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.
Trade One at a Time
Never try to trade everything you see. Keep your trading activity limited.
Focus only on the highest probability set-ups.
Concentrate on one trade at a time so you can give it the undivided attention it needs.
A common mistake made by traders is trying to take on too many positions at once. They will have open positions on four different currency pairs simultaneously.
It is extremely dangerous when you have multiple positions at once because your concentration is then splintered between your positions, and if you lose focus at the wrong time, there goes your money!
Inexperienced traders also believe that a higher number of positions will translate into higher profit. "If I open positions in multiple pairs, one of them will win big." Too bad this type of thinking usually leads them to losing big instead.
Understand that you are only human and can realistically focus only on a small number of opportunities. When trying to decide between several trades, pretend you are picking fruit. Look at all them but only pick the best looking one.
Trade one at a time.
Trading one position at a time won't guarantee that you'll consistently earn profits. I will guarantee that you will minimize your losses and will keep you in the forex game longer. Hopefully long enough to where you are able to consistently earn profits.
