Currency Trading Information Channel
Don't Deny Reality
If you want to be a successful trader, you must make sure you do not deny reality in any phase of your trading. You cannot deny losses, price direction, mistakes you make, being undercapitalized, or a whole host of things you would rather not think about.
Many traders think the best way to deal with unpleasant ideas, events, or personal character flaws is to shut their eyes and pretend they don't exist.
Let's face it, trading can be difficult, at times very difficult and it's essential that you focus on reality. Denial takes your focus away from the very thing you need to be concentrating on-the action of prices-regardless of time frame. Your mind must be clear so that you can look at the market and see what is really there.
The way I learned to handle denial was to simply write down and confront all possible ideas I had trouble accepting. Some thoughts I could fix and others I just had to accept. But facing the truth of what and who you are is the only way to deal with denial. You have to realize that for the most part the only things you can change are in yourself. Other things you just have to accept. You have to accept the reality of slippage, for example. You have to realize that indicators often give false signals and that there is no magic moving average nor is there a magical oscillator.
You have to realize that some winning trades are just lucky trades and had nothing to do with your skill as a trader. By the same token, you will also experience the bad luck of having prices make a sudden and unexpected move against you.
Rather than wasting your time in denial, concentrate your mental energies on improving yourself and improving your trading skills. Work at improving your abilities to observe. Realize that you have to survive the markets in order to benefit from the experience of the markets.
There is really only one true problem with your trading-that problem is you! However, the problem manifests in two ways: 1. Market conditions have changed and you haven't. 2. You are no longer doing what you did when you were winning. You have drifted. You are not consistent.
The first aspect of the problem is due to poor observation. The market has changed and you haven't changed with it. Poor observation stems from a variety of lesser but very important problems. You have married a market, or a trade. You may have allowed your ego to get the best of you and you are no longer humble. I've named just a couple here. I challenge you to think about the many things that can distract you from seeing when market conditions have changed. Make a list of those things and confront them. The second aspect of the problem stems from inconsistency. Here again, you should make a list of those things that cause you to be inconsistent. "Perhaps I was a good trader at one time, but the market conditions have changed and I may not be able to keep my reputation up." This is an issue that all traders face at some point: keeping up their reputation. When one makes big profits trading, it's tempting to tell neighbors and friends how well you are doing. It's great when you're making the big profits, but keeping up appearances is often the downfall of even the most astute trader. Again, denying your need for fame and glory, or pretending that you can maintain an unrealistic reputation, will use up your psychological energy and interfere with your ability to concentrate. Huge profits tend to go to the humble, so try not to build up your reputation. Admit that you will have difficulty keeping up appearances and just quit doing it. One fact that traders wrestle with continuously is the notion that, "Trading is not a legitimate job."
Many traders struggle with the legitimacy of trading. Some traders find that they can simply remind themselves, "Trading provides liquidity and helps control prices." Other traders, however, think this isn't good enough and need to find more meaning in their daily trading activities. For example, they may focus on how trading helps them provide for their family, or may plan to donate some of their profits to charities they view as personally valuable. The point is, don't deny the possible truth to such ideas. You will be better off acknowledging and working through them, and then just moving on. Denying they exist, on the other hand, will use up time and energy.
Unacceptable beliefs tend to lie in the back of your mind. They remain there, lurking, and when you are vulnerable, they can powerfully influence your outlook. So acknowledge unacceptable ideas, and once you admit the possible validity of such ideas, you will neutralize their potential influence. This will free up limited psychological resources, allowing you to focus all your energy on trading profitably and consistently.
Joe Ross, trader, author, trading educator is one of the most eclectic traders in the business. His 47+ years include position trading of shares, and futures. He daytrades stock indices, currencies, and forex. He trades futures spreads and options on futures, and has written books about it all - 12 to be exact. Joe is the discoverer of The Law of Charts?, and is famous for the Ross hook? and the Traders Trick Entry?.
Trading Educators, Inc.
The Team at Trading Educators is composed of an international blend of experienced traders, all educated and proficient in the Joe Ross methods. Our professional staff trades regularly in the markets.
Since its foundation Joe Ross and the Team at Trading Educators have taught thousands of satisfied customers who use Joe´s concepts to produce significant profits in today´s markets.
MORE RESOURCES updated Sat. July / 02 / 2022
The Best Forex Brokers and FX Trading Platforms in 2022 ABC Action News Tampa Bay
What are the Benefits of Currency Trading for Corporate Leaders? Analytics Insight
4 Ways COVID Boosted Currency Trading Yonkers Tribune.
10 Best Forex Brokers Australia in 2022 - High Leverage ASIC Sites Business 2 Community
4 Reasons Environmentalists Care About Forex Trading Green Prophet
Yuan-Ruble trades rise in China as easing curbs boost exports American Journal of Transportation
Latest Trends Of Bitcoin Trading In North Korea – Harlem World Magazine Harlem World Magazine
Rupee weakens to a new low; traders see currency breaching 79/$ soon Business Standard
Find out how to calculate exchange rates with Clear Currency Eastern Daily Press
CFTC Charges South African Pool Operator and CEO with $1.7 Billion Fraud Involving Bitcoin | CFTC - Commodity Futures Trading Commission
CFTC Charges South African Pool Operator and CEO with $1.7 Billion Fraud Involving Bitcoin | CFTC Commodity Futures Trading Commission
Stocks open slightly lower, continuing dismal start to year The Sun Chronicle
Form 424B2 CITIGROUP INC StreetInsider.com
Naira Performs Badly at Currency Market Amid FX Supply Crunch Business Post Nigeria
Wealthsimple review 2022 MoneySense
Bullish Japanese Yen - Peak Rates and Oil to Benefit Battered JPY: Top Trading Opportunities - DailyFX
Bullish Japanese Yen - Peak Rates and Oil to Benefit Battered JPY: Top Trading Opportunities DailyFX
Trading Support and Resistance DailyForex.com
Mastering the Forex Market Finance Magnates
Basics of Forex Trading - Part 1 FX Empire
What are the Pros and Cons of Forex Trading? RealtyBizNews
Moscow Limits Foreign-Currency Trading to Shore Up Struggling Ruble The Wall Street Journal
What is forex trading and how does it work? The European Sting
How to Know Which Currency Pair to Trade Startup.info
Forex (Foreign Exchange) Explained | US News U.S News & World Report Money
Currency Definition | US News U.S News & World Report Money
10 Best Forex Brokers for July 2022 - Trading Business 2 Community
BC: Tips for Success in Forex Trading Punch Newspapers
Is forex trading a way to make a living? Nairametrics
The Most Common Warning Signs of a Forex Scam Finance Monthly
RBI hits hard on Bitcoin, DeFi, crypto trading platforms Investing.com India
Trading Forex vs Futures: Key Differences IG International
Currency trading in overdrive with dollar at highest level in two decades (NYSEARCA:UUP) - Seeking Alpha
Currency trading in overdrive with dollar at highest level in two decades (NYSEARCA:UUP) Seeking Alpha
CEO Of Cryptocurrency And Forex Trading Platform Charged With Fraudulent Scheme Involving Over $59 Million - Department of Justice
CEO Of Cryptocurrency And Forex Trading Platform Charged With Fraudulent Scheme Involving Over $59 Million Department of Justice
FX trading: A loser's game? ETF Stream
What is Hedging and how can it be used in Forex Trading? Deccan Herald
Best books to learn Forex Trading from scratch Free Press Journal
Forex Trading Hours: Limitless Trading in an Endless Market The Coin Republic
How to Trade Forex TD Ameritrade
Forex Trading TD Ameritrade
What Every Australian Forex Trader Needs to Know Analytics Insight
Even the Foreign-Exchange Market Is Getting Kind of Crazy The Wall Street Journal
How To Compare The Relative Strength Of Currencies Finance Monthly
Why forex trading is not gambling Nairametrics
Russian Authorities Crack Down on Illegal Currency Trading The Moscow Times
AUD/USD Forecast: Australian Dollar Bounces Hard DailyForex.com
Currency Investing Makes a Comeback | RIAIntel RIAIntel.com
Is forex trading halal or haram? The Armchair Trader
FOREX.com Review | The Ascent The Motley Fool
Five Important Facts About Online Forex Trading In New Zealand Otago Daily Times
How Currency Trading Works Investopedia
Changing the Top Global Currency Means Changing the Patterns of Global Trade - Carnegie Endowment for International Peace
Changing the Top Global Currency Means Changing the Patterns of Global Trade Carnegie Endowment for International Peace
Regulators tighten control on China’s US$30 trillion currency market South China Morning Post
Inside the weird new world of social ‘forex’ trading—where you sign up friends, and some report risky red flags for investors - Fortune
Inside the weird new world of social ‘forex’ trading—where you sign up friends, and some report risky red flags for investors Fortune
What Is Forex Trading? A Beginner's Guide Investopedia
Analysis | How Sanctions Make the Ruble Harder to Trade or Value The Washington Post
15 Banks & Credit Unions That Exchange Foreign Currencies Business Insider
6 Questions About Currency Trading Investopedia