The final emotion that can affect our trade is HOPE. Hope its self is not in any way negative, it means to expect and wish. We are actually encouraged to have positive expectations in our daily lives, however when it comes to Forex trading, Hope is not a strategy.
How does hope affect your trading? Hope will make you add to your losing position when in the real sense you should never add to a losing position because a losing position simply means that the market does not agree with your decision so you understand and agree with that.
Hope will make you keep adjusting your stop expecting the market to reverse in your favor, if you do this always, you will end up incurring more losses than you bargained for. Learn to adopt a set and forget concept to your trade.
Follow your strategy, trading plan and money management strictly, don’t leave anything to chance, this will save you lot of regrets later. Unfortunately, most traders learn the hard way, with their hard earned money. Learn to master your emotions so they don’t hurt your trades.
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