UNDERSTING THE PSCHOLOGY OF TRADING IN THE FOREX MARKET.

In the forex market, it is not enough to say that we are traders but we have to also understanding that trading is an act that really takes time to master and to that end, we have to put in enough time in reading and studying the materials that have to do with market and implement them in trading so that we will become better trader as a result of the progress that we are making while we are trading. So, the following are non-negotiable: studying, practicing, patience, focus, commitment and personal discipline.......  

SIX BEHAVIORS OF AN UNSTOPPABLE FOREX TRADER

Being a successful trader isn’t easy. In addition to sickening discipline, patience and passion, it requires the kinds of habits that most people simply don’t possess. Whilst every pro trader is different, we all have a lot in common, because there are certain behaviours that all successful traders must have to make consistent money in the market.

This is by no means an all-inclusive list, but the following six behaviours or traits, are shared by all ‘unstoppable’ traders and you’ll need to adopt them if you want to become a successful trader yourself…

1. They do not react solely based on one trade’s outcome

All kinds of thoughts and feelings can consume you after a trade finishes. You may feel discouraged, distraught, even desperate after a losing trade, conversely, you might feel cocky, super-intelligent, or feel like you’re on top of the world after a winning trade.

If there is one roadblock to trading success that you need to get past in order to become an unstoppable trader, it is being affected by the outcome of any one trade and reacting emotionally because of it. Professional traders treat each trade as simply another execution of their trading edge, with little to no emotional attachment to its outcome. This is easily accomplished by remembering the following facts:

2. They are confident, but not irrationally so

Confidence is critical to become a successful trader. You have to believe in yourself, in your trading strategy and in your ability to follow it and remain disciplined. Confidence means you behave in-line with the realization that if you stay true to your trading method and stay disciplined, over a large enough sample size of trades you will come out profitable.

Confidence means that when you hit multiple losers in a row, as happens to even the best traders, you don’t second-guess yourself or your trading method, but you stick to the plan and keep executing. As I stated above, you cannot become overly-affected by the outcome of any one trade, this means you have to be confident and ignore the impulses to over-trade or load up on risk. You have to be confident that you have the ability to be a ‘badass trader’ who can outlast all the weak people who give in to their emotions and blow out their accounts. If you don’t believe this in your heart, you will give in as well, and fall prey to your own shortcomings.

Confidence also means you know what you’re trading strategy is and what you’re looking for in the market. You know when a high-quality trade setup worth risking your money on is present. You can only gain this confidence by learning how to trade properly and getting a solid trading education. Once you learn how to read and trade the price action, you will be off and running. I can provide the ‘training wheels’ and when you’re ready, you can take them off and trade on your own. Only true understanding of price action and market dynamics will make you a confident trader.

Confidence does mean feeling invincible or like you’re the ‘best trader in the world’. All traders have losses, and the best traders know it and plan for it, even in the midst of a winning streak. They do not become arrogant, but they remain at a steady even-keeled mental state with a happy balance of confidence and respect for the inherent semi-randomness in the market.

3. They do ‘nothing’ very well

Knowing when not to trade is just as important as knowing when you should trade, they are functions of each other. Successful traders know that they will be out of the market more than they are in it, and they are fine with that. They have mastered the art of patience and have come to realize that patience is profitable. You do not make money by always being in the market, exposing yourself to risk of loss. You make money by taking carefully planned and timed risks that have a good risk reward and a high probability of working in your favour.

This doesn’t mean every trade will work out, as even the best looking setups can and will fail sometimes. It means that as a trader, you are playing a game of probabilities, and to put the probabilities in your favour, you shouldn’t always be in the market, because if you are, you’re just gambling. If you know anything about gambling at the casino, the probabilities are not in your favour, unless you have an edge (like card counting in Black Jack). Trading is no different, if you don’t use your trading edge (price action) properly, you will be trading with the odds against you, not in your favour.

In order to trade with the odds in your favour, you have to wait patiently for obvious trade setups to come along, and as they don’t come along every day, you will be out of the market, doing nothing, or something else (hobbies, day job, etc.) more than you’re in the market. Unstoppable traders don’t mind doing nothing for days or even weeks, waiting for that next good setup to take a stab at.

4. They sleep well at night

Sleep is important for everything, trading included. Sleep gives your brain and body the rest they need to be in the best possible condition to trade successfully. Also, if you’re trading properly, i.e., not risking too much, not over-trading, following your trading plan with discipline, you will have no problem going to sleep with a live trade on and not worrying about it. If you stay up all night worrying and looking at your trades, you’re going to lose valuable sleep and you’ll increase your chances of making a stupid trading mistake both as a result of over-thinking the trade and being tired. Go to bed and get some rest, the market will be there tomorrow, let the market do the ‘work’ while you relax; be a lazy trader..

5. They love trading, but aren’t addicted to it

Unstoppable traders are trading ‘nerds’. They love talking about the charts and about various markets with other traders (my trader’s discussion forum is great for this). But, and this is a big BUT, they are not addicted to trading. These are two different things…

Loving trading means, you love trading properly. Meaning, you love the discipline, the patience, the observation of charts while waiting for a trade if there’s no obvious one to take. There’s nothing wrong with watching the markets and observing the price action as long as you don’t let it influence you to take what I call a ‘stupid trade‘. The best traders love trading, but they don’t let this love become tangled up with being addicted to being in the market, because they know that trading success is the result of discipline and patience, and trading success is what they want.

6. They are constantly learning about trading and themselves

Any seasoned trader will tell you that trading is the ultimate test of one’s ability to control themselves. If you decide to take the journey of a trader, you are going to learn not only about the market and price action, but also a lot about yourself. Traders are by nature thinkers and are usually somewhat solitary people, but they must also become masters of self-control and logical / objective thinking, which is very hard for most people to achieve with their hard-earned money on the line.

So, to become an unstoppable trader, you have to know yourself and you have to master yourself in addition to your trading strategy. You will never stop learning about yourself or about the market, as long as you trade. But, you have to start somewhere and you have to build a solid foundation under you to get started properly. If you’re committed, you might consider taking my trading course and learn how I trade and what has worked for me over the years… doing so will set you off on your trading journey with the proper tools and knowledge you need to develop into the best trader and version of yourself that you can be.

YOU CAN TRADE FOREX PART-TIME AND BE SUCCESSFUL.

You’re a busy person. You have a lot going on in your life. But, you are very interested in the opportunities provided by the market and you are wondering if you can somehow successfully fit trading into your daily routine. You’ve read a lot about trading and it seems very time-intensive and basically like another full-time job. So the question becomes, can you trade successfully part-time, and if you can, will it help or hurt your trading results?

The short answer is, yes, you can be successful trading part-time. In fact, it could actually be very beneficial to your trading. In this lesson, we will discuss how you can fit trading into your busy schedule and how it can actually improve your trading results and make you a better trader.

How to trade around your busy schedule

Despite what you might think or may have read on some online trading forum, you do not need to be at your charts for hours and hours each day. The way that I trade requires only 30 minutes to an hour of your time each day, that’s it.

How’s this possible you ask? The answer is simple; focusing on the daily chart time frame. Whether you have a job, business, full-time school or just a ‘busy routine’, the daily chart time frame is the key here. By focusing on the daily chart, you only have to check the charts once per day if you want, twice if you’re feeling ‘ambitious’.

The New York close occurs at 5pm NY time and it represents the close of the current Forex trading day and then the next one begins. The daily chart close is really the most important closing price of the day, because it shows you what happened that day in one price bar. If a price action signal formed, you will see it on the daily chart after the New York close. This makes the whole process of analysing and trading the market very simple, quick and easy; if you see a signal that day that meets your trading plan criteria, you place the trade and walk away until tomorrow. If no signal formed, you walk away and check again the next day.

This is basically how you can use the daily chart time frame to fit trading in around whatever busy schedule you have. Also, don’t worry if you don’t live in the New York time zone. I get emails every day from people asking me what they should do if they live elsewhere. It’s simple, you just pick a time that’s convenient for you each day to analyse the daily chart time frames. If you want to check the markets twice a day then just do it in the morning and in the evening, no more than 20 to 30 minutes each time. If you do this, trading should not cost you more than 1 hour per day.

You’re a busy person. You have a lot going on in your life. But, you are very interested in the opportunities provided by the market and you are wondering if you can somehow successfully fit trading into your daily routine. You’ve read a lot about trading and it seems very time-intensive and basically like another full-time job. So the question becomes, can you trade successfully part-time, and if you can, will it help or hurt your trading results?
The short answer is, yes, you can be successful trading part-time. In fact, it could actually be very beneficial to your trading. In this lesson, we will discuss how you can fit trading into your busy schedule and how it can actually improve your trading results and make you a better trader.

How to trade around your busy schedule

Despite what you might think or may have read on some online trading forum, you do not need to be at your charts for hours and hours each day. The way that I trade requires only 30 minutes to an hour of your time each day, that’s it.
How’s this possible you ask? The answer is simple; focusing on the daily chart time frame. Whether you have a job, business, full-time school or just a ‘busy routine’, the daily chart time frame is the key here. By focusing on the daily chart, you only have to check the charts once per day if you want, twice if you’re feeling ‘ambitious’.
The New York close occurs at 5pm NY time and it represents the close of the current Forex trading day and then the next one begins. The daily chart close is really the most important closing price of the day, because it shows you what happened that day in one price bar. If a price action signal formed, you will see it on the daily chart after the New York close. This makes the whole process of analysing and trading the market very simple, quick and easy; if you see a signal that day that meets your trading plan criteria, you place the trade and walk away until tomorrow. If no signal formed, you walk away and check again the next day.
This is basically how you can use the daily chart time frame to fit trading in around whatever busy schedule you have. Also, don’t worry if you don’t live in the New York time zone. I get emails every day from people asking me what they should do if they live elsewhere. It’s simple, you just pick a time that’s convenient for you each day to analyse the daily chart time frames. If you want to check the markets twice a day then just do it in the morning and in the evening, no more than 20 to 30 minutes each time. If you do this, trading should not cost you more than 1 hour per day.
Now, let’s talk about the awesome ‘hidden’ advantages of spending so little time in front of your charts…
- See more at: http://www.learntotradethemarket.com/blog/part-time-trading-improve-your-results#sthash.SEHvVee4.dpuf

You’re a busy person. You have a lot going on in your life. But, you are very interested in the opportunities provided by the market and you are wondering if you can somehow successfully fit trading into your daily routine. You’ve read a lot about trading and it seems very time-intensive and basically like another full-time job. So the question becomes, can you trade successfully part-time, and if you can, will it help or hurt your trading results?
The short answer is, yes, you can be successful trading part-time. In fact, it could actually be very beneficial to your trading. In this lesson, we will discuss how you can fit trading into your busy schedule and how it can actually improve your trading results and make you a better trader.

How to trade around your busy schedule

Despite what you might think or may have read on some online trading forum, you do not need to be at your charts for hours and hours each day. The way that I trade requires only 30 minutes to an hour of your time each day, that’s it.
How’s this possible you ask? The answer is simple; focusing on the daily chart time frame. Whether you have a job, business, full-time school or just a ‘busy routine’, the daily chart time frame is the key here. By focusing on the daily chart, you only have to check the charts once per day if you want, twice if you’re feeling ‘ambitious’.
The New York close occurs at 5pm NY time and it represents the close of the current Forex trading day and then the next one begins. The daily chart close is really the most important closing price of the day, because it shows you what happened that day in one price bar. If a price action signal formed, you will see it on the daily chart after the New York close. This makes the whole process of analysing and trading the market very simple, quick and easy; if you see a signal that day that meets your trading plan criteria, you place the trade and walk away until tomorrow. If no signal formed, you walk away and check again the next day.
This is basically how you can use the daily chart time frame to fit trading in around whatever busy schedule you have. Also, don’t worry if you don’t live in the New York time zone. I get emails every day from people asking me what they should do if they live elsewhere. It’s simple, you just pick a time that’s convenient for you each day to analyse the daily chart time frames. If you want to check the markets twice a day then just do it in the morning and in the evening, no more than 20 to 30 minutes each time. If you do this, trading should not cost you more than 1 hour per day.
Now, let’s talk about the awesome ‘hidden’ advantages of spending so little time in front of your charts…
- See more at: http://www.learntotradethemarket.com/blog/part-time-trading-improve-your-results#sthash.SEHvVee4.dpuf

You’re a busy person. You have a lot going on in your life. But, you are very interested in the opportunities provided by the market and you are wondering if you can somehow successfully fit trading into your daily routine. You’ve read a lot about trading and it seems very time-intensive and basically like another full-time job. So the question becomes, can you trade successfully part-time, and if you can, will it help or hurt your trading results?
The short answer is, yes, you can be successful trading part-time. In fact, it could actually be very beneficial to your trading. In this lesson, we will discuss how you can fit trading into your busy schedule and how it can actually improve your trading results and make you a better trader.

How to trade around your busy schedule

Despite what you might think or may have read on some online trading forum, you do not need to be at your charts for hours and hours each day. The way that I trade requires only 30 minutes to an hour of your time each day, that’s it.
How’s this possible you ask? The answer is simple; focusing on the daily chart time frame. Whether you have a job, business, full-time school or just a ‘busy routine’, the daily chart time frame is the key here. By focusing on the daily chart, you only have to check the charts once per day if you want, twice if you’re feeling ‘ambitious’.
The New York close occurs at 5pm NY time and it represents the close of the current Forex trading day and then the next one begins. The daily chart close is really the most important closing price of the day, because it shows you what happened that day in one price bar. If a price action signal formed, you will see it on the daily chart after the New York close. This makes the whole process of analysing and trading the market very simple, quick and easy; if you see a signal that day that meets your trading plan criteria, you place the trade and walk away until tomorrow. If no signal formed, you walk away and check again the next day.
This is basically how you can use the daily chart time frame to fit trading in around whatever busy schedule you have. Also, don’t worry if you don’t live in the New York time zone. I get emails every day from people asking me what they should do if they live elsewhere. It’s simple, you just pick a time that’s convenient for you each day to analyse the daily chart time frames. If you want to check the markets twice a day then just do it in the morning and in the evening, no more than 20 to 30 minutes each time. If you do this, trading should not cost you more than 1 hour per day.
Now, let’s talk about the awesome ‘hidden’ advantages of spending so little time in front of your charts…
- See more at: http://www.learntotradethemarket.com/blog/part-time-trading-improve-your-results#sthash.SEHvVee4.dpuf

You’re a busy person. You have a lot going on in your life. But, you are very interested in the opportunities provided by the market and you are wondering if you can somehow successfully fit trading into your daily routine. You’ve read a lot about trading and it seems very time-intensive and basically like another full-time job. So the question becomes, can you trade successfully part-time, and if you can, will it help or hurt your trading results?
The short answer is, yes, you can be successful trading part-time. In fact, it could actually be very beneficial to your trading. In this lesson, we will discuss how you can fit trading into your busy schedule and how it can actually improve your trading results and make you a better trader.

How to trade around your busy schedule

Despite what you might think or may have read on some online trading forum, you do not need to be at your charts for hours and hours each day. The way that I trade requires only 30 minutes to an hour of your time each day, that’s it.
How’s this possible you ask? The answer is simple; focusing on the daily chart time frame. Whether you have a job, business, full-time school or just a ‘busy routine’, the daily chart time frame is the key here. By focusing on the daily chart, you only have to check the charts once per day if you want, twice if you’re feeling ‘ambitious’.
The New York close occurs at 5pm NY time and it represents the close of the current Forex trading day and then the next one begins. The daily chart close is really the most important closing price of the day, because it shows you what happened that day in one price bar. If a price action signal formed, you will see it on the daily chart after the New York close. This makes the whole process of analysing and trading the market very simple, quick and easy; if you see a signal that day that meets your trading plan criteria, you place the trade and walk away until tomorrow. If no signal formed, you walk away and check again the next day.
This is basically how you can use the daily chart time frame to fit trading in around whatever busy schedule you have. Also, don’t worry if you don’t live in the New York time zone. I get emails every day from people asking me what they should do if they live elsewhere. It’s simple, you just pick a time that’s convenient for you each day to analyse the daily chart time frames. If you want to check the markets twice a day then just do it in the morning and in the evening, no more than 20 to 30 minutes each time. If you do this, trading should not cost you more than 1 hour per day.
Now, let’s talk about the awesome ‘hidden’ advantages of spending so little time in front of your charts…
- See more at: http://www.learntotradethemarket.com/blog/part-time-trading-improve-your-results#sthash.SEHvVee4.dpuf

How To Be Part Of Big Moves In The Forex Market.

How often do you see big moves in the market like we have seen recently, but you never find yourself profiting much from them? How often do you close a trade out prematurely just because it’s gone against you a bit and you ‘freaked out’ because you thought it would result in a bigger loss?

Making ‘fast money’ and building a small account into a large one, aren’t things that just ‘happen’ to successful traders. As any consistently profitable trader will admit, it takes a consistent conscious effort to hit big winners in the market. The inevitable retracements and ‘whip saws’ that hit a market are events that shake out most amateur and inexperienced traders. The mental discipline required to simply ‘do nothing’ after you enter a trade, and instead let the market do the ‘work’, is something that not many traders possess. It’s not acquired overnight, but it is something that you can develop and grow over time.

Here are some tips on how you can give yourself a better shot at catching big moves in the market…

The psychology of holding a trade.

A simple fact of trading is that if you want to make a lot of money, you’ve got to have the mental fortitude to hold trades for longer than you might be comfortable with. The irony of trading is that to make money ‘fast’ and build your account up, you’ve got to have patience, and to be clear, I’m not talking about your average daily-life type of ‘patience’. What I’m talking about here is an iron-clad, bullet-proof, bad-ass type of patience that 90 to 95% of the world’s population simply doesn’t possess.

Think about this for a minute…

Most traders do very well on a demo account before they go live. Think back to when you were on demo, or maybe you’re on demo right now. I’m willing to bet you’re holding trades for a few days or a few weeks even, and you’re not interfering with them very much. Maybe you’ve even entered a demo trade and not checked it for a week because you were too busy at work, then when you did check it again you were up 20 or 30%, this is not uncommon.

On a demo account, traders tend to be less-involved with their trades because they simply don’t care that much since there’s no real money on the line. The end result is that they stick with their original trade idea most of the time. This is the main reason why people tend to do very well on a demo account.

Thus, traders often do very well on demo for the reasons just discussed, then they get all psyched up to start trading live and open a live account. However, what happens most of the time, is that traders become far more involved with their live trading account, simply because there’s now something at stake; real money. This over-involvement leads to the trader changing their mind on trades, jumping in and out of the market with high frequency, second-guessing themselves, and a whole host of other trading mistakes. The end result is that they don’t catch any big moves in the market, and they will eventually probably lose money.

The point is this; the psychology of holding a trade is a very tricky thing. To succeed on a live account, you need to do what you did on demo; which is basically just “less”. It’s hard to achieve, since real money is on the line, but if you really want to catch big moves in the market and make big money, you’re going to have figure out a way to ‘sit on your hands’ more often when trading a live account.

The power of ‘doing nothing’

Trading might be the world’s most rigorous test of one’s mental discipline and strength. In the face of a trade that’s moving against you and in negative territory, how will you react? Conversely, in the face of a trade that is up a nice profit, but has not yet hit your target, how will you react? The most difficult thing to do in each of these situations is also the most profitable thing to do over the long-run; NOTHING.

Closing out a trade for a small loss, before it hits your stop loss, is an example of letting fear control you, and doing so directly limits your profit potential because you’re not giving the trade proper time to play out and you’re also voluntarily taking a loss.

Closing out a profitable trade too soon can also be detrimental to your overall trading success. If you have pre-defined your profit target or profit taking / exit strategy before entering the trade, you will only be doing yourself a disservice most of the time by not sticking with that exit strategy.

Remember: Anything you predefine, before entering a trade, is going to be more logical and objective, and thus profitable over the long-run, than any decision you make whilst in a live trade, under the influence of your hard-earned money being at risk.

The POWER of simply sitting on your hands and doing absolutely nothing whilst in a live trade, cannot be over-stated. Your true power and advantage as a retail trader, lies in your ability to remain patient and in control of your behavior in the market.

Here are some tips to help you stick with your original call / trade which will help you catch bigger moves in the market:

• Don’t look at low time frame charts because even small / meaningless daily chart retraces will make you nervous and shake you out if you’re fixated on them on small time frames.

• Learn to trust your trade and trust your gut. If you don’t learn trust to your trade decisions and see them through, you will never make consistent money over the long-run in the market.

• Don’t over complicate your trading. Trade a simple method like price action trading method and stick to a simple trade management plan, which can be as simple as ‘set and forget’.

• Closing trades early guarantees a loss, don’t ever guarantee yourself a loss in the market unless you really have to! Stick with your original call most of the time unless the price action is clearly changing against your original position. About 90% of the time the best decision is to simply let the market do the ‘work’ and let the trade play out with little to no involvement on your part.

Catching big moves in the market, building your trading account from a small one into a big one and becoming a successful long-term trader are all things that can only happen if you are willing to simply ‘do nothing’ most of the time as your trades play out. So, you need to ask yourself, are you ready to ‘do nothing’, or are you going to over-complicate your trading, over-involve yourself in it and lose money and time as a result?