Introduction You need to be aware of your tendency to sabotage yourself. Stop blaming your losses on bad luck or on others, and take responsibility for the results. This is proper trading psychology. Start keeping a diary - a record of all your trades, with reasons for entering and exiting them. Look for repetitive patterns of success and failure. Those who do not learn from the past are condemned to repeat it. Your feelings have an immediate impact on your trading account. You may have an incredible trading system, but if you FEEL frightened, arrogant, or upset, your account is sure to suffer. When you recognize that a gambler's high or fear is clouding your mind, STOP TRADING! Your success or failure as a trader depends on controlling your emotions. In this section we won't delve into "controlling your fears" or how to "find yourself". There are plenty of self-help books out there to help you stiffen your general psychological state. However, we will look at how to read the markets psychological state through the use of technical indicators and recognised technical analysis theories. We'll also study the psychology of money management and how to manage trading positions as part of a trading strategy. Contents: |
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Introduction You need to be aware of your tendency to sabotage yourself. Stop blaming your losses on bad luck or on others, and take responsibility for the results. This is proper trading psychology. Start keeping a diary - a record of all your trades, with reasons for entering and exiting them. Look for repetitive patterns of success and failure. Those who do not learn from the past are condemned to repeat it. Your feelings have an immediate impact on your trading account. You may have an incredible trading system, but if you FEEL frightened, arrogant, or upset, your account is sure to suffer. When you recognize that a gambler's high or fear is clouding your mind, STOP TRADING! Your success or failure as a trader depends on controlling your emotions. In this section we won't delve into "controlling your fears" or how to "find yourself". There are plenty of self-help books out there to help you stiffen your general psychological state. However, we will look at how to read the markets psychological state through the use of technical indicators and recognised technical analysis theories. We'll also study the psychology of money management and how to manage trading positions as part of a trading strategy. Contents: |
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