If you can't keep your emotions in check when trading, you will lose money. Lots of it. Pipsychology was created to help minimze 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 improving your mental side of trading without boring you to death. Hopefully you can develop the mental edge you need to become the best trader you can be.
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.
You might as well take your money to Vegas instead, and gamble it away.
Once your money is all gone, at least it was entertaining.
Greed is the worst motivation for trading. The market will always punish greed and will always reward moderation.
Never try to make all of your money on one trade.
Never try to make all of your money on one trade.
If you do, you are not trading, you are gambling!
There is a fine line between traders and gamblers. When there is real money on the line, there are always those who take blind chances.
If you want to be a successful, do NOT think like a gambler, do NOT take blind chances and do NOT solely rely on luck.
Luck comes and goes just like the gambler.
It's the trader who remains.
