological one where you will just have to realise that the need to be right is costing you a significant amount of money.
Tendency to Control
If you have been successful in other endeavours in your life then it is highly likely that you are extremely confident and believe in controlling situations yourself as much as possible.
While this is a key quality in life, it is a key weakness to have while trading in the forex Australia market because it will see you frantically chase the market instead of letting it lead you to profits.
Greed Is Bad
Wrong timing also means that you start snatching at profits the moment your position goes into them instead of waiting for your strategy to culminate as it is supposed to in the forex Australia market.
This instance of wrong timing is a result of you thinking that greed is bad or being so diffident that you believe you will lose. Needless to say, by not following your system, you most probably lost profits that you may have gained by letting your position run.
The Need for Justification
You may be closing your positions early in the forex Australia market because you have this underlying and possibly subliminal need to be proven right. Therefore, when you see positions go into profit, you move on to close them because you get to tell yourself and maybe others that your projections and moves in the market brought in profits.
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