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Trading Psychology

Psychology plays a significant role in trading as it does in a game of poker, or even in athletics, such as tennis or football. Mastering the psychology of trading is one of the most difficult elements of learning how to trade on the market.

Besides gaining the basic knowledge of the market’s structure and the ability to understand how the economic machine works, the idea of trading, in the end, is that you don’t lose. The ability to control your emotions and maintain discipline is the most important thing you can do. A trader must learn to contend with market challenges of individuals and the crowd psychology in order to progress from a novice to an expert.

If you want to turn a profit when investing in different asset classes, such as currencies, indices, equities, commodities, or bonds, you have to understand that trading is primarily a game of psychology. Only the toughest players survive it. The real edge separating professional traders (those who make a living from trading) from failed traders is clearly their mental approach to the market.

What You Need To Become a Successful Trader

Consistent practice and focus are required to become great at nearly anything, including trading. This practice requires patience, discipline, determination, and most important of all, the ability to control your emotions. The number one question I receive constantly from traders is ‘‘How do I become a professional trader?’’

Read full article (FX Trader Magazine, July 2015 | p 36-41)