This page contains a Flash digital edition of a book.
TRADING PSYCHOLOGY


Taking a trade that meets your rules should make you proud of yourself, whether it ends with a profit or a loss. When you enter a bad trade, however, you’ll oſten find yourself feeling disappointed aſterward, because deep down you know you were not supposed to press the buy/sell button.


How to make it work?


Although the


trick I provided you with is really simple (i.e. ask yourself a question and answer it), I do want to provide you with a few tips that worked for me to implement that practice.


Te problem is, you oſten can’t trust yourself to act accordingly under stress, fear, or any other emotion. Something must be done to interrupt yourself before you push the trigger on that bad trade.


this:


Something must be done to stop you from pushing the trigger on bad trades


trading habits, you got to be willing to experiment with this.


Te easiest way I’ve found is to have a visual reminder (i.e. a paper sticked to your screen saying “Ask yourself


‘When I’ll look back at my trade at the end of the week, will I feel proud of myself or disappointed for taking it?’”).


Make that visual reminder big so you don’t miss it.


I used paper reminders with multiple things I wanted to implement in my trading, such as printing my trades, avoiding bad trades, and journaling.


Te best part is, aſter a few days/weeks of having a reminder at your trading desk, the act of asking yourself the question before entering a trade will become a habit. Tat’s where it becomes powerful!


Use a visual reminder?


Now I know, this isn’t what you see in movies. Traders don’t have those ‘reminders’ at their desks, and they still make tons of money. However, if you really want to change your bad


FX


A habit means you don’t even have to think about it and you perform the action automatically.


It’s up to you to implement


I like to keep things simple and I provided you with a simple way to stay out of bad trades.


Place a reminder in front of your computer screen & write the following:


“Before every trade ask yourself this: ‘When I’ll look back at my trade at the end of the week, will I feel proud of myself or disappointed for taking it?’”


If you are resistent to implement


this, I suggest you ask yourself why.


Forex trading is a discipline in which must experiment. You must try new things and see how you perform. Tat doesn’t mean trying new strategies all the time, but it does mean trying ways to move you toward being as consistent as possible.


Etienne Crete Founder of


DesireToTrade FX TRADER MAGAZINE January - March 2017 61


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81