A famous quote from a movie “21” Winner Winner Chicken Dinner, that if you win tonight there will be chicken on table. For a Gambler it is a matter of Luck. Show Hand, is the one Hand and the only Hand you need, One Hand to become a King or to Lose them all.
However we as Forex Traders are not Gambler, we analyze and calculate market. We put trade order with data, Profit Target and Stop loss. We control not only our balance but also our emotions.
Forex trading aside of technical and fundamental analysis are about emotions. There are two types of emotions in Forex trading, yes.. there are only Two and these are the most important aspect in trading, no matter how good is your analysis, one must overcome these emotions. FEAR and GREED. Just like in Chinese Methodology Fear and Greed are just like Yin and Yang, one must keep balance between this two to master Forex trading.
With fear, one will doubt every order he made, every tick in the market will make one asking them self : “Will the price reverse”, “Should I take My profit now”, “What if there are sudden move in the market”, “will it hit my stop loss”. Every order is without confidence, hence every Market movement will make a person thinking to abandon his/her earlier trading plan.
With Greed, one have the utmost confidence of the Market, a person with greed will keep adding position after position without calculating risk, in his mind there is only “Profit”, even when market turn around against him, this person will still have the “confidence” and maybe adding more to losing position which as we know as “Averaging Down”.
Yin and Yang have to be kept in check all times, but personally for me a little bit more GREED is better than a little bit of Fear
to Trade with no confidence, is almost as same walking down the street with blind Eye.