In part 3 of the Price Action Traders Mindset we went over eyeing off trends and looking at impulse legs and retracements to buy or sell. Basically put, we went over how to trade trends effectively as long as they last.
In this part we focus on often a left out aspect of trading discipline and that is dealing with the mental psychology of trading. This is often the biggest element or hurdle for many traders and often this is a component that makes traders leave this industry.
Let me be blunt here, trading is emotional, many of us are hard wired to be competitive yet in order to be truly successful in this business we must form a mental perspective to understanding that this is a process of winning and losing trades as we build the account.
Now let me blunt again, if you come into Forex thinking that you must win all your trades, well then good luck my friend, this business is not for you and that is certainly not a way of making money in this business. You have to focus on overall gain, not so much in overall success ratio.
I for one would much prefer to make my $2000 dollars a month having more losses with smaller risk than make $1000 dollars a month with only a few losses with bigger risk.
This Basically is all about looking at yourself, assessing yourself as a trader, heck even assessing yourself as another human being, the animal that we are in the animal kingdom. None of us is perfect and in a way that is what makes all of us all perfect and special in our own ways.
Trading is but a psychological hurdle, I have faith that anyone that wants trading as there dream can pass this hurdle as well. Keep it simple people, follow your strategy and stick to the process.
Above – In the Video above I go over the process of Psychology in Trading. ( We all go through it.. )
In part 5 of Price Action Traders Mindset I will go over the aspect of building the belief system in trading with your strategy. In a nutshell,l I will go over what tools should you use to get confidence with your strategy, how to know if you strategy does indeed work and build that confidence and belief system around that… Then lastly, to act on that belief. In order to get this video update as soon as it is available you should consider subscribing to get details of it as soon as it is available.
Thanks for watching, keeping up with this series and I appreciate all the likes and support.. If you have a friend you know that will benefit from this video as well then share it with them as well.