The Psycholology of Electronic Trading
When I first decided to leave my corporate life of 10 over years and to trade
on a full time basis from home, I just had to make sure I get the most sound
advice from professionals who are trading for a living. Fortunately for myself,
a very dear friend of mine and her husband are professional traders for a long
time. They shared tips with me and I was given this great book "The Psychology
of Electronic Trading - The Power to Trade" by Brendon C W Seeto. This book has
NOTHING to do with the markets, no fundamentals, no technicals but it contains
all the vital skills required for a person to be a successful trader.
Each of us are of different personality, some could be compelling gamblers going
for short term thrills, others could be in the long haul for investing purposes
and YES, the common ground each of us have is to achieve financial gains from
the market. BUT, the key to successful trading lies in two major areas : 1) our
trading method/knowledge, etc AND 2) understanding and controlling of our own
personal self.
For me, my objective is to gain financial success from the market, there's no
thrill involved here and basically, I have no emotional attachment towards the
market. So when my positions are at paper loss, yes, I do get unhappy that I
cannot close my positions to achieve my main objective, but HEY, there is
NOTHING I CAN DO! I can't control the market, I will stick by my initial
strategy and be PATIENT and wait for market to correct or to move my way. And
what makes it even better is that I am already using a forex strategy tool that
is helping me plan my trade with minimal risk involved. So, what more do I need
to do?
So fellow traders out there, even if you are not using this strategy tool,
sometimes we need to really understand ourselves and not let our emotion take
control of our strategy in trading
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