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Jan. 23, 2010 - PRLog -- make money online
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Much has been said about Fear and Greed, the two most important and often experienced emotions in Forex trading. These two emotions will absolutely rule your mind if you let them. Even if you have a good plan to prevent their onset the fact is they will affect you to greater or lesser extent no matter what.

There are a few things that you can do to reduce the level of psychological impact on your life and on your trading. Firstly, you must have a plan and trade that plan. In the beginning, I was without a trading plan. It took me several months of aimless trading before I came across a mentor who stressed the need for one. It’s a must. Mostly, for the fact that it will govern your trading and help to give guidance and parameters to what you’re doing. If you don’t have rules then you will act randomly. Having a trading plan is a must. The more you can do things automatically (mechanically, like a robot) and without a lot of over-contemplation the better your results will be and the less your psyche will be affected. Make a habit of setting a stop loss and keeping it. If price goes past your stop loss and you’re still in (or adding to a trade) you’re making an amateur mistake.

Another thing you can do to immediately reduce the potential psychological impact of trading is to avoid risking too much. Under-leveraging is key. Just because the brokers offer big leverage doesn’t mean you have to use it. In fact, you should avoid it like the plague. Once you are a 50/50 trader, you will tend to have better results if you have a bigger account (larger equity) and leverage less. Taking too much risk and having a drawdown (even unrealized) is a sure fire way to melt your brain. You will be in tears, you will lose your appetite, or you will ruin your relationships with others if you are routinely risking more than you can stand.

Patience and timing are also important. Make sure you have enough time to trade. Avoid trading just to trade or for “fun”. Also, avoid trading in periods of low volatility. The beauty of the Forex is the huge liquidity. If you’re trading at times with low volatility then you are not taking full advantage of the Forex market. You should also avoid confusing yourself with putting on too many trades. This is leverage trading, so if you like one trade it would be better to make your trade bigger than to trade two pairs at once.

Lastly, there is another great suggestion that makes a lot of sense, but which most new traders won’t necessarily learn without a lot of experience and/or specific guidance. That is, success in Forex is really a matter of getting profit and keeping it. I cannot count the times I had 10 , 20 or 30 pips and didn’t take the profit because I thought I would get more. Only to close the trade with a loss or break even 5 or 10 minutes later. Take your profit. In Forex, a bird in the hand is worth much, much more than two in the bush.

To use a baseball adage, Forex trading is won on the singles much more than the doubles, triples and home runs. Forex is big, liquid and 24 hours a day. There are 10 , 20 and 30 pip moves pretty much all day long. Focus on getting what you can from the market and getting out. Always take at least half of your profit off the table at 20 to 30 pips. Many traders use a system where they trade two contracts instead of one. This way, they take half their profit immediately upon reaching their first profit goal. After which, they bring their stop loss to break even and let the second half of the trade run. Learn to be satisfied with small wins (though, big relative to your losses). Small 10 and 20 pip gains are relatively quick and frequent, but often the greed will overwhelm a trader and he will not take what he/she can get. Get your profit and get out. There will always be more trades. Never get upset because you get out and price continues to move 100 pips in your direction. Instead, use your tools and experience to leave your trade on if the market is showing you signs it will continue. You always have the second half of your trade which will get you that big win if price continues on,

If you want to make your fortune trading forex, then there are a few key elements that you will need to pay attention to as you continue in your day to day trading activities. These are not optional for the professional trader, and there are certainly other things that could be added to this list.

To begin with, all veteran traders will tell you to never stop learning; that you should always be a student of the market. There are always techniques to learn, tools to add to your repertoire, and nuances of the market that will be new to you as you continue in your business.

Secondly, all professional traders are very well versed in market analysis. This includes what is called “technical” analysis, as well as “fundamental” analysis. The first deals with price action and repeating patterns, and the second deals with the factors underlying a country’s currency, and the political and economic factors that affect it’s value.

Money management always ranks high on a pro’s list of essentials. This is the concept of understanding risk, setting reasonable risk parameters, and developing trading plans around those parameters so you can preserve your capital first, and then concentrate on making consistent profits.

Market psychology is a subject that has filled many books, and one that the professional forex trader understands very well. The idea of market psychology not only deals with the actions of the “mob” that are trading the markets at any one time, but more importantly the actions and mindsets, fears, and doubts of the individual players.

Nowhere is the concept of “know thyself” more critical than in the forex and other financial markets. A trader must understand his strengths, weaknesses, fears, emotions, etc. The ability to take a loss or series of losses, and still stick with your trading plan will require experience, as well as mental toughness. Fear and greed will generate unsound trading decisions, and they also must be understood on a personal level and dealt with logically.

Finally, in the ranks of the professional trader, you will find that there are none who believe they are an “island”. The professional understands that he can learn and glean from other pros in the business, and that it may be that one tip or technique from another trader that increases their profits exponentially.

The veteran forex trader gains important insight from others’ perspectives, and does not fall into the trap of thinking he has the final word on any subject. Networking with other traders online, or in person is a vital part of a trader’s continued education and profitability.

These elements, if understood and put into consistent practice, will help the forex trader to continue to improve his trading, and of course his bottom line.

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