Intuition, intelligence and instincts are the foundation for any trader’s analysis of the existing market’s situation. But remember – you need to make nice technical analysis before you start trading. (draw levels, channels, indicators, research etc.)
Intuition permits one to arrive at a general perception of a situation not on basis of logics and reasons rather we realize things through instantaneous unconscious inspirations. So the trader realizes the markets situations not through the mind, rather through the heart. However, even the most perceptive traders should understand that intuition alone is not enough for successful trading.
See this nice video about Mental Technique for Forex Trading:
Intelligence gives the trader the capability of analyzing logically the situation around him and come around the simplest as well as the most effective decisions. Intelligence aids the trader in avoiding deadlocks.
Instinct is brought out to a significant degree. Any trading action taken by a trader is with the intent of satisfying his/her material desires or needs. A trader failing to carry out deals is analogous to the situation where someone is securing the food and loses some body part while dealing with the obstacles. And so a normal individual would draw back from it altogether forever.
If the trader comes across a method of earning without having to put in extensive physical as well as mental energy, this would be analogous to coming across stretches of land with plenty of opportunities. Therefore the trader would continue coming back to it to seek all the possible benefits. The market behavior can be described this way when the price dynamics are headed in a favorable direction.
My personal advice:
1) Try to be stable and patient in forex trading. Do not open a lot of trades and chase profit.
2) Forex trading is not gambling. Do not chase winning trades. Trades will come to you if make technical analysis and each trade plan.
For example :
If you are swing trader (and you trade using H4 chart timeframe) you will sell trades in weekly bearish direction after daily bullish correction. You will create trade, wait for nice level and try to make profit. You will make pending order and wait to price come to you not contrary.
3) Risk 2-5% of your equity. Please read Pillow Test article wrote by Joel Kruger and you will learn a lot about forex mentality.