Concentrate or Lose Money
You can be highly motivated to trade, have abundant capital, and a dummy-proof trading system, but if you don't apply your FULL concentration to the trade that you have on at the moment, you'll rarely make profits.… More…
About Pipsychology
If you can't keep your emotions in check when trading, you will lose money. Lots of it. Pipsychology was created to help minimize this from happening to you. The most significant action that you can do to improve trading profits is to work on yourself. Really knowing yourself and how you think can give you an edge that others in the market don't have. My goal is to share practical advice to improve your forex psychology without boring you to death. Hopefully you can develop the mental edge you need to become the best trader you can be.
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Pipsychology
Are you a trader or gambler?
Why do you trade? Let me guess...Because you want to make a crapload of money and be able to buy anything you wish? While this is a perfectly valid reason, it will most likely lead to excessive greed and ultimately lead to your trading account's destruction. … More…
Forget that Perfect Trade
Some traders are so obsessed with trying to find the perfect trade that they end up not trading enough to come out profitable. Trading is not the line of work you want to be if you're a perfectionist. … More…
100% Responsibility
Just like in life, as a trader, you must be the only one responsible for your own decisions and actions. You're the only one who has to live with the consequences of the decisions that you made. … More…
Acting on Impulse
Have you ever ditched your trading plan? If not, you should read this anyway because you're most likely lying. If you have, why do you think you're so "unfaithful"?… More…
Be Humble
Almost everybody is familiar with Muhammad Ali. He is known as one of the greatest, if not the greatest boxer ever. And while he was well known for his boxing skills, he was equally famous for his proud and showy behavior. But if Ali was a forex trader, he probably would've been knocked out quickly and had his wallet emptied...by the market. … More…
You don't have to win every battle, just the war.
It's easy to get caught up in daily defeats. Your trading strategy isn't working. You're losing money hand over fist even though you know your system works and you're following all the rules. Forex Reviews… More…
Run Your Own Race
Many years ago, horsemen invented blinders to keep their horses focused on their work. Blinders are pieces of leather attached to the horse's bridle that prevent them from seeing anything except what's in front of them. Without blinders, a horse can see almost completely behind itself without turning it's head and can be easily spooked by movement or objects it doesn't recognize.… More…
Feeling Pressure? Take a Chill Pill.
You're like a deer in the headlight staring at your screens, frozen, and you don't know of what to do next. You feel the pressure to perform. You haven't made a winning trade all week. … More…
Plan the Trade, Trade the Plan, or Else
Successful traders have rock solid discipline. They plan every one of their trades, then they simply their trade their plans. It may be tempting to trade by the seat of your pants, but if you don't develop clearly defined trading plans to follow, and follow them consistently, you'll have difficulty making consistent money as a trader.… More…
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