About Pipsychology

Pipsychology Author 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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January 2010

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Be Flexible As a Trader

A fundamental mistake many novice forex traders make is to forget to assess what type of market they are working with and adjust their approach accordingly.

Navy Seals
and Army rangers are trained to carry out missions on many different kinds of terrain: deserts, swamps, jungles, tundra, oceans, Pipcrawler's castle.

Without this training, their effectiveness would be limited: they'd struggle to survive on unfamiliar terrain because their skills wouldn't work (imagine a solider in white winter camouflage, trying to hide in a dark green jungle).

The first lesson they learn is how to evaluate their environment and consider what tactics and strategies from their skill set will work for where they are.

The same is true for new traders. Instead of geographic environments, you must pay attention to the market environments you are in, and use the right approaches for where you are.

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"Give me a stock clerk with a goal and I'll give you a man who will make history. Give me a man with no goals and I'll give you a stock clerk."
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