TRADING PSYCHOLOGY by Akil Stokes
FX
Take Control of Your Trading How A Shift in Mindset Can Equal a Shift in Results
If you’re not seeing the results that you want from your trading, you have no one to blame but yourself. Okay, maybe that’s a little harsh, but I would bet that for most traders it’s true. Many make the decision to trade not just for the dreams of becoming wealthy, but because it offers a massive amount of control. Control over their finances, control over their time, control over their decision making
and ultimately control over their future. All of this
can be achieved in the financial markets, unfortunately it rarely is. Excuses such as “I don’t have the time”, or “I never formally studied economics” are often used to justify the struggle. But the reason that so many traders struggle is because they lack control over their trading by lacking control over themselves. Taking control of your trading begins with understanding where you’re at in your trading journey. There are four stages that a trader will go
through, three of which are brief ly explained below.
Unconscious Incompetence
This is the beginning stage of trading where “you don’t know what you don’t know.” Imagine a young child exploring the world with a lot of curiosity and zero fear of the potential dangers that exist. Many traders will begin at this stage until they have the time to become more educated about
FX TRADER MAGAZINE April - June 2016 59
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