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Preview: FXstreet.com: Education: Market Psychology

FXstreet.com: Education: Market Psychology



FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.



 



Trading For A Living: Can It Really Be Done?

Fri, 22 Apr 2016 09:05:50 GMT

It comes to a point when the old 9 to 5 just doesn’t cut it anymore. For some it comes sooner than others, and for some that means they can’t just retire and enjoy some well-earned downtime. If the itch to do something other than work for the man comes at an early age (or even if it does hit later on, to be fair), and you want to try trading for a living, it really can be done. Honest.   If It was That Easy Everyone Would Be Doing It! Now we didn’t say it would be easy. Far from it. There



Lifestyle Trading Can Eliminate Stress – It's A Lifestyle Choice!

Thu, 31 Mar 2016 16:17:48 GMT

Did you ever stop to think about why some activities are called ‘hobbies’ and some are called ‘work’? What makes one different from the other? Is it the stress they cause (one brings it, one relieves it)? Is that why trading is often seen as more of a job than a fun, engaging hobby? Well it doesn’t have to be – lifestyle trading can eliminate stress as much as painting, reading, or going for a run can. It’s all in how you look at it. Are You Sure? Because It Doesn’t Seem That WayTo Me…



What is your trading Risk Type and why does it matter?

Tue, 15 Mar 2016 16:38:54 GMT

This article is co-authored by Geoff Trickey , Managing Director at Psychological Consultancy Ltd (PCL), and Steven Goldstein , Trader Performance Coach, Alpha R Cubed In trading, as in everyday life, it is implicitly recognized that people vary considerably in their risk-taking behavior. Yet, surprisingly, personality has often been overlooked as a critical force on risk behavior. So what do we mean by personality 'Risk Type' and why can it be so empowering in helping to improve your trading



Trading Psychology: Battle of the minds

Fri, 04 Mar 2016 15:49:02 GMT

The volatility in the global economy has made traders quite stressful, and trading requires a relaxed mind. At times of these volatile markets, it is essential to maintain that emotional balance. Catherine Stott, Clinical Hypnotherapist at HypnoTrading, joined today's Tip TV Finance Show to discuss how hypno trading can benefit the traders to maintain that emotional balance.



Market dynamics change – The importance of patience and adaptability in trading

Thu, 18 Feb 2016 16:36:40 GMT

Charlie Burton, Founder of EzeeTrader, was joined by Lily Mnats, Independent Trader, on the Tip TV Finance Show to discuss how what drew her to trading, her first 3 months as a trader, and the reason she almost quit after just starting. Topics Covered: Trading, trading psychology.



How Understanding Risk Type Can Impact Trader Performance

Wed, 17 Feb 2016 15:53:46 GMT

This webinar, hosted by PCL’s Geoff Trickey, and Steven Goldstein, a former trader turned coach at Alpha R Cubed, explores how creating an awareness of Risk Type can improve trader performance. Geoff highlights the characteristics of eight different Risk Types while Steven compares traders’ risk dispositions to trading strategies. By increasing self-awareness of risk personality, Steven’s clients have seen some dramatic increases in trading profits demonstrating the impact of understanding Risk



Trading Psychology: Pressure to Trade

Wed, 10 Feb 2016 08:11:10 GMT

In an aim to increase our focus on the importance of psychology in your trading, Littlefish FX Analyst Nathan Batchelor brings us a new series on Trader Psychology. Here he covers the pressures a trader faces to be to active in the market every day, in this headline-driven, fast-paced, social media age that traders now found themselves living in. Pressure to Trade First of all I would like to start by saying that when I first started out trading and learning from other more experienced



Top Ten: Trader Behaviours That Cause Mistakes – Part One

Thu, 04 Feb 2016 07:40:51 GMT

In this week’s instalment I wanted to take a look at some of the typical trader behaviours that cause so many problems for new traders. Learning to understand why these behaviours exist, how to identify them and how to avoid them, is key to finding trading success. Read on for the first five… 1. Chasing Too Many Rabbits Many traders simply look at far too many charts. Instead of honing their skills by focusing on just a few chosen pairs and getting really familiar with how those pairs trade and



Trader Psychology: Trading on a High

Wed, 27 Jan 2016 09:44:47 GMT

Trading On A High It might sound odd, but the most dangerous time for any Forex trader is often when you’re winning. Your confidence is soaring as you are now winning, you are a profitable trader and you’re trading on a high. This is a very dangerous place emotionally for a trader to be. Before I begin to dissect this commonality, I would like to give you a real life example and a moment in my life some years ago when I was struck by this affliction, and how to recognise the warning sings as a



Facing Your Trading Daemons

Fri, 04 Dec 2015 09:44:28 GMT

Our trading daemons are legion. We let fear rule us. We rationalize our lack of performance. We fall down two inches short of the gateway to success. We accept mediocrity and shy away from mastery. We think that we need “something else”, while avoiding what we need the most. We lack the courage to size our positions to the levels we should. We engage in over-intellectualization. We try to be “right”. We care what others think about our trading. We “resist”. We strive to be perfect. We listen



Trader Psychology: Dealing with a string of losses

Fri, 20 Nov 2015 08:29:09 GMT

In an aim to increase our focus on the importance of psychology in your trading, Littlefish FX Analyst Nathan Batchelor brings us a new series on Trader Psychology – starting with an article on how best to deal with repeated losses… One of the hardest part of being a trader is going through a string of losses and losing trades, and being able to deal with it and overcome it. From my own experience, I can say having a protracted period of losses and going into some form of drawdown, or losing



Relevance of Brain Plasticity in Trading

Wed, 03 Jun 2015 14:30:56 GMT

The old cliché in trading is that it's 80 percent psychological and 20 percent money management. The reality is that the psychological challenges traders have to endure from day to day require a systematic mental approach to performance optimization. Traders are extremely susceptible to instant performance feedback. In the book The Trading Athlete, author Shane Murphy, a sports psychologist who served as a psychologist for the U.S. Olympic team, draws the comparison between day traders and



2 Keys To Trading Discipline and Effective Decision Making

Fri, 29 May 2015 06:39:07 GMT

Welcome to the May 2015 High Performance Podcast '2 Keys To Trading Discipline and Effective Decision Making' which looks at the impacts of stress levels and energy levels on trading decisions and discipline, explores the relationship between the two, highlights a case study with one of my coaching clients, gives you some practical techniques and tips, and has a challenge for you.



Five questions to ask before each trade

Mon, 11 May 2015 11:28:26 GMT

Successful trading and investing is largely about asking the right questions. Many of the most serious mistakes we make come from blindly accepting our ideas and perceptions at face value. I would like to offer you a short checklist of questions that will challenge you to think more deeply and to work out your process more thoroughly. 1. Do I understand this idea? Every investment or trading decision rests on an idea. On one extreme, perhaps the signal to buy or sell something is generated by



Neuroscientific Decoding of Fear and Greed in Trading

Thu, 02 Apr 2015 09:47:07 GMT

How greed and fear are neurologically closely related to drug addiction Neoclassical economic theory assumes the utility of money as indirect and therefore money is only valued for the goods and services it provides. In other words, people view the “pleasure” of making money different from the pleasure of obtaining food or alcohol. However, according to neuroscientists, neural evidence suggests that money activates the same dopaminergic “reward” circuitry of the brain in the midbrain (the



A Closer Look at Neuroscience in Investing and Trading

Mon, 16 Mar 2015 14:46:29 GMT

Neuroeconomics/Neurofinance from a Trader’s Perspective *This image is taken from the book Neuroeconomics: Decision Making and the Brain  In spite of many advancements in economic theories from neoclassical to behavioral economics/finance, since the 1990s and until recently, it seemed like the investment world had finally settled into computerized trading. Computerized systematic trading, also known as quants, algorithmic and automated trading, has grown in popularity since the ‘90s and



Doing The Harder Thing

Fri, 06 Mar 2015 14:45:03 GMT

Welcome to the March 2015 High Performance Podcast 'Doing The Harder Thing' which looks at the impact that making decisions based on an underlying need to 'feel good' has on our trading decisions, including cutting profits, running losses, overtrading and revenge trading. In the podcast you will learn about what is happening in your brain as you make trading decisions, why you have a bias towards feeling good, and the importance of making decisions on what feels more right versus feels good,



Trader Mind. Embrace your emotions

Tue, 10 Feb 2015 10:58:31 GMT

This article written by Steve Ward was originally published in the january 2015 issue of Traders' Magazine. Steve is one of the world’s leading experts in trading performance and psychology, having spent the last 10 years working with traders and fund managers in banks, funds, energy companies and proprietary trading groups across the globe.  “Emotions! How many times have traders been told that emotions are bad, emotions get in the way of trading, successful traders are less emotional.



Your Belief System is Your Trading System

Wed, 14 Jan 2015 16:52:26 GMT

Moves in markets are a result of mass psychology. We make money in the markets by being masters of human psychology and supply and demand. It is well known that trading is 90% mental. Winning in the markets is more defined by your mental make-up than your trading style. What is more important than chart reading is to first understand how people think. Instead of focusing on changing our actions if you’re having issues with trading, it’s time to notice where those actions come from. Moving



Breaking Bad Trading Habits

Tue, 09 Dec 2014 07:17:32 GMT

This month I have focused on trading habits, how they are developed and offer 3 practical strategies for helping you to overcome any 'bad' trading habits that you may have developed.



Trading Rules Are The Compass To Your Success

Tue, 04 Nov 2014 16:38:12 GMT

No doubt if you’ve been trading for any amount of time then you’ve heard from a number of sources about the critical importance of having and following rules. Trading is a discipline that is fraught with many pitfalls; so we must identify and incorporate rules about preparing, analyzing, processing and executing in order to get the results that we want. The road to getting desired results consistently involves not only following rules, but ensuring that the rules that we have chosen are



How To Develop Awareness For Increased Discipline

Tue, 04 Nov 2014 09:32:46 GMT

Welcome to the November 'High Performance Podcast'.  This month I have focused on teaching you a very simple and highly effective technique for developing your moment-to-moment awareness that will enable you to better manage your mind, regulate your emotions, reduce your reactivity and therefore increase your discipline.



How To Trade With Greater Discipline

Mon, 06 Oct 2014 06:46:58 GMT

Welcome to the October High Performance Podcast.  This month I have focused on providing you with a framework for identifying and then taking your trading to the next level, combined with utilising 'Stoptober'!  Find out more in the podcast!



Battle tested trading tips that work in life too

Mon, 18 Aug 2014 07:29:10 GMT

Advice on anything can be found anywhere. It’s human nature, we love to offer it, but discerning the good from the bad can often be confusing and difficult. Trading attracts more than its fair share of experts, soothsayers and those who know a thing or two. For those who genuinely want to develop the skills required to trade successfully it can be a minefield. We at the Lazy Trader are not trying to offer the latest ‘hot tips’ to success. There are down to earth methods and technical approaches



10 Habits of Successful Traders

Tue, 12 Aug 2014 10:54:11 GMT

Some forex traders never reach their potential, sometimes because they start off badly and never recover. Others start off too well, they make money right off the bat and are completely unprepared and over leveraged when the bad times hit. To be successful takes many years of discipline and practice. Many of the most successful traders lost money at the beginning and many went broke more than once. But those who came through have a few things in common: Stop and reverse One thing that separates



Mind Fitness Training Exercise

Fri, 25 Jul 2014 09:23:11 GMT

This month I have sent you a mindfulness based mind fitness training exercise - the body scan - which is a great practise for focusing your attention and reconnecting the body and mind, and increasing your awareness. The body scan is a key mindfulness practise, and this version is a compact 6 minutes so you should all be able to find the time to listen to it. See if you can listen to it once a day for 2 weeks in a row.. If you have the focused attention training exercise as well then perhaps



Don't hunt for the perfect trade. You will be wasting your time

Mon, 14 Jul 2014 07:33:39 GMT

It is human nature to want to be in control, to create order, as we know it. We instinctively dislike unpredictability and feel more comfortable exerting order over our surroundings and our lives. Perhaps arguably it is a survival instinct evolved to protect us in an uncertain and dangerous world. The reality, however, for most of us is that “life is what happens to you while you are busy making other plans”, to quote John Lennon. Efforts to exert control and order can often seem fruitless. As



When something good turns bad

Wed, 09 Jul 2014 08:27:50 GMT

Forex trading can be a complicated business. More often than not we know what bad things can disrupt our trading. Greed, distraction, poor money management skills. We tend to think that if we can only eliminate these problems then forex success would be easy. However, there is another problem, one that comes from having ‘too much of a good thing’. These 5 events are undoubtedly positive, but they can often lead to the opposite. Making too much money early on The best thing that can happen when



Why so Many Rookie Traders are Doomed

Mon, 26 May 2014 11:51:49 GMT

The journey to success, for the amateur trader, is far too often cut short before it becomes a profitable occupation. Typically the outset of the journey is embraced with unrealistic expectation about how easy it is to make money (because that is how it is often, somewhat disingenuously, sold to us), and after a few short months, normally less than six, the initial enthusiasm has wilted and been replaced by frustration and even anger. It is a very, very common story that happens to over 90% of



Tracking your emotions in the markets

Wed, 14 May 2014 11:34:47 GMT

Experienced forex traders have learnt over the years what it takes to control their emotions whilst trading. No one can do it perfectly, but having an idea of what makes you tick is essential when trying to trade for profit. Experienced traders can often sense when they are getting too confident about their trading and they know that a losing period could be just around the corner if they don’t reign it in. Likewise, a good trader knows that if he keeps applying himself, maintaining an unbiased



Focused Attention

Mon, 31 Mar 2014 09:42:10 GMT

Without good attentional skills it is pretty difficult to do anything well whether It be reading, having a conversation, playing sport or trading the markets. This podcast takes a look at the role that attention plays in trading decisions and performance, the three key factors of attention, and teaches you a practical exercise that will help you to train your attention and build cognitive muscle.



Fear of Fear

Tue, 18 Mar 2014 09:12:31 GMT

Fear is a common topic amongst traders, whether it be feat of loss, fear of being wrong or fear of missing out. However, perhaps the biggest fear of all is fear of fear. In this podcast we will look at what fear actually is, why a fear of fear is detrimental to your performance, and how by embracing feelings of fear you can actually make better risk and trading decisions.



Flexible Response

Tue, 11 Mar 2014 08:53:02 GMT

Have a plan and trade the plan…right? Not always. Having a trading plan and the discipline to stick to that plan is seen as a fundamental requirement for successful trading however when you look at the very best traders this is not always the case. Due to the dynamic nature of the markets sticking rigidly to your predetermined plan will not always maximise your returns from the market – the key is to develop your judgement, to develop a flexible response learning when to stick to the plan, and



Unlocking your trading potential (how to manage fear)

Thu, 06 Mar 2014 08:28:49 GMT

“Nothing in life is to be feared, it is only to be understood. Now is the time to understand more so that we may fear less”, said Marie Curie. These are inspiring words per se, but their relevance to trading is that fear is one of the greatest obstacles to success. How we manage it is vital. In fact failure (losing trades) is intrinsic to trading. You cannot trade and never lose. It is impossible to be in the controlling seat and there will always be unpredictability. Learning to read charts



A potentially good trader gone bad

Tue, 18 Feb 2014 09:52:39 GMT

The human psyche is like a triangle with the three points registering confidence, overconfidence, and self-doubt. The body of the triangle is made up of varying shades of these characteristics within which our psyche roams. We normally find a natural balance, usually orientated more towards a particular corner depending on our personalities, but occasionally we may find ourselves lurching out of control from one corner to another. What has this to do with trading? Well, psychology plays a



Hardwired to trade markets poorly

Thu, 12 Dec 2013 14:29:47 GMT

Human beings are hard wired in many ways that run contrary to what is necessary for successful trading in financial markets. A lot of research has been done under the field of behavioural finance that studies the effects of social, cognitive, and emotional factors on the economic decisions of individuals and institutions. Self-Control Depletes Like Energy In a research done, (by Muraven and Baumeister, 2000), they found that self-control is much like muscles or energy, in that self-control is a



3 Reasons Why Traders Lose

Fri, 29 Nov 2013 11:50:42 GMT

The main preoccupation of people interested in Forex market is to find out why the major part of traders ultimately loses money. The research normally shows that each month only 20-30 percent of retail traders gain profit. But what is the reason that retail traders end up losing money? A number of attempts are made to find the exact answer of this question and here we’ll discuss the most obvious reasons. 1. Excessive Leverage In Forex or CFD trading different brokerage companies offer their



About Greed or Is It?

Tue, 26 Nov 2013 15:02:03 GMT

People talk about why most traders lose money when trading. Many traders have assumed a consensus that the main reason is greed. Well, I could buy that theory in the case of over leveraging/over margining accounts. That’s surely a folly that will lose you money quickly and if it happens to you I hope you consider it a good learning experience and discipline yourself accordingly.  However, most traders who’ve learned from that experience still lose money…so is it really about greed? I think



Harness risk with corresponding adjustments in time and wealth

Mon, 04 Nov 2013 14:21:00 GMT

The price of a financial product obviously does not remain stable over time. It changes constantly affected by the degree of investors’ reactions to economic and market conditions. Therefore increased volatility indicates the risk of invested wealth over time. What is very important is that there is always a strong relationship between the three variables: Time, Wealth, and Risk. [T.W.R]. In order to find the way that they connected together, variable of risk in terms of human behavior has to



5 Trading Metrics to Add to Your Trade Journal

Fri, 25 Oct 2013 07:21:00 GMT

There other statistics that tend to be overlooked but can provide critical insight on one's trading. 1. Holding time Do you tend to hold trades for more than a day? Or do you only hold your trades open for hours at a time? Knowing how long on average you hold your trades will tell you what trading techniques and styles you're most comfortable with, and it will help you determine whether you're a short-term trader or a long-term trader. Scalpers tend to jump in and out of traders very quickly,