Is Hope Bad in Trading ? :

It is often said that hope makes live, but having too much hope can be bad for a forex trader. Hope for something, like profitability, can be motivating, provided the trader's expectations remain realistic and his earnings goals are attainable. Apart from those who have reasonable and understanding hope, of the success in forex trading, some traders enter hope in their trading sessions and this often leads them to their loss. Having hope when you trade is having faith that the scenario we have planned will happen. This means, among other things, that we are positioned in the market and that our trade is underway, whether the market is stagnating or not moving in the direction we have chosen.

If hope takes over us, it can push us to make decisions that can be harmful to our trading. For example, after seeing the course evolve in our favor but not reaching our takeprofit, it turns around and it is even about to reach our stoploss, as we hope, we decide to step back our stoploss. In this case, we increase our risk taking, if we have an initial risk of 1% per trade, can we go to 2% or even 5%?

Hope can lead to emotional trading, so every time we enter into the buying or selling in the market, we must have a seine and controlled risk management and simply accept the outcome of our Trade. It is not advisable to change horses along the way and considerably increase their risk since this will cause the cramage of count after a few trades. A trader must have confidence in his trading plan and his money management, if he has difficulty accepting that the market turns against his prognosis, then a possible solution can be to set up his trade in breakeven situation when this one Begins with being profitable from a few pips.

The strategy of trading, rigorous money management, notions of risk reward ratio and breakeven well-defined will eliminate the hope of your trading which will ultimately be based on rational decisions and in favor of the chances of success. All this can be learned through trading courses or forex training, so we strongly recommend you to study this type of educational resources.