When I first decided to leave my corporate life of 10 over years and to trade on a full time basis from home, I just had to make sure I get the most sound advice from professionals who are trading for a living. Fortunately for myself, a very dear friend of mine and her husband are professional traders for a long time. They shared tips with me and I was given this great book "The Psychology of Electronic Trading - The Power to Trade" by Brendon C W Seeto. This book has NOTHING to do with the markets, no fundamentals, no technicals but it contains all the vital skills required for a person to be a successful trader.
Each of us are of different personality, some could be compelling gamblers going for short term thrills, others could be in the long haul for investing purposes and YES, the common ground each of us have is to achieve financial gains from the market. BUT, the key to successful trading lies in two major areas : 1) our trading method/knowledge, etc AND 2) understanding and controlling of our own personal self.
For me, my objective is to gain financial success from the market, there's no thrill involved here and basically, I have no emotional attachment towards the market. So when my positions are at paper loss, yes, I do get unhappy that I cannot close my positions to achieve my main objective, but HEY, there is NOTHING I CAN DO! I can't control the market, I will stick by my initial strategy and be PATIENT and wait for market to correct or to move my way. And what makes it even better is that I am already using a forex strategy tool that is helping me plan my trade with minimal risk involved. So, what more do I need to do?
So fellow traders out there, even if you are not using this strategy tool, sometimes we need to really understand ourselves and not let our emotion take control of our strategy in trading.
