Psychology of Trading Forex - What Holds Most Traders Back
As a trader, you’ve many feelings and emotions to deal with, including
- Greed
- Fear (a whole bunch here)
- Hope
- Despair
- Hurt
- Regret
- Revenge
- Anger
- Guilt
- Depression
- Hopelessness
- And a whole Pandora’s box full more
But there is ONE stands out as the real Nemesis for
most traders…
… the one that keeps them ’stuck’ at that level of mediocrity
that is the slow death that lasts for years:
It’s almost more like a terminal condition than a feeling.
And when you’ve got it, it can come at you from so many
different directions.
What really stinks is that when you’re not aware of it,
it disguises itself as other issues.
You can attend to one symptom, think you’ve got it beat,
only to find it rear its ugly head as something else.
One cause, different appearances.
And it drive you batty because it never seems to go
away and your overall trading just never seems to
get where you want it.
So what is it and what can you do?
First thing is to sign up for the Trading Psychology Coach,
the trader’s periodical that is designed specifically to help
you recognize and effectively deal with the tough challenges
that you have to deal with as a trader.
The second issue is about to be published and deals
directly with this ‘mental cancer’ for traders.
Cheers
Brian
P.S. Don’t let this one factor stand in the way of improving
your quality of life through better trading. When you remove
obstacles, progress becomes so much easier and more
natural.
Day Trading Forex Currency - This Move Could KILL The Industry
Those clever yahoos at the CFTC know full well what the ramifications are for the latest proposal - and it looks like they are going ahead anyway.
Now the questions and all the fuss suggest that they are UNAWARE of the consequences of their actions - that this would completely destroy the Forex trading here in the U.S.
But there is just NO WAY that the DON’T know.
So this begs the REAL QUESTION: Who will benefit and how?
Here’s the BIG problem:
“Leverage in retail forex customer accounts would be subject to a 10-to-1 limitation.”
Here’s where you can read the press release about it.
http://www.cftc.gov/newsroom/generalpressreleases/2010/pr5772-10.html
Most importantly, here is how to make your opinions known.
You may submit comments, identified by RIN3038-AC61, by any of the following methods:
1) Federal eRulemaking Portal: http//www.regulations.gov/search/ index.jsp Follow instructions for submitting comments.
2) Email : secretary@cftc. gov. Include “Regulation of Retail Forex” in the subject line of the message.
3) Fax (202)418-5521
4) Mail: Send to David Stawick, Secretary, Commodity Futures Trading Commission, 1155 21st Street,. N.W., Washington, DC 20581
Cheers
Brian
P.S. Let’s hope and pray that they really are so blindly ignorant that they didn’t realize what this would do and that receiving truckloads of emails will get them to do the right thing.
P.P.S. Here’s a thread discussing this in more detail
Forex Trading Psychology - 4 Sources of Self-Sabotage
Have you ever felt like you sabotage yourself sometimes in your trading?
If you’re like most traders, you have and probably on more than one occasion.
One of the really aggravating aspects of self-sabotage is that it’s right in your face.
You know you’re doing it.
You know that you’ll regret it.
It happens anyway, and then yes the regret kicks in. Sometimes anger and and self-chastising come into play as well.
If it was coming from only one source it might be easier to address, but in truth there are four.
And no matter how many months or years experience you have, how great your system is, any one or more of the four can wreak havoc on your trading account.
Bummer.
The good news is that once you become aware of the four sources of self-sabotage, at least then you can take steps to protect yourself from their influence in your trading.
The other nice thing is that you can ease up on yourself a bit. Nothing can take you down faster than a furious session of self-berating.
When you understand what’s going on, then you can be a bit kinder to yourself, which is much more productive.
That’s just one of the reasons that I created the exclusive video, “Four Causes of Self-Sabotage”.
You won’t find it anywhere but at InsideOutTrading.com and it’s not even for sale.
To see how you can get access to it,
Cheers!
Brian
P.S. You’ve heard the saying, “We are often our own worst enemy.” You’ve probably also experienced it in your trading.
Take the first step to ending your self-sabotage right now - it is very costly in terms of capital but more importantly peace of mind and self-esteem.
Psychology of Trading - “Winners Always Want the Ball…”
Sometimes inspiration can come from unexpected places.
The other day, my son was watching the movie “The Replacements”, which stars Keanu Reeves and Gene Hackman. In the movie, Gene Hackman is the interim coach of a replacement football team during a player strike, and Keanu Reeves is the quarterback of the team.
During their first game, the defensive players are talking a lot of trash and manage to get inside Keanu’s head. On the last play they put on like they’re going to blitz and Keanu gets nervous. He has a chance to win the game, but at the last second Keanu changes the play - and they lose.
While they’re walking off the field, Gene Hackman is furious, knowing that Keanu got scared when he thought the defense was going to blitz. To put things in perspective for Keanu, he says,
“Winners always want the ball when the game is on the line.”
So how does this relatet to trading?
One major factor that separates the winners from the losers is confidence versus doubt. They’re both faced with the same situation, but the winners can overcome their fears and doubts. They have a certain state of mind that they’ve developed that helps them stay focused on the victory, not the possible loss.
Winners want the ball because they know that when the pressure is on, and only bold and confident action is what will result in a win. Shaking with fear means certain loss.
Football, golf, soccer, sports in general, business, trading, etc all have one thing in common - they are 90% mental. Skills, experience, knowledge, strategy, etc are all secondary to your state of mind - because your performance and your results all depend on your decision making and timing.
So while it is tempting to let your focus be drawn to the latest fad in the technical areas, remember that nothing will do you any good unless you can keep your cool and trade well when the pressure is on - and it’s always on.
Cheers
Brian
P.S. Yes the focus here at the Trader Intensive is shifting more back to the psychology of trading - because of its importance. Keep your eyes peeled for a very special introduction to the new publication designed specifically to keep you at the top of your game!
Forex Trading Strategy Free Webinar - Top Trading Pitfalls with Derek Frey
Have you increased your trading account this year? Do you want to?
I ask because the majority of traders have not. And why not? With the economy the way it is many people are just plain scared, and trading scared will get you nowhere.
For most retail traders this year will be a bust just like that last one because they are stuck doing the same thing they have always done (which has never worked).
Fear is only one of the major pitfalls that cause 99% of retail traders to fail miserably in the Forex.
Register for the webinar here,
https://forex.infusionsoft.com/go/dw820/bit/
Which is why I would like to invite you to an exclusive ForexTradersDaily Training Webinar.
The Top Trading Pitfalls…..
And How to Avoid Them
During the webinar, Derek will reveal:
· The HUGE mistake every trader makes at some point without exception
· The one trading strategy that will instantly boost your trading success
· How to take advantage of a confused economy to leverage your trading
· Derek’s Proven secrets to making the big bucks all the while limiting risk
· Simple tips to take your trading to the next level
· And more!
Register for the webinar here,
https://forex.infusionsoft.com/go/dw820/bit/
The Webinar will start August 19th (tomorrow) at 2pm eastern and will last approximately 1 hour
ForexTradersDaily chief analyst Derek Frey will be presenting during the webinar.
Derek is directly responsible for over 1000 pips for both June and July. (That is 1000 pips each month not cumulative!) And… Derek has managed to keep his risk below 5% on all his trade and still accomplish this.
This Thursday he will be sharing his strategy with you!
If you want to make money in 2009 than you don’t want to miss this webinar.
The Webinar will start August 19th (tomorrow) at 2pm eastern and will last approximately 1 hour
Register now!
https://forex.infusionsoft.com/go/dw820/bit/
You’ll be glad you did. 
Cheers
Brian
P.S. In case you’re not familiar with Derek Frey, I’ve known Derek for years now and he is without a doubt one of the sharpest traders I know. His webinars are enlightening and I always get emails afterwards from traders telling me how much they enjoyed his presentation. I’m sure you’ll get useful info out of this one too, so make sure you don’t miss it!
Register for the webinar here,
https://forex.infusionsoft.com/go/dw820/bit/
4 T’s Trading Method With Dean Whittingham
“The 4 T’s Method:
Create and Operate
Your Own Winning Trading Business”
- With Dean Whittingham
Wednesday July 22nd, 2009
An Interview and Q & A Session With Dean Whittingham, Professional Trader & Trading Mentor
Dean has been trading the markets and studying both successful and failing traders for many years. Employing his understanding of the weaknesses in both traders and their approach, his own experience, and the traits of winning traders, he has developed a 5 step process, including the 4 T’s system that anyone can use to create and operate a winning trading business.
During this webinar you’ll dicover
- The 5 steps to ensure you have confidence in your trading
- The 4 T’s system, how it works, and how you can use it
- Example trading system turned winning trading business
Download the webinar recording by ‘right-clicking’ here
Click here for the 7-day $1 Trial
Control Your Profit and Risk Through Strategic Money Management
“Control Your Risk and Profit Through
Strategic Money Management”
With David Jenyns
Wednesday June 24th, 2009
An Interview and Q & A Session With David Jenyns, Professional Trader & Trading Coach
According to many famed traders, money management is the key to making any trading system profitable. Even with a good entry and exit strategy, how you manage the other factors is what will ultimately control your net bottom line.
Dave was trained by professional traders early in his adult life and has continued his study of trading ever since, while training others over his career as a professional trader himself.
On this webinar, you’ll discover:
* How to strategically minimize losing trades and eliminate big losses.
* The fine art of letting your profits run. Are you selling your positions too early or are you holding on too long?
* The secret to managing open positions - you too can learn this disciplined approach usually reserved only for professional traders.
Download the replay by ‘right-clicking’ here
Get “Trading Secrets Revealed 2.0″ here
Day Trading Forex Currency - What’s More Important Than Entry, Stop and Exit?
So many trading systems completely miss the most important part of being profitable.
It’s a real shame too because all they seem to focus on is the setup, stop, entry and exit.
Now to the novice trader, this is what a trading system is all about.
They think that so long as you have these four bits of information, you should be able to consistently produce profitable trades.
But if that were true, then how could it be possible for random-entry systems and coin-flip trading systems be profitable?
The key is strategic money management.
WITH sound money management, even a purely random entry system, even a trading system that chooses entries based on the flip of a coin, can be quite profitable.
Without it, even a great selective trading system can lose money.
Now there is more to it than simply setting your maximum per-trade loss, while at the same time, it isn’t that difficult - when you know what to do.
Join me and David Jenyns for a live webinar tomorrow night where you’ll discover how to control YOUR profit and risk through strategic money management.
There is no cost to attend!
You’re only cheating yourself if you don’t!
Cheers
Brian
P.S. What does this notion about money management mean for YOU?
The underlying implication is that you could probably take your existing system, even if it hasn’t been profitable for you so far and make it profitable through sound money management!
Still skeptical? That’s understandable. But there is a quick and easy way to PROVE IT to yourself with ZERO risk.
You can use this to test ANY trading system or money-management strategy completely risk-free, plus track your trading throughout the year to ensure continuous improvement and consistency.
use the coupon code 56B25A258E to save $20.00!
Day Trading Forex Currency - Opportunities in Forex Calendar Trading Patterns
“Opportunities In
The Forex Calendar Trading Patterns”
With John Forman
- Professional Market Analyst
Wednesday June 17th, 2009
An Interview and Q & A Session With John Forman, Professional Market Analyst & Trading Coach
John Forman has been teaching and coaching traders for a number of years, along with creating several very highly-acclaimed trading resources.
One project that he initiated a couple years ago was exploring the possibility of repeating calendar patterns in the currency markets.
On this webinar, you’ll discover:
- The history of John’s work in this pursuit
- His discoveries along the way
- Several of his findings that can give you a serious competitive edge in trading Forex
Replay available soon
Get John’s 238 page book by clicking here
Forex Trading Psychology - The “Buddhist Trader” Webinar
“The Buddhist Trader”
With Mercedes Oestermann Van Essen
- Author, Human Development Coach, Trader
Wednesday June 10th, 2009
An Interview and Q & A Session With Mercedes Oestermann Van Essen
Mercedes is the world renowned creator of Micro EFT - a usable everyday version of a powerful technique to utilise your personal energy and create a better life.
On this webinar, you’ll discover:
- How your conditioning creates your beliefs, and how this affects your trading
- The cognitive development process and how to identify where you are now
- What true confidence is all about
- Techniques to stay in the zone
- many other psychological aspects to trading of which you weren’t previously aware.
The webinar will be this Wednesday June 10th, 2009 at the following time:
9:00 p.m. Eastern
8:00 p.m. Central
7:00 p.m. Mountain
6:00 p.m. Pacific
For the replay, right-click here, then ’save-as’
Click here to get the “Buddhist Trader”
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