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EMOTIONAL MANAGEMENT
Before we even start thinking about trading, we have to prepare our body and our mind for the job.
The Body
It may sound funny, but we believe it is important to take care of our bodies to produce good results in our trading. We need to have sufficient rest, good diet, and we
need to exercise. It is impossible to make good decisions when our eyes are barely open.
Trading the forex market (or any market) requires a lot of concentration and we need to fuel our body properly so it can work at its best.
We need our bodies to be relaxed so we can become patient trades.
If you catch yourself saying: "I should have waited a little bit longer" on a regular basis, you need to work on your patience.
If you have small kids or teenagers they will definitely help you to master this skill. If these resources are not available to you,
try this simple exercise: get in a car during rush hour and try to drive through areas that are "under construction". Repeat this exercise until you
can honestly say that you have all the time in the world, and you don't care how long it will take you to get thru this construction zone.
The Mind
In my opinion this is the most important factor in a trading career. It is a CAREER. It is not a "get-rich-quick" deal.
Your mind decides if you become a successful trader or not.
Think positive, and learn how to deal with fear.
Sooner or later every new trader finds himself/herself at a spot where there are a few losses in a row, after which, he or she is afraid to pull the
trigger again.
I know how it feels because I have been there…
In order to deal with the fear you need to know something about it. I found it very useful to have the following quotes sitting right beside my monitors:
"Do the thing you fear to do and keep on doing it... that is the quickest and surest way ever yet discovered to conquer fear."
"Take a chance! All life is a chance. The man who goes farthest is generally the one who is willing to do and dare. The sure-thing boat never
gets far from shore."
"You can conquer almost any fear if you will only make up your mind to do so. For remember, fear doesn't exist anywhere except in the mind."
Above quotes from Dale Carnegie
"Fear is only as deep as the mind allows"
Japanese proverb
"FEAR:
F-FALSE
E-EVIDENCE
A-APPEARING
R-REAL"
Quote from Veer Sharma
"Nothing in life is to be feared. It is only to be understood"
Quote from Marie Curie
"You don't face your fears, you stand up to them"
Anonymous
Just take my advice and read these quotes every day, or read them slowly ten times when you feel like your fingers are frozen and you can't push
"that" button because of your fear. Nothing is perfect in this business and losses will happen.
Once the body and the mind are in agreement, we need to setup realistic goals, have the right tools to do the job, and have a good money management
strategy.
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