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Casual Articles - FOREX Trading Psychology: Learn To See The Line Between The Trading Plan And Your Emotional Impulses
The REAL reason that Federal Employees don't do their job well? Veterans won't help them!Almost everyone who has worked for someone else faces an annual ritual. You sit in front of your boss and listen to your performance “rating”. Most of the time, that “rating” determines if you are going to get a raise.Well, oddly enough, Federal employees face the same annual challenge. And what is one of the things that determine how well a Federal employee does their job? It is “How much money did you spend with Veteran-owned busine
The only way to alleviate the contradictions between your emotional self and the heavily trained brain is to learn how to give them priority over time.
As a beginner, you simply cannot have the emotional experience to “feel” anything related to the market processes and therefore it is advisable to rely completely on the mechanism
Indeed, you really do need to hone your skills at self-discipline and become a virtual Zen Master if you truly want to succeed in the fluid Forex market. Trading 24 hours per day (the market does close from Friday afternoon until Sunday) thanks to a network of inter-linked computers in financial institutions around the world, the Forex market is by far the largest and literally dwarfs the commodities and futures markets. Nearly 1.8 trillion dollars change hands each day and you can profit from the interchange of currencies—if you can cont
You can easily find loads of charts, pivot points, moving averages, trend lines and all sorts of Fibonacci ratios, together with the latest in trading automation. Any FOREX website publishes some or all of these data, along with myriads of other details, interviews and opinions.
You may even get entry and exit signals, support and resistance levels, all of which could appear as sufficient in the decision making process.
I was under the same impression as a beginner, I was at the same level as an intermediate trader and only heavy losses and low risk/reward decisions made me look for a different approach to trading.
If you are aware of the importance of having a trading plan for each trade you plan to initiate, then you must be familiar with moments of doubt, when following the opening of the trade, the market goes awry, together with your emotions and self-esteem.
Do you feel frustrated? Join the vast club of frustrated professional FOREX traders.
When you see the market moving against all odds and logic, your emotional self cries for an immediate position reversal (SHORT from LONG and vice-versa), in a complete disregard of your own trading plan.
On the other hand, all your training books, videos and mentors have pumped the “trading plan supremacy” into your brain.
While the viable solution seems to reside in the robotic way of trading the plan, a professional operator must learn to listen to his or her “hidden partner”, the subconscious.
Our brain is capable of storing immense quantities of data, without us being aware of it. Our five senses perceptions are in constant use and they permanently add to our overall life experience. While our subconscious is capable of dealing with all this seamlessly, the conscious mind has only a very limited operational capacity, primarily used to help us dealing with our daily tasks.
As we trade, ALL our experiences are deposited deep within our brain, slowly building up what I call the unseen analyst. This is what you may call the sixth sense or the instinct traders develop as they progress.
As the name of the game with FOREX trading is VOLATILITY and 80% of all trades do not last more than 2-3 days, with the vast majority of them being daytrades, it is easy to accept that conditions can and will change in a heartbeat, rendering most trade plans obsolete.
The only way to alleviate the contradictions between your emotional self and the heavily trained brain is to learn how to give them priority over time.
As a beginner, you simply cannot have the emotional experience to “feel” anything related to the market processes and therefore it is advisable to rely completely on the mechanisms
As mentioned in previous articles from this author, as well as many of the greats such as W.D. Gann, one of whom I actually learned the concept from, TIME is an important element in making profits in the Futures or Equities market. It is the deep belief and opinion of this author/trader that this element should be available FIRST before even considering anything else. The second element, and one which completes all the requirements of market information needed, is of course PRICE.The markets are moved by perceptions of a large mass o
If you are aware of the importance of having a trading plan for each trade you plan to initiate, then you must be familiar with moments of doubt, when following the opening of the trade, the market goes awry, together with your emotions and self-esteem.
Do you feel frustrated? Join the vast club of frustrated professional FOREX traders.
When you see the market moving against all odds and logic, your emotional self cries for an immediate position reversal (SHORT from LONG and vice-versa), in a complete disregard of your own trading plan.
On the other hand, all your training books, videos and mentors have pumped the “trading plan supremacy” into your brain.
While the viable solution seems to reside in the robotic way of trading the plan, a professional operator must learn to listen to his or her “hidden partner”, the subconscious.
Our brain is capable of storing immense quantities of data, without us being aware of it. Our five senses perceptions are in constant use and they permanently add to our overall life experience. While our subconscious is capable of dealing with all this seamlessly, the conscious mind has only a very limited operational capacity, primarily used to help us dealing with our daily tasks.
As we trade, ALL our experiences are deposited deep within our brain, slowly building up what I call the unseen analyst. This is what you may call the sixth sense or the instinct traders develop as they progress.
As the name of the game with FOREX trading is VOLATILITY and 80% of all trades do not last more than 2-3 days, with the vast majority of them being daytrades, it is easy to accept that conditions can and will change in a heartbeat, rendering most trade plans obsolete.
The only way to alleviate the contradictions between your emotional self and the heavily trained brain is to learn how to give them priority over time.
As a beginner, you simply cannot have the emotional experience to “feel” anything related to the market processes and therefore it is advisable to rely completely on the mechanism
How many times have you read an entire ebook you get for free?Does the information in the ebook contain good or enough valuable information that you consider worthwhile reading for?In these two questions, my answer will be "very few"Most of the ebook you've seen out there for free doesn't contain much of good information. Why? Because they are doing affiliate program or they are promoting their own product.There are so many links inside the ebook, when you click one or two of them and buy the product, they earn
On the other hand, all your training books, videos and mentors have pumped the “trading plan supremacy” into your brain.
While the viable solution seems to reside in the robotic way of trading the plan, a professional operator must learn to listen to his or her “hidden partner”, the subconscious.
Our brain is capable of storing immense quantities of data, without us being aware of it. Our five senses perceptions are in constant use and they permanently add to our overall life experience. While our subconscious is capable of dealing with all this seamlessly, the conscious mind has only a very limited operational capacity, primarily used to help us dealing with our daily tasks.
As we trade, ALL our experiences are deposited deep within our brain, slowly building up what I call the unseen analyst. This is what you may call the sixth sense or the instinct traders develop as they progress.
As the name of the game with FOREX trading is VOLATILITY and 80% of all trades do not last more than 2-3 days, with the vast majority of them being daytrades, it is easy to accept that conditions can and will change in a heartbeat, rendering most trade plans obsolete.
The only way to alleviate the contradictions between your emotional self and the heavily trained brain is to learn how to give them priority over time.
As a beginner, you simply cannot have the emotional experience to “feel” anything related to the market processes and therefore it is advisable to rely completely on the mechanism
There’s no job description that says “Stand in the booth and hand out brochures”, so it’s important that for each show each staff member receives training. Just because you can sell well doesn’t mean you can sell well in this unique marketing environment.How? Get everybody in a room and lecture to them. Wrong! Whether using a professional trainer or doing it yourself, here are FIVE TIPS to develop better booth staff:There’s no job description that says “Stand in the booth and hand out brochures”, so it’s important that for eac
As we trade, ALL our experiences are deposited deep within our brain, slowly building up what I call the unseen analyst. This is what you may call the sixth sense or the instinct traders develop as they progress.
As the name of the game with FOREX trading is VOLATILITY and 80% of all trades do not last more than 2-3 days, with the vast majority of them being daytrades, it is easy to accept that conditions can and will change in a heartbeat, rendering most trade plans obsolete.
The only way to alleviate the contradictions between your emotional self and the heavily trained brain is to learn how to give them priority over time.
As a beginner, you simply cannot have the emotional experience to “feel” anything related to the market processes and therefore it is advisable to rely completely on the mechanism
Buying a business is an important move and a life changing experience. Checking the financials of a business is the first step of course when making a decision to purchase. Ensuring that there is adequate cash flow to support the business, support you as the owner, and pay off the debt in a reasonable amount of time makes sense. But the next step that is at least equally important is making sure that the business is the right fit for you, the new owner. Make sure that you wake up in the morning say to yourself “I get to go to work toda
The only way to alleviate the contradictions between your emotional self and the heavily trained brain is to learn how to give them priority over time.
As a beginner, you simply cannot have the emotional experience to “feel” anything related to the market processes and therefore it is advisable to rely completely on the mechanisms of a trading plan.
At this stage, take your time to learn how to interpret the charts, prepare yourself according to the daily economic calendar and how to construct a comprehensive trading plan. Once you took a trading decision, stick with it, no matter what. At this stage, you are a robot, implementing a trading strategy.
Your emotional weight should be nonexistent in the economy of the trade.
As you progress along the path of becoming a professional FOREX operator, your unseen analyst will start adjusting your trading decisions, silently participating in your trading decision process.
It is now the time to make room to your “feel”, to accommodate your growing sentiment of “feeling the market”.
Your emotional weight should now become an accepted presence.
You will soon learn how to adjust this “mix” in a way to achieve the optimal trading performance.
Bogdan VASILE
Professional FOREX trader and owner of FOREX educational website Forex-Arena.com
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