One of the biggest mistakes a new trader can make is to allow their emotions to control decision making. Because the forex market can be lucrative with price swings happening each and every day, emotions like fear, greed and bias will inevitably come up. And when this happens, it’s crucial to stick to your strategy.
The surprise outcome of the recent U.S. election caused many traders to believe the market would move down, when in fact it has done the opposite. This example of cognitive bias shows why you need to follow a disciplined strategy instead of internal, often biased, emotions.
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