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FX TRADING PSYCHOLOGY


As I mentioned in the beginning of this article, the concept with which traders often struggle is that a certain level of effort and a certain amount of time should bring a certain type of reward. Somehow it


is hard for most


The market can be a powerful drug and there is a real risk that you could become addicted


This is one of the reasons why it is


very important for traders to


understand some specific aspects of the market, which they have to adapt to.


5. The Necessity Of New Trading Rules


To be able to survive in this unstructured, unstable and unpredictable market, it is critical to establish new rules


often embark on this career to avoid rules, and therefore the whole process can be quite hard to set up. In fact, a trader at home can wake up whenever he wants, trade whenever he wants, he has no boss, and these might be the primary reasons for which he started trading in the first place.


Rule № 3 to adapt


your behavior and decisions. You will have to be able to follow those rules in a calm state of mind. You might have an intuition about where


the market is going, and


you may be right, but you need to apply some mechanics to your trading, to set trading rules and mechanisms that trigger certain behaviors. Unfortunately traders


36 FX TRADER MAGAZINE January - March 2019


Be prepared to be blown away more than a couple of times. But be also prepared to receive huge rewards in a very


short time. Continue


training and establishing trading rules. Never start a trade without setting Money Management rules (we will cover this is a next article). If you still think you are bigger and smarter than the Market, then walk away before your ego gets you crushed by the waves.


people’s mind to grasp the idea that we can make a boatload of money in a day, or in a couple of hours, or even in 5 minutes! This is hard to imagine if you haven’t experienced it once. Somehow your mind is not accustomed to the idea. And most people aren’t ready for this.


This is the reason why a trader who had made close to half a mil lion dol lars in a month subsequently lost it al l during the next month.


It was


just against his ethics, and certainly against anything he had managed to achieve before that. He was not prepared for this experience.


Finally, I would like to conclude this


first you that is


article by reminding the market


always


right and you will not be able to outsmart it one hundred percent of the time. The market is vast and deep like the sea and you are just a windsurfer at its mercy. You will need to respect and adapt to its power while tr ying to catch a profitable wave.


Rodolfo Festa Bianchet


Founder and CEO of Trade Interceptor ThinkMarkets


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