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12 December 2008

Trader Pyschology

Succeeding at trading in the markets combines learning everything you can about the markets and trading tools and getting to know yourself as a trader.

Learning about the markets and technical analysis tools is the first thing that most traders dive into, they often are unaware of how important the roles of human nature and psychology play in defining markets and market success.

Becoming a profitable trader is more of a journey than a destination. Concentrate on learning the craft of technical analysis and try to become a better trader each day enjoying the progress you make. Focus on improving your trading skills rather than on the amount of profit or losses in your trading.

Feel good about a trade when you have followed your trading plan and congratulate yourself, regardless of the profit or loss on the trade.

Treat your trading like a business and maintain an even keel and professional outlook. Don't get to overly excited about winning trades or depressed about losing trades.

When entering a trade there is no certainty. You are looking for a preponderance of evidence or a high probability that a trade will react a certain way according to your indications of trend and reversals and your trading plan.

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Learn how to use psychology to your advantage. Today's markets offer extraordinary opportunities for those that know how to spot the trends.

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