Forex

There is only one rational reason to trade—to make money. Money
attracts us to the markets, but in the excitement of the new game we
often lose sight of that goal. We start trading for entertainment, as an
escape, to show off in front of our family and friends, and so on. Once
a trader loses his focus on money, his goose is cooked.
It is easy to feel cool, calm, and collected reading a book or looking
at your charts on a weekend. It’s easy to be rational when the markets
are closed—but what happens after 30 minutes in front of a live
screen? Does your pulse begin to race? Do upticks and downticks
hypnotize you? Traders get an adrenaline rush from the market, and
the excitement clouds their judgment. Calm resolutions made on a
weekend fly out the window during rallies or declines. “This time is
different . . . It’s an exception . . . I won’t put in a stop now, the market
is too volatile” are the giveaway phrases of emotional traders.
Many intelligent people sleepwalk through the markets. Their eyes
are open, but their minds are shut. They are driven by emotions and
keep repeating their mistakes. It is OK to make mistakes but not OK
to repeat them. When you make a mistake for the first time, it shows
that you are alive, searching, experimenting. Repeating a mistake is a
neurotic symptom.
Losers come in all genders, ages, and colors, but several stock
phrases give them away. Let us review some of the common excuses.
If you recognize yourself, use that as a sign to start learning a new approach
to the markets