Is it really true that a trader should concentrate on his or her trading and not the money? That is I learned from the psychologists. Does this mean that when a trader wins, he is happy because he was more clever and not because he actually won money? How many of us are in this business because we only wanted to trade? I guess we are all in this business to make money, right? Guess what!
If you want to succeed here, you must concentrate on your skills and not just on your money. This is a trick for those who lack confidence when trading. When you concentrate on your skills, you only need to wait for the right time to make money. It has been proved that people who concentrate less on their money are more successful in this business of forex trading.
when you have the right skill combination, the the automatic thing bound to happen is you will earn some or a lot of money.
As an experienced trader, you are already used to earning money and once your are done with the hype, you will focus on skills because you are almost sure of the money.
Winning starts when you focus on tech. skills application and stop worrying about the money.
My concentration lies on the execution of my plan and how I follow through with it. I try to not think of money as much when I trade. It will mess up your descisions, it’s happened to me countless of times and I’ve learned that it’s best not to think about money while trading.
First of all let me say I am that I just got into trading recently. I have been looking for the best way to learn the ropes (and make money of course) and your thread just happened to draw my attention. I have been trading using some systems but I have to say, I have not been getting the desired results. While it is true that I have to develop my trading skills further, could you give me a couple of pointers that will make trading less stressful for newbies?
“using some systems” is a concerning point. How long are you testing a strategy? You have to give it some time to give you results because using it consistently will help you build consistency. You remove stress through a solid trading plan. It should clearly define your entry and exit criteria which helps to take the stress out of the decision making process since you’ve already thought about it when there wasn’t money on the line.
If stress is a big issue, practice your system awhile through a demo account. Familiarity with your system will also remove a lot of anxiety from the equation.
On a subconscious level- I know there are traders that swear by meditation or listening to calming music while they trade. May be worth exploring?
There are many factors that can make a trader fail. I remember when I was using a demo account, I did not have the patience to sit and study the market. I wanted to jump in at every opportunity I see. Sometimes I just follow my instinct and jump into a trade. If you do this, then you are heading no where. Secondly, the broker you use can make life difficult for you, with so much restrictions, high spreads and high commission, I don’t see how a new trader can begin trading. So, you have to make sure that you are not caught between your emotions and you are not being tricked by your broker.
For me it’s concentrating on developing the proper skills to be able to develop a detailed trading plan and finance the plan with proper money management. The better your skil; the more profitable you should be. Even if you think that you want to concentrate on the money, to be successful you still have to develope your skill. If you want to make x amount on your investment, you still have to develope the skills to get you there. I think by concentrating on the money, you might end up costing yourself money by not having the skills to know how to maximize your return or limit your loss, if trade goes against you.
I think that the concentration on the trading system and the money should go hand in hand. Because we have developed the trading system to make money and to make money we need a good profitable trading system. Its directly correlated. Thus, manage both to be a successful forex trader.