In the previous article MASTERING
PSYCHOLOGY PART-1 we learned how emotional enemies separate us from our
future successful trader. In this article let’s see further on how to become a
successful trader psychologically.
Successful trading requires virtually every trader to change
certain habits and attitudes. In most cases, identifying and change these
attitudes is a difficult proposition. What makes you successful in business and
life is different than what makes you successful in trading. In normal
situations success comes from being able to control circumstances,
subordinates, machines and so forth. You make decisions, stick by them, make
plans work and manage your subordinates. Control is what helps make you
successful. If yo make decisions and you don’t play out the plan, you lose. You
may find yourself trying to control it with expectations and this will lead to
trouble.
As you cannot control the market, you must flow with it. You
will probably find, if you have not found this already, that you have to change
yourself to trade successfully. The reasons for this are numerous, and as I am
not here to a psychologist job by attend every trader individually, I can only
touch upon the common problem which most of the trading crowd has. Its seems
that many thongs that a person naturally matures with, and learns form years outside
of the markets, don not apply to the markets, everyone, I do not care who they
are be it some X, Y (or) Z, or what they have done be it a engineer, doctor, a
businessman, a teacher, has to change in some way to become a successful
trader. It just doesn’t come naturally.
Of the mistakes that traders make, emotion can be one of the
greatest.
In the next article we will see how the emotions like Greed,
hope and fear tamper our success.
CONCLUSION:
- When you start trading, be ready psychology to change, as this changes only make you a successful trader.
Happy trading friends.
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