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Forex trading is a highly rewarding experience, but it very often involves emotion as traders can feel euphoric when their trading choices pay off or feel depressed, angry and disappointed when the markets go against them. Due to the fact that, trading involves a lot of emotion, there have been several online resources and books that have focused on trading psychology and how to manage your emotion when trading. This is why sometimes traders have come across negative comments regarding IronFX scam or other brokers, as certain traders found it important to express their emotional frustration to what they believed it was not their responsibility but that of the broker’s they have registered with.
There are a few examples of traders expressing an emotional response to their personal experience of forex trading, as they are trying to make sense and understand the complexities of online trading. People have made a dedicated Facebook page where they shared YouTube videos about their experience with IronFX, offering their own subjective side of the story. They have also shared more emotionally loaded posts expressing violent emotion and anger against members of the brokerage and what they see as IronFX scam. Others have commented on waiting to receive their money from IronFX or referred to taking legal action against the firm. These examples are not rare and are found online in similar fashion against all leading brokers in the industry. The reasons for such a response are closely related to the nature of forex trading as a very emotionally invested experience.
Forex trading and online trading in general are closely associated with emotion and it is often said that a trader is their own worst enemy. Trading psychology is an important part of trading in the financial markets and is considered to affect up to 95% of a trader’s total trading success. Trading psychology usually describes the trader’s choice or decision to enter a position or not to enter a volatile and extremely unpredictable market and control themselves to not act. Traders have a huge responsibility as they are the main decision-makers and they need to find a way to have the right measures in place and control their emotions to protect their open positions. By resorting to IronFX scam is just a way to avoid dealing with the things you can yourself improve in your trading.
It is very often easier to avoid facing your trading mistakes and controlling your emotions, and instead hold your broker responsible. But before starting to trade, it is important to recognise whether you are an emotional person and especially try and control three of the most important emotions when trading, greed, fear and hope. These emotions can lead and have led traders to destructive behaviours, claiming IronFX scam and have made them act irrationally and make bad decisions which have resulted in their capital being at risk. Forex trading involves leveraged positions and if you take unnecessary risks this can very quickly hurt your account balance.
This is why many analysts and forex trading specialists, including IronFX’s expert team, have highlighted again and again that you must have a real strategy in place, and avoid being driven by emotions such as greed in order to protect your money. Otherwise, it can be very dangerous and damaging to you as a trader if you enter the market without a strategy or try and scalp in a volatile market. Scalping focuses on profiting off of small price changes and then making a fast profit off reselling. If you don’t have a strict exit strategy during scalping, one large loss could eradicate the many small gains you have made. Again, if you are doing this and winning, it can often make you feel indestructible, creating a false sense of security.
Fear, on the other hand, can make traders paralysed and fail to take the right action. When trading with the MT4, emotional traders should use a ‘Stop Loss’ and ‘Take Profit’ orders to make sure they have some protection. Hope is another problematic emotion, and traders are usually told to trade with funds they can afford to lose and not continue entering the market with the hope they can recuperate their lost money.
This is why it is important to reduce your emotions when trading, use a combination of analysis as IronFX research analysts have some very useful tips and insights in their articles and YouTube videos, and stick to a strategy. You will only feel worse if you use money you and your family really need, so make sure you deposit funds you can afford to lose. It is good to ensure you have the right measures in place to prevent your emotions taking over and impacting your trading. IronFX is proud to be able to offer the best 24/5 customer support. IronFX has also an online, comprehensive educational section with articles to help traders learn and grow.