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Chapter 8: Develop the Psychology of a Successful Trader

Trading psychology plays a huge role in your trading success. But most new traders don't give it the attention that it deserves. Learn how to get started here.

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Trading psychology is about 90% of success in trading.

Most beginners believe that success in trading depends on the strategy alone. If you believe that right now, then all I ask is that you consider that your psychology may have something to do with your success.

Psychology Controls…

Here are a few things that are controlled by your psychology:

  • Fear of failure
  • Fear of success
  • Your belief that you deserve money
  • How long you will stick with trading until you see success
  • How much you will practice your trading strategies
  • Your mindset after a losing trade

…and the list goes on and on.

Ultimately, your mindset will determine if you are able to stick with trading until you are successful, or if you quit.  

It's Not Your Fault

Frustrated trader

There can be elements in your psychology that are affecting your trading to a larger degree than you think.

For example, a childhood event that you currently see at no big deal, may have had more of a negative impact on you than you thought. You may have been repressing that emotion for so long that you don't realize that it's having an effect on you.

But it might be.

Therefore, it's not your fault that there are elements in your psychology that are affecting you. So don't beat yourself up about it.

But it is your responsibility to fix it…if you want to be a successful trader. Start exploring your psychology and why you act the way you do. 

Trading Psychology is a deep topic and everyone will have different issues to work through. So it's impossible to have a complete list of issues and solutions on this page.

My goals here are to:

  • Simply alert you to the fact that your psychology affects your trading more than you're probably aware of
  • Open your mind to that fact that your limiting psychological beliefs may be caused by things that you are not aware of

So the best thing that I can suggest is to pay more attention to your emotions in different situations and ask yourself where that belief or emotion might be coming from. What could be the real source?

When you can figure out the source of your undesirable actions, you are one step closer to resolving the cause and fixing the result once and for all. 

If you want to get started with upgrading your trading psychology, read these blog posts.

 

Yeah Baby!

You're on a roll, keep going. Now you'll learn how to find a broker…

Go to Chapter 9

 

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CFTC Rules 4.41 - Hypothetical or Simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, because the trades have not actually been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs, in general, are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown. Testimonials appearing may not be representative of other clients or customers and is not a guarantee of future performance or success.

 

 

 

 

 

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