Discipline, Mental Skills and the Psychology of Trading

another simple (but effective) way to look at this area of trading is that psychology is very important during the 'methodology development' phase of your trading journey (though in reality that phase never really ends), but is of little conscious relevance once your are in the 'execution phase' of your trading business.

Having the right mindset about trading can indeed help you to REALISE that trading success comes from long, long, hard work (no shortcuts) but once you are experiencing the fruits of that hard work you don't really care much for pyschology because you are simply doing your job, or running your business (even though ongoing improvement should characterise this execution phase)

I can't say the whole "pyschology" topic has ever been of much use in my trading business though. Taking your job seriously/running your business properly - not cutting corners or hoping someone else will do the work for you - is that "trading psychology" (worthy of entire books, courses or "psychology coaches") or just basic stuff that should be intrinsic in what you are doing? I suggest the latter.

Yes, a few good points in the original post, but a lot of theoretical crap which is of little practical use as well. I must have missed the section which said "send me a PM and I'll let you know how much discount I can give you on the DVD.." - it must be in there somewhere, or maybe that's being saved for another post.

I agree with Scotty B and Hedginghog.

Forex is a process where those who are expert eventually take all of the money from those who are not. At the end of the day it comes down to market knowledge and experience: having a dedicated plan that utilizes high(er) probability points to get in and out of the market.

Very few vended EAs are long term profitable. That should tell us that MM and discipline alone are not enough.

Most strategies have some sort of an "edge" in them. It is the trader's discretion that hones it to something truly workable.

One could trade exclusively pin bars. That is an "edge" on any time frame. The trader's discretion of knowing WHICH ones are the best is what makes it truly a successful strategy.

If he/she does not have the mental tenacity to get to the point where his/her discretion is trained, all the "edge" in the world would be less useful than an ashtray on a motorcycle.

Good trading to you all.

Most strategies do not have an "edge". If pin bars had an edge then the edge would be posted and published. Edge and discipline are both necessary.

I'm loling to the fact that this post was made in Aug 27, 2006 5:14am . Long before a lot of people started trading.... somehow got brought back to life and now people are debating if this guy has his head right.

If you saw this post in 2006 and it made sense to you, you would probably be a successful trader already. Since when did people become such haters... sheesh.

They say if you don't know yourself, the market will show you yourself or something like that. The market is showing who we really are.

Trading the forex or other markets doesn’t have anything with pain, psychology or improvement: the only law is: if you know, you win, if not you lose!

You who have already lost everything and are looking for a way to get your money back, stay away from all the EA’s, indicators, softwares as Metatrader, Jigsaw, Sierra, Bookmap and all other. Understanding the options on the futures is the only thing that will help you efficiently. You ‘ll never find anything to help you on forex website.

Finally, think about that: universal access to financial markets is a huge opportunity to get rip off millions of naive people! YOU JUST GIVE LIQUIDITY TO THE MARKET MAKERS VIA YOUR BOKER !