Trading Psychology. Get the One Edge That All Failing Traders Lack: a Handle on Their Unique Psychological Profile
The psychology of trading is almost certainly the most neglected area of trader education.
There are a number of reasons for this, but perhaps the most important is the modern day need to Have It All Now!
Most traders think it’s a matter of pressing the right button at the right time and hey presto, profits in the bank! Nothing could be further from the truth.
This is the reason 90% of traders fail.
If you want to get an edge over those 90% who fail, and not be one of them yourself, educate yourself about forex markets, and especially about your own psychology.
In respect of the forgoing, you can make the following observations:
- Most traders don’t have the patience to learn their trade
- Most traders don’t have the patience to define their Trader Type
- Most traders don’t have the patience, or indeed the courage, to have a good hard look at their own personality with the aim of discovering its faults and weaknesses
- Most traders don’t take the time to discover the approach or strategy or system that is most suited to them
- And of course, last but definitely not least, and because of all the above: MOST TRADERS FAIL!
If you feel yourself getting defensive about what you’ve just read, it might just be the best thing
you ever did to devote a little more time to this area of your Trader Education.
This section of the site will consist of references to some of the best trainers and resources available in the area of forex trader psychology. There will also be articles on such things as falling into the trap of systems switching, perhaps one of the greatest dangers to newbie forex traders and in fact something that a great many experienced forex traders struggle with for their entire career!
Psychology has always been an area of interest for me, and I’m a great believer in in the lifelong effects of early experience on a person’s psychological profile. Many of the observations here are based on that.
But it isn’t necessary to delve into the deepest recesses of our psyche in order to sort ourselves out in the area of trader psychology.
Just approaching the business of trading with an open, honest, humble and enquiring mindset will lead you into more personal growth than a thousand weekend new age workshops will ever do, I guarantee it!
And I further guarantee that if you combine such an attitude with a study of the psychology of trading, you will be miles ahead of the overwhelming majority of forex traders!
The following topics are my own observations of certain issues that we all face as traders:
I list below some of the resources I have found to be helpful to both myself and other traders.
Essential Reading for ALL Traders
Professional Coach for Traders and Investors
System Switching Trap
Forex Traders Groundhog Day