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Taking Day Trading
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Trading Psychology

Trading Psychology Trading Psychology

Psychology is one of the strangest areas of forex trading. You can be making perfect trades most of the time on your demo account but as soon as there's real money on the table - even if it's on the tiniest of trades - your system goes to pot and your trading account starts to evaporate. If that's the case with you, it's time to examine your forex trading psychology and see how you can improve it.

Think in PIPs

The amount of pips you risk on a trade will stay near enough constant regardless of the size of your trading account.

This is actually a very important psychological barrier to overcome. Early on in your trading career you'll almost certainly be concentrating on how much money you're staking and (hopefully) making. As your trading skill becomes more successful, the size of your trades will naturally increase. And then your conscious mind kicks in and conspires against you, causing you to make novice-like mistakes even though you're experienced.

If you've just started trading this can be even worse. Even the smallest stake feels as though your entire life savings are riding on this trade being a success. At least translating it into pips makes any nagging worries and doubts slightly more abstract.

Become a Robot


While many forex robots make more for their creators than they do for traders, the idea of making your trading as robotic as possible helps a lot.

The more you can detach your personality from your trading the better. Our ego is often the only thing that stands between us and an every growing bank account.

If you find you are kicking yourself when you examine those trades where you exit too early or moved your stop loss before your own trading rules really allowed you to, then becoming more robotic like will help improve your trading psychology.

Less is More


I know you're probably thinking that this is a contradiction in terms. After all, if you can make more trades then surely you can make more profit?

That's true if every trade you take has a high chance of working out. But if you go back and examine your recent trades, there's a good chance that you took some "on the fly" even though they didn't click every possible box they should have. Then you find you're kicking yourself when you go back and examine them.

So discipline yourself to take less trades - only the ones that totally fit the system you're following.

And while you're at it, cut down on the number of pairs you're trading. Yes, less is more works here as well.

Instead of trying to be an expert in three or more pairs, cut down to two or - better yet - just one pair.

You'll probably need to go cold turkey when you do this but after a few days of just watching one pair you'll be kicking yourself and asking yourself why you didn't make this a part of your trading psychology earlier.

July 2013


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