A reliable poker player should know exactly what to do, when, and how to do it when he is dealing with the card in front of his eyes. The same attitude should also be displayed by forex trader.

When you have a hunch or strong instinct to make buy or sell decision when trading online, you should immediately move away from the computer or your laptop, unless the decision has been through the complete analysis as determined by your own trading strategy. This is because when you make a decision based on what is seen on the chart or what analysts say, that's when your responsibility as a trader is shown. Responsibility to keep yourself from getting overly emotional should begin to be considered at that point.

forex and poker

Why? It probably is easier to compare it with a game of poker. A reliable poker player should know exactly what to do, when, and how to do it when he is dealing with the card in front of his eyes. However, if the other players started bothering him, or when he was in need of easy money, that poker players will make decisions that are heavily influenced by emotions which means he will not be able to consider his decisions objectively. Decision that the poker player made in that circumstances shall result in losses or at the least damage his game.

A great poker player is not assessed from when he opened the card, but when he had to close the card in a rational and stable psychological condition

Similarly, in forex trading, a trader may be able to make correct trading decisions in regard of Open Position and limit Stop Loss / Take Profit , but if his emotional state is disturbed, then the trader's decision will change too, and he will not be able to utilize his skill rationally again. Let’s say after a while the price continues to move against the trader’s position, he may feel an itch to Open Position again with the aim to make up for lost time, or readjust the SL and TP boundaries until it is increasingly unbalanced. In the end, he will begin to get nervous, - What am I doing? Everything has been good, I wanted to take a small profit, so why did I got a huge loss instead? Oh yeah, it was because my emotion ran high.

Many types of emotions can emerge when you're trade forex or play in a poker game, but greed and fear are the main emotions that most often triggers of the initial destruction. Keeping emotions in check while trading forex or playing poker is no easy task and unfortunately it is often unconsciously forgotten. Self-control over emotions is the most important thing for someone to be a forex trader or a poker player in order to apply reliable strategy and trade better than ever. Just like a poker player will need to keep his poker face, a good forex trader should be able to make decision calmly and consider all the aspects that need to be considered as rational as possible.