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.
Why You Do What You Do
I know how you feel, believe me. You're more than likely still working the "real" job to pay the bills and put treats in your and your family's mouths. Trading is an after work (or maybe during work) hobby, and happens if and when you have enough strength to keep your eyes open. You haven't gained the trading experience to take it full time, but that's the dream. And a great dream it is.
But it seems like the days are getting shorter, and there's never enough time in the day to get everything, or even a good portion of the things, done. The day starts and then runs into night even before you realize it.
Your 9-5 has turned into an 8-6, and your second job, whether that's another job, your family, or continued education, is taking precedence over you fulfilling your Forex dreams.
You wake up. Back to work.
At work you sit in your uncomfortable chair gazing at a faded monitor, realizing you're actually working to fulfill someone else's dream.
This sucks. Sip of tasteless coffee. Stretch the back. Surf the web. Check the bank account for [lack of] funds. Only another 8-9 hours and I'm out of here!
Being a full-time trader can be so much different. You're not at the mercy of your boss or company policy or departmental staff. No office to commute to, no traffic to survive. You are your own boss, your own manager, your own decision maker. You have the freedom to do what you want when you want; you are at the controls.
Trading has the power to be so motivating in the freedom it offers. Yes, you make and break your hours of operation, but it's more than that. Traders are responsible for all of their actions, and are always in complete control of what happens next. Sure the market drives us in certain directions, but we ultimately pull the trigger. When we make money, it's because of our direct action and decision making. And when we lose money, we know why, and there's no need to place blame on anybody but us. It's on always on us. That's comforting.
Trading requires that we bring something to the table. We bring together our own experiences, learned techniques, tweaked strategies, and personal trading styles in hopes of building this THING that will bring us success, bring us profits. We know it's not an instantaneous process, but that was obvious after the very first trade. But trade after trade, win or lose, we build our skills, developing our strengths and learning from our weaknesses. And at all times, it's just us, it's me, it's you, doing it all, turning that wheel, making things happen. With hard work, deep passion and the gained experience, the plan at hand starts working, and profit performance becomes consistently positive. That's what it's about.
When you work or trade for yourself, and actually enjoy doing it, it's the best feeling in the world. Sure, you have the some luxuries not present with the "real" job, but there are obstacles along the way as well. They'll always there. To preserve your lifestyle, you'll always find a way around, through or over them. But the feeling of doing it on your own can't be beat. So fight the urges to sleep, fight the urge to push it off until tomorrow. Push just that extra bit each night and work that plan until your dream is realized. This is why you're doing it. The payoff will be bigger than you can imagine.
