I'm fascinated by the financial experiments done on monkeys. They always go for the safe bet. In other words, if they were forex traders, they would take profit too soon for fear of going into draw down. Holding on to winning trades is the hardest, most counter intuitive thing to do, especially when they reverse on the lower time frames.
The best way to make money in this game is to ride the trends (just see how hedge funds do when trends break down). If you can join a trend on the lower time frame with low leverage and then adjust your mind set to the higher time frame trend you are going to do well in a trending market. This is easier said than done. Monkeys can't do it.
Opening a trade is a very similar psychological barrier, if not the same one. A few have suggested risking what you could happily lose. Try that after a row of losses!
Confidence is the key. You need to know expectancy based on the previous experience of your method. Build confidence by working hard at this. There is no substitute for doing the work. Look at a good brick layer. He knows what he's doing. How did he get there?
The best way to make money in this game is to ride the trends (just see how hedge funds do when trends break down). If you can join a trend on the lower time frame with low leverage and then adjust your mind set to the higher time frame trend you are going to do well in a trending market. This is easier said than done. Monkeys can't do it.
Opening a trade is a very similar psychological barrier, if not the same one. A few have suggested risking what you could happily lose. Try that after a row of losses!
Confidence is the key. You need to know expectancy based on the previous experience of your method. Build confidence by working hard at this. There is no substitute for doing the work. Look at a good brick layer. He knows what he's doing. How did he get there?
Gone to a better place