Disliked{quote} In order to become a profitable trader you need to develop a strategy that is net profitable and you need to have the right psychology. When you have these in place you can begin to start gaining the confidence needed to become a profitable trader. In poker you are playing against an opponent. In Forex the opponent is you. You decide when to enter and exit a trade. You decide how big your profit or loss is. How can you blame the market for getting you into a bad trade? You clicked the mouse. You are totally 100% responsible for your results...Ignored
I agree with you thats it is always the trader who is responsible for every outcome of his actions. Yet I still dont understand why so much focus in forex is laid on psychology, "its you and not the market", "the enemy is you not the market", "control yourself not the market", "not the strategy but yourself is the obstacle" etc...... In no other profession there is so much focus on "yourself" and not on your plain and simple capabilities. When I am a programmer no one asks me about my personal feelings or anything near that issue. When I build houses and I construct them bad no one says "the problem was not the lack of knowledge how to build a house but the problem was you and your psychology.... and all that esoteric talk again". Not even when I deal with stocks there is so much focus on psychology. I have to KNOW if this company is good or not. When I lose I was wrong with my knowledge and not with my psychology or anything. I do not even say that all this esoteric "bla bla" is wrong but its certainly not the main thing as it is in any other profession.
But exactly this impression is always created. Just control yourself and stick to any strategy and you will win.
THIS IS WRONG!!!!
If it would be that easy how many millionaires would be here? There are certainly many very self controlled and rationale people here. But just as the right mentality does not make them a good house constructer so it does not make them a good trader. There is simply more. Knowledge! A strategy that can be clearly described and quantified in numbers. If it was all mentality I could be the next genetic engineer that cures Aids and cancer.