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

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.


Urgent notice: Only 50 seats available

You’re invited to the first Forex 101 Workshop on 15 August 2015.

Timon Rossolimos will answer your common questions like:

• How do I get started trading Forex?
• How do I open an account with a Forex broker an which Forex broker is the best?
• What are the best currency pairs I can trade?
• Where can I find a demo account where I can trade Forex for FREE?
• What is the best time-frame to trade Forex?
• How does the Forex market work?
• How do I make an income trading Forex?
• Where can I find the best Forex trading strategies?
• How much money do I need to start trading Forex?
• How do I calculate my profit and loss when trading Forex?

And that’s exactly what Timon plans to answer on the day. It will be an absolute beginner, low price, step-by-step workshop to trading Forex.

There are only 50 seats available at this exclusive event and there’s high demand for this workshop.

So don’t waste another second and secure your seat at the first ever Forex 101 Workshop with your host Timon Rossolimos.

Reserve your seat now!

Tags: trading, trading psychology, psychology, how to be a successful trader, trading tips,