Opened Positions Spread Bet Longs: Brent Crude 11036 After my success yesterday, I wanted to see if I could apply the tools/systems I used to other markets. I want a fast moving market that offers the potential of quick gains. I decided to try brent crude. I can see a trend that clearly looks like its rising so I feel I’ll just go in here and hope to ride the …Read More
It is almost impossible to earn a living from the markets without a thorough understanding of how your psychology plays a huge part in your success.
This means that you need to be completely at peace with yourself and whatever trading ‘setup’ or ‘style’ you use. Some great traders have managed to control this aspect of their self by implementing very strict, almost mechanical rules to their system. My approach is quite different and instead of trying to compartmentalise those aspects of myself that would be considered bad for trading (my emotion, instinct, gut, greed, fear, everything that makes up me), I am trying to embrace them all and use them as my trading edge.
In order to do this, it is important that I am able to fully accept who I am and what I am, and find a way to fuse all of these characteristics into a ‘style’.
In much the same way that I need to tap into every aspect of my being in my practice of martial arts, my trading requires no less, and these posts sum up my psychological journey so far.
After my recent losses, I knew I had to change my trading habits. I was clearly trading way too much – 21 times in a single day? And obviouly not making enough money. For the rest of march, I made much more calculated and planned entries into the market and set myself the goal of making no more than one trade per day.
It’s been about 3 weeks since I opened my IG Index spread betting account. I wrote about my first day’s trading here, and since then, have embarked on a mission to try and educate myself on how to actually trade. My research has led me into all kinds of useful websites but the first one that made any sense to me was this one.