Psycho Trader

Salamunalaikum and greetings to all....

Huh?? What's with the title ?? (somebody might ask)... are all forex traders a psychopath??
Well that would make a great story but.. believe me that is not a fact.. :P
Psychology (mental) as we all know plays a vital part in life.

Be it at home, at work or even in sports how people deal with their emotions will affect their relationship with others, attitude and even performance... hmmm ( I personally think that one of the important part that is missing in our sports development programme is psychology.. we need a professional help for our sportsmen (and women) to deal with their emotion and to have a superb mental condition for competition)..

But hey.. I'm not here to elaborate on that but only to discuss the effects and influence of one psychological condition that can affect his/her trading decision and performance..

Among other things, traders must learn how to be calm when making decision, open to suggestions (news , forecast and stuff) but critical enough not to accept it blindly, have good self confidence ( good enough to believe in his/her own trading decision and analysis ), to have a lot of patience (not patients.. that'll make you a doctor.. duh).... and yess discipline (disciplined enough to stick to your trading plan, money management, stop losses blah blah blah...)

All right, as usual, at the end of my rambling session, I'll provide you with links to infos and readings related to the topic of discussion and here they are:

• Emotion Free Trading - by Larry Levin
• 10 % of Traders Go Bankrupt - Mark McRae
• Mental Fitness for Traders - by Norman Hallet

Also, you might find books like Bird Watching in Lions Country by Dirk DuToit a.k.a DrForex and Market Wizards by Jack D. Schwager as interesting sources to add to your knowledge in the forex trading.


Happy reading, learning and trading..