Posts Tagged ‘Influence’

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Why do people sometimes do bad things just because someone else told them to? And what does the term Groupthink mean? In today’s episode of Crash Course Psychology, Hank talks about the ideas of Social Influence and how it can affect our decisions to act or to not act.

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Table of Contents:

Milgram Experiment 0:31
Automatic Mimicry 3:29
Solomon Asch 4:08
Normative Social Influence 5:31
Social Facilitation 5:59
Social Loafing 6:19
Deindividuation, Group Polarization, & Groupthink 6:50

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Psychology of a trader in Forex trading is one of the most important factors that cannot be ignored. The success of trading depends a lot on it. Though this problem was tried to be solved by different indicators and signals, still it is up to a trader to decide how to act. In general subjectivity is considered as a negative aspect in Forex trading, as it makes much harm to a trader. The fact is that in most cases an online trader is under the influence of emotions and may do stupid mistakes while trading Forex. A real person is an emotional being and cannot act as a robot, for that reason there are so many different strategies, systems, indicators and signals created in order to help a trader keep his trading outside the emotions.

It is a proven fact that when trading with his own funds, a trader is more influenced by his emotions than when trading with the funds of someone else. For that reason Forex in Singapore and other Asian countries is full of traders who prefer to earn money on managing the trading accounts of the investors.

Psychology of a trader plays a great role in Forex market. It is not only the possibility of a mistake due to the emotional state of a trader, the traders’ psychology is also a part of the movements of the market.  Everybody knows that the creation of every tick on the chart has a psychological background of events taking place around the world at the moment. Each online trader in the world is involved in the formation of Forex market, but not everyone considers his own behavior while trading Forex.

Some online traders’ trading strategy is based only on their own intuition and in many cases this approach is very successful. Some researches say that human subconscious contains all events that have taken place already and the ones that are going to happen. But a person doesn’t use all the information that his subconscious gives him and thus we loose many useful details that could help us in our lives.

If a trader’s intuition may give good signals for making a correct trading decision, it would be a great idea to study and apply such trading strategy. The problem is that it is very subjective and teaching such strategy for a successful trading on Forex market is almost impossible. The way it can be done is practice your trading skills on the virtual trading accounts. Thus every trader can check what signal his brain gives him and how to apply it on his trading. So instead of analyzing charts we can pay more attention on our own character and psychology. Make subjectivity your best partner in Forex trading that will support you in making decisions. Give it a chance to help you instead of trying to reduce its impact on trading and accusing it of all failures. We wish every FX trader a successful trading. Trade Forex as you like and enjoy it, watching as every tic increases your capital.

Daniel Shaw has many years of experience in online Forex trading. Visit his site Trading in Singapore to learn more about Singapore Brokers.