To begin with, one of the most basic things that a trader is in need of in order to reach success is the branch known as psychology.
As known to everyone, it is a crucial element which rules everyone's life individually so consequently, it can also be the most dangerous aspect. The reason as to why is because in a trader's life, it is so easy to fail at any moment in the industry of forex because of four components which can easily bring someone's account to zero if he is not cautious.
These components, therefore, are made up of greed, fear, hope and lastly, a regret which will be explained thoroughly further below.
Initially, fear is an unpleasant feeling in any individual's life, let alone a trader's. Furthermore, the main reason as to why is because it is the emotion that generates panic and ultimately forces a person to close his position earlier. Another cause can be that during the time that someone is losing, he won't put stop loss with the sole HOPE that the market will cease to be against him.
To continue, the second aspect which is known as hope is probably the most stupid element which undeniably causes the greatest loss that an individual trader can have. Simultaneously, however, calculated hope is the complete opposite and when applied correctly, can reward a trader with a substantial amount of profit on a monthly basis.
A selfish desire for something is never healthy, especially when it comes to the traders who feel the need to become exceedingly rich in an extremely short period of time. They do this by simply avoiding all the technical and fundamental analysis firstly, and secondly, by also avoiding the consequences that they will have to face once the trade turns against them.
Lastly, regret is applied to the traders who lose their money over all the factors that we have mentioned above and so regret not building the triangle of success.
As masterforexsingals, we have built a line with the purpose of showing you how any individual trader thinks and feels and how we think and feel as a company.
Firstly, a trader begins trading with the feelings of optimism, excitement, euphoria, anxiety, fear, depression, panic, regret, hope and once again, even more optimism. As mentioned, this is exactly how 97% of the traders begin their trading experience and immediately stop the minute they reach the stage of regret which is why they lose all of their money. Their mind, at that point, is not able to function correctly since it is clouded by all the negative thoughts and feelings.
In contrast, we, as a company, function and work in a complete opposite manner during the fourteen years that we have been trading and we continue to do so. We have created the positive feelings of optimism, excitement, calculated risk, euphoria, hope and even more optimism.
Our secret behind this successful manner of trading is solely based on the triangle of success.