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 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 ("I am the greatest!"). His behavior proved to be definitely effective in boxing since it boosted his own confidence while at the same intimidated his opponents. But if Ali was a forex trader, he probably would've been knocked out quickly and had his wallet emptied...by the market.
As a trader, you have to learn how to be humble when trading the market.
When you become successful you feel invulnerable... until the market quickly puts you back into your place.
The best trade sometimes is the one not taken. The best thing to do sometimes is too walk away. Always be humble, no matter if you are running a $1,000 micro or a million dollar standard account.
The market will take your money equally, it does not discriminate.
Always treat the market with respect. If you respect and listen to the market, it will give you the answers that you seek.
It is only you and the market. No matter what you think or what happens, the market is always right!
Only you can be wrong. Learn humility and be humble, respect and listen to the market and iou will become a successful trader.
Never let success get to your head because the market will punish you for your arrogance. Always be thankful for the lessons the market teaches you, no matter what the price is.
Related Posts:
- Don't Overtrade 06:00 14 July 2009
- Learn to like losses 01:15 26 August 2008
- Forcing Trades 03:15 11 November 2009
- You can't handle the truth! 14:02 03 March 2008
- It's Not the Size of the Fish But... Oh, Wait 14:30 22 April 2008
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Forex Blog: Pipsychology
Thanks DrPipslow for this added insight into the trader's psychology. It's important to realise that whether the trade is a winner or a loser, the main thing is the lesson learned. Today I had only 2 trades, which I unfortunately scalped where bigger profits were available. However, the most productive part of my day was spent going over babypips school sections. I often find when I'm reading about trading instead of watching my trades too closely, they usually come round to profit. Too often have I honed in, instead of taking the birdseye view, just to panic and close out or move stops too tight. I don't know what I'll do when I finish at the School of Pipsology! :-)
Apologies. I meant to place the above post in the "You don't have the win every battle, just the war" thread.
:-/
HI! This is a great site. I surely will learn a lot more here. Keep up the good work guys.
Just a few questions...you mentioned about the market speaking / talking to us...so how do we learn to listen (the language the market speaks) to the market? And how are we going to follow what the market is telling us to do...so we can profit in the sense? What particular school lessons I have to learn in order for me to be able to follow and listen to the market?
Thanks so much and good luck with our trading.
Mike G.