We know that powerful human emotions, greed and fear, rule the financial markets.
As traders, we must learn to play off of the emotions of others, while commanding or mastering our own. In other words, you trade with a psychological edge. Sounds like an easy thing to do… right? I promise you, it isn’t.
Since feelings, or emotions, are imbedded in humans to protect us from harm, and since they often direct us to act in a micro-second, you can understand why controlling our emotions can be extremely difficult-especially when we’re acting under the stress of a volatile market environment.
Toni Turner expands upon empowering psychological tools to add to your trading skill set.
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Her first advice is to stop believing in any pre-conceived ideas about the forex market. Rather, believe it when it actually happens. “Seeing is believing” definitely true in trading. How many times have you seen new traders saying they’re “gonna try scalping”?
This gives the impression that scalping is actually easy. This couldn’t be further from the truth. It’s actually the most difficult thing to do, scalp profitably, consistently.
Her other advice is being able to stay focused, no matter what happens to your trade. Or even if you missed a great trade/setup, one shouldn’t feel regret.