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Trading psychology: Why you always need to look ahead as a trader

by , 07 August 2015

Trading is certainly an exciting endeavour and nerve racking.

Psychology plays an important part in your trading success. Whilst trading can be frustrating at times, it's crucial you always look ahead and don't dwell on the past.

But the uncertainty of what lies ahead can impact the performance of many traders. And in many instances trading success is very much dependent on your own personal psychology.

Let's take a closer look…

Why you need to control your emotions when trading

If you have a losing trade, it can be easy to get angry at yourself. No-one like losing money. A loss also gives your ego a knock.

These factors can lead you to make trading decisions based on emotion rather than your strategy.

Instead you must learn to never take losses personally, but put them down to part of your trading learning curve. After all, the market isn’t picking on you.

You need to put it to one side and focus on your next trade.

Your strategy is an essential part of trading

It’s so important to stick with your strategy when you trade. By doing this, you can help stop yourself listening to your emotions and acting on them.

Only do what your strategy dictates, nothing else.

This way you have strict parameters to follow, and risk management techniques to save you from large losses.

Periodically you should review your trades and see how you’re performing. You may see a pattern emerging from your losing trades.

For example, perhaps it’s a certain market or currency you’re trading that your strategy doesn’t work well with.

Don’t let psychology wreck your trading success. You need to put it to one side and stick to your strategy. If you can’t do this, trading maybe isn’t for you.

So there you have it. Why you always need to look ahead as a trader.

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Trading psychology: Why you always need to look ahead as a trader
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