Hey folks,
Note : This thread won't be about trading methods and strategies, how to make 150 pips a day or how to get wealthy in 12 hours (lol).....
If you are even disappointed at this point, i recommend to leave this thread quickly and go back to your trading station..... otherwise keep reading.... you won't regret it.
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I've been shocked when i searched for a ''trading psychology'' thread on ff.com and couldn't find one?!?! ...
to be honest guys....this forum does have thousands of threads about trading methods, currency pairs , it even has a ''comedy club'' and ''picture tennis'' thread.....lol.
I wondered why nobody wanna talk about the trickie thing at trading , the mindset ? the mental structure? emotional risks ?
So i decided to start s.th like that..... cause i guess that's the most important thing to be or to get (this will fit it more , lol) a succesful trader....you don't agree?.... then leave the thread here and now..... otherwise keep reading....you won't regret it
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Okay.... let's get it started...
Mindset....everybody knows it, everybody heared of it, but what does it actually mean?
just did the wiki for ''mindset'' :
greed? what the fuck is greed? never heard it before.... lol.
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before we start there's one VERY VERY sticky summary of trading psychology , please take 3-5 minutes and read it before keep scrolling downwards !!
The Forex trading mindset you need to succeed is one very few traders can get. It's a fact that 95% of traders lose and they don't lose because they can't learn to trade, they lose because their mindset is wrong...
Forex trading success is all about mindset and most traders go wrong straight from the start, by thinking they can follow others or trading is easy and they buy a junk Forex robot or some other system. They think these systems will lead them to success with no effort and all that happens is the system loses them money. If Forex trading success could be achieved easily 95% of traders wouldn't lose!
So first part of your mindset must be to accept you have to work, learn skills and accept responsibility for your destiny. Success lies on your shoulders and no one else's.
Next you have to accept you are going to have to make your own rules and apply them. Most people have a problem with this because in society, we are used to following rules made for us. In Forex you have to get a good Forex education and learn rules and have the confidence and discipline to apply them.
Discipline is the real key to success, as you are going to have execute your trading signals, in line with rules and when you do, you are going to hit periods of losses. When these periods occur you must remain disciplined and keep going - this is hard.
All traders have losing periods (don't let anyone tell you otherwise) and the key to success, is getting through these periods. You need to take your losses and keep them small, until you hit a home run of profits. Sounds easy?
Well its not, as the market wrong foots you and takes your money, you will feel like deviating from your plan; this is where most traders go wrong, they can't stay on course. Always remember, if you cannot execute the rules of your system with discipline - you don't have a system!
Trading Forex requires a totally different mindset to succeed than most people are used to in everyday life and that's why most traders lose.
If you want to win, you need to take responsibility for your actions, get a good education, confidence in what your doing and trade with discipline. While at times Forex trading can seem lonely as you're on your own, it's the only way to win and the good news is:
If you can get the right Forex mindset, you can enjoy currency trading success and earn a great second or life changing income. Always keep in mind in Forex trading the trader doesn't get beaten by the market, he beats himself.
----------------------------------------------------------------------------------------------------------------------------------------------------
You think trading methods, good setups and a lot of pips are far more important than your discipline, your consistency and your willingness to take losses?...
well, congratulations.... then you've found the correct thread to improve your results....
----------------------------------------------------------------------------------------------------------------------------------------------------
please think wisely about the following words first :
by Marg Douglas
Isn't it curious that you may have a good trading method? good entry and exit strategies? that you make a lot of pips but can't survive in financial markets?
Well this doesn't have anyhting to do with ur skills as a trader, more you don't have the required mindset to keep your profits, to increase your equity responsibly day by day.
----------------------------------------------------------------------------------------------------------------------------------------------------
also take a look at :
by Marg Douglas
So are you willing to take the risk?....you aren't ? don't keep trading !
----------------------------------------------------------------------------------------------------------------------------------------------------
Another sticky statement :
by Marg Douglas
r u shocked? ... do you see some behaviours of your own? .... I rly hope so....otherwise you actually should even be quiet succesful?! : p
---------------------------------------------------------------------------------------------------------------------------------------------------
As i've seen a lot of members here on ff.com writing posts s.th like
''it's all about pips''
''it's all about numbers''
''it's all about risk reward ratio''
and
so on
.
.
Wrong.....
Of course you will need pips and quiet good trading methods, entry and exit points to be able to earn consistently pips ....
but please do me a favour and ask yourself how often you crashed your own, well calculated Money Management scheme?...
and whether it has been a good idea to do so or not ?...
then ask yourself why u did so? what made you disfollowing your structure? your plan ?...
that's a quiet trickie point, most traders who don't follow their trading plans step by step don't even know why...curious,isn't it?
I'll tell you.....it's the greed....each single person do have a greed, some more, some less.
How to fight against the greed? how to get rid of it? ....
if you'll lose your greed, you will be a succesful trader.... sounds cool,doesn't it?
----------------------------------------------------------------------------------------------------------------------------------------------------
everybody who deposits several funds wants to be wealthy within 1 year, if possible even within 1 week.... lol.
i'll show you a excerpt of a possible MM : (thanks to pilotui , i'm a fuckin excel noob : P)
looks kinda cool,doesn't it?....
cause i'm not a tightwad i'll give you one more :
So if you'd started to play a similar MM to the ones above 2-3 years ago, you would be wealthy HERE and NOW.
You would.....
please think wisely about it....
i will keep posting a lot of more stuff next days and weeks.
Don't have time right now....
Cliffnotes :
Note : This thread won't be about trading methods and strategies, how to make 150 pips a day or how to get wealthy in 12 hours (lol).....
If you are even disappointed at this point, i recommend to leave this thread quickly and go back to your trading station..... otherwise keep reading.... you won't regret it.
----------------------------------------------------------------------------------------------------------------------------------------------------
I've been shocked when i searched for a ''trading psychology'' thread on ff.com and couldn't find one?!?! ...
to be honest guys....this forum does have thousands of threads about trading methods, currency pairs , it even has a ''comedy club'' and ''picture tennis'' thread.....lol.
I wondered why nobody wanna talk about the trickie thing at trading , the mindset ? the mental structure? emotional risks ?
So i decided to start s.th like that..... cause i guess that's the most important thing to be or to get (this will fit it more , lol) a succesful trader....you don't agree?.... then leave the thread here and now..... otherwise keep reading....you won't regret it
-----------------------------------------------------------------
Okay.... let's get it started...
Mindset....everybody knows it, everybody heared of it, but what does it actually mean?
just did the wiki for ''mindset'' :
In decision theory and general systems theory, a mindset is a set of assumptions, methods or notations held by one or more people or groups of people which is so established that it creates a powerful incentive within these people or groups to continue to adopt or accept prior behaviors, choices, or tools. This phenomenon of cognitive bias is also sometimes described as mental inertia, "groupthink", or a "paradigm", and it is often difficult to counteract its effects upon analysis and decision making processes.
greed? what the fuck is greed? never heard it before.... lol.
Greed is an excessive desire to possess wealth or goods with the intention to keep it for one's self. Greed - like lust and gluttony - is a sin of excess. Greed is inappropriate expectation. However, greed is applied to a very excessive or rapacious desire and pursuit of wealth, status, and power.
As a secular psychological concept, greed is an inordinate desire to acquire or possess more than one needs or deserves, especially with respect to material wealth.
--------------------------------------------------------------------------------------------------------------------------------------------------
before we start there's one VERY VERY sticky summary of trading psychology , please take 3-5 minutes and read it before keep scrolling downwards !!
The Forex trading mindset you need to succeed is one very few traders can get. It's a fact that 95% of traders lose and they don't lose because they can't learn to trade, they lose because their mindset is wrong...
Forex trading success is all about mindset and most traders go wrong straight from the start, by thinking they can follow others or trading is easy and they buy a junk Forex robot or some other system. They think these systems will lead them to success with no effort and all that happens is the system loses them money. If Forex trading success could be achieved easily 95% of traders wouldn't lose!
So first part of your mindset must be to accept you have to work, learn skills and accept responsibility for your destiny. Success lies on your shoulders and no one else's.
Next you have to accept you are going to have to make your own rules and apply them. Most people have a problem with this because in society, we are used to following rules made for us. In Forex you have to get a good Forex education and learn rules and have the confidence and discipline to apply them.
Discipline is the real key to success, as you are going to have execute your trading signals, in line with rules and when you do, you are going to hit periods of losses. When these periods occur you must remain disciplined and keep going - this is hard.
All traders have losing periods (don't let anyone tell you otherwise) and the key to success, is getting through these periods. You need to take your losses and keep them small, until you hit a home run of profits. Sounds easy?
Well its not, as the market wrong foots you and takes your money, you will feel like deviating from your plan; this is where most traders go wrong, they can't stay on course. Always remember, if you cannot execute the rules of your system with discipline - you don't have a system!
Trading Forex requires a totally different mindset to succeed than most people are used to in everyday life and that's why most traders lose.
If you want to win, you need to take responsibility for your actions, get a good education, confidence in what your doing and trade with discipline. While at times Forex trading can seem lonely as you're on your own, it's the only way to win and the good news is:
If you can get the right Forex mindset, you can enjoy currency trading success and earn a great second or life changing income. Always keep in mind in Forex trading the trader doesn't get beaten by the market, he beats himself.
----------------------------------------------------------------------------------------------------------------------------------------------------
You think trading methods, good setups and a lot of pips are far more important than your discipline, your consistency and your willingness to take losses?...
well, congratulations.... then you've found the correct thread to improve your results....
----------------------------------------------------------------------------------------------------------------------------------------------------
please think wisely about the following words first :
If we start from the premise that to create consistency traders must focus their efforts on developing a
trader's mind-set, then it is easy to see why so many traders don't succeed. Instead of learning to think
like traders, they think about how they can make more money by learning about the markets. It's almost
impossible not to fall into this trap.
by Marg Douglas
Isn't it curious that you may have a good trading method? good entry and exit strategies? that you make a lot of pips but can't survive in financial markets?
Well this doesn't have anyhting to do with ur skills as a trader, more you don't have the required mindset to keep your profits, to increase your equity responsibly day by day.
----------------------------------------------------------------------------------------------------------------------------------------------------
also take a look at :
Trading is inherently risky. To my knowledge, no
trade has a guaranteed outcome; therefore, the possibility of being wrong and losing money is always
present. So when you put on a trade, can you consider yourself a risk-taker? Even though this may
sound like a trick question, it is not.
The logical answer to the question is, unequivocally, yes. If I engage in an activity that is inherently
risky, then I must be a risktaker. This is a perfectly reasonable assumption for any trader to make
by Marg Douglas
So are you willing to take the risk?....you aren't ? don't keep trading !
----------------------------------------------------------------------------------------------------------------------------------------------------
Another sticky statement :
Ninety-five percent of the trading errors you are likely to make—causing the money to just evaporate
before your eyes—will stem from your attitudes about being wrong, losing money, missing out, and
leaving money on the table. What I call the four primary trading fears.
by Marg Douglas
r u shocked? ... do you see some behaviours of your own? .... I rly hope so....otherwise you actually should even be quiet succesful?! : p
---------------------------------------------------------------------------------------------------------------------------------------------------
As i've seen a lot of members here on ff.com writing posts s.th like
''it's all about pips''
''it's all about numbers''
''it's all about risk reward ratio''
and
so on
.
.
Wrong.....
Of course you will need pips and quiet good trading methods, entry and exit points to be able to earn consistently pips ....
but please do me a favour and ask yourself how often you crashed your own, well calculated Money Management scheme?...
and whether it has been a good idea to do so or not ?...
then ask yourself why u did so? what made you disfollowing your structure? your plan ?...
that's a quiet trickie point, most traders who don't follow their trading plans step by step don't even know why...curious,isn't it?
I'll tell you.....it's the greed....each single person do have a greed, some more, some less.
How to fight against the greed? how to get rid of it? ....
if you'll lose your greed, you will be a succesful trader.... sounds cool,doesn't it?
----------------------------------------------------------------------------------------------------------------------------------------------------
everybody who deposits several funds wants to be wealthy within 1 year, if possible even within 1 week.... lol.
i'll show you a excerpt of a possible MM : (thanks to pilotui , i'm a fuckin excel noob : P)
looks kinda cool,doesn't it?....
cause i'm not a tightwad i'll give you one more :
So if you'd started to play a similar MM to the ones above 2-3 years ago, you would be wealthy HERE and NOW.
You would.....
please think wisely about it....
i will keep posting a lot of more stuff next days and weeks.
Don't have time right now....
Cliffnotes :
- Don't be or get greedy
- ALWAYS stick to your plan
- be patient
- eat some cheese nachos before start trading
Please don't hesitate to leave comments....if you see your personality as a trader reflected in this short summary of trading psychology don't hesitate to tell us your story, your experiences and let us try to set up your mind to get succesful.
to be continued......
Hero calls followed by margin calls...
