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.
Be Picky
In the foreign exchange market, there are times to trade but there are more times to not trade.
In order to achieve success as a trader, you must be alert, selective, and not chase every single pip.
Don't chase price. Be patient.
When you go to the grocery store, you usually don't buy the first apple you pick up. Instead you look at several apples, comparing their shape, color, smell, etc. In other words, you're picky.
You should apply the same approach to trading. Be picky with your trades. Take only the ones with high probability setups.
Only trade when there is a good setup which means it meets all the rules in your trading system.
Stay out of the market when if it doesn't.
You do have a system right?
If you don't see any good trade setups or the current market conditions don't fit with your trading system, stay out!
Trade only when you see something. Don't trade when you don't see anything.
Simple.
Never trade just to be in the market.
