Trading’s like a quest in The Witcher—your biggest foe isn’t the market, it’s your own head. Emotions like fear, greed, and FOMO can turn even Geralt-level traders into their own worst enemies. I’m going to help you slay those inner monsters and make decisions like a Zen master, all while we sip smoothies and unpack the mental game. Let’s forge a mindset tougher than a witcher’s armor and set you up for Forex success.
Here’s the lineup of mental beasts every trader faces, with tips to send them packing.
Fear’s like a Leshen spooking you into bailing early or dodging trades altogether. Scared of a loss? You might close a winning trade at 1.1005 instead of riding EUR/USD to 1.1020, missing pips. Beat it by setting stop-loss orders to cap risk and sticking to your plan like it’s a sacred oath. Deriv’s platform, which I recommend as an affiliate, makes setting stops easy, so you can trade without sweating bullets.
Greed’s the siren song luring you to overtrade or chase impossible gains, like refusing to cash out at 1.1100 because “EUR/USD might hit 1.1200!” It’s a fast track to losses. Fight it by locking in take-profit levels upfront and remembering: pigs get slaughtered. Stay disciplined, and don’t let greed turn your wins into wipeouts.
FOMO’s like chasing a hype train, like buying GBP/USD after it’s already spiked 100 pips because “everyone’s in!” Spoiler: you’re late. Counter it by waiting for pullbacks or better entries and reminding yourself there’s always another trade. Patience is your shield against this trap.
Revenge trading’s when a loss stings so bad you double down recklessly, like Yennefer casting a risky spell. Lost 50 pips? Don’t throw in a bigger lot to “win it back.” Walk away, review your journal, and chill. The market’s not your ex—it doesn’t owe you.
After a winning streak, you might feel like Starlink landing a rocket, skipping stop-losses because “I’m unstoppable!” Markets love humbling the cocky. Treat every trade like your first and stay humble to keep your account intact.
Deriv’s demo account, by the way, is great for practicing discipline without risking cash—their platform’s a solid training ground.
Start a trading journal today—note one emotion (like fear) you felt last session. Practice a trade plan on Deriv’s demo. Stay cool, and we’ll level up on the next topic. Peace out.
Now that you've tamed your emotions, let's armor up against risks!