In chess and trading we have to be skilful and always show the sincerity and positive approach, both are mind using as in chess you have take the decision after proper planning and same in forex you have to do lot of mind work for success.
Well playing chess helped me to figure out some advanced analytics approach a kind of chain thinking where you can take several fundamental events (in chess it is a game position) analyze where are weak of strong spots what combinations are available, what are the intentions of the opponent (a market) etc. Chess is a very deep game same as the fundamental events can have long-lasting effects on the prices which you should see through to have a trading edge.
Its definitely a plus playing chess and trying to apply these pricinples in trading.
Playing chess helps people develop their analytical thinking skills. When you play chess you need to be able to think several moves ahead, consider all the possible outcomes. Forex trading requires similar skills, if applied to a different board.
I had less knowledge about chess , can say that forex trading and chess is different. In forex all the time market is changing. In chess you have to play conceptually. I will trade in forex because it seems easy to me to understand and face market.
There are loads of differences between Forex and chess, here are a few of them…
- In chess the players usually learn how to play before playing competitively
- In chess the rules stay the same for everyone
- In chess the other player doesn’t pretend to be helping you when he’s actually stealing your life savings
- In chess mentors/teachers are actually interested in making you a better player
I have noticed that as my trading improved my chess improved as well. I’m currently playing some of the best chess in my life and that’s after a long hiatus since my high school years.
This however could be based on a large number of possibilities and may have nothing to do with trading.
The method which I use to trade is largely the same as the method I use when I play chess to find and assess good moves.
I fear I may only be able to articulate this in a relatable way in a few years. For now I am using it but cannot fully describe it in a way that doesn’t make me sound like a lunatic.
All in all, playing chess is an excellent mental exercise if you take it seriously, which can help you develop critical thinking skills that can be helpful in all sorts of situations, not just Forex. Beyond that I don’t think it’s directly tied to Forex in any way.