Trading Psychology

Question 1

What are three qualities of a Forex Trader

Answer 1

1. Initiative - Do’er, Take risks, get going, do stuff!
2. Discipline - System, remove emotion, stick to the system
3. Patience - Keep on improving on the system, always test - improve - tweak and move forward

Question 2

Initiative - Why / Where do you need it

Answer 2

Never be too lazy or too scared to do something to improve.
Think long term - Work towards it.
Get and stay motivated by improving.
You need it when thinking Risk - what is the worst that can happen and what is the best, the upside.

Question 3

What is the bottom line of Discipline

Answer 3

Stick to system/rules.
Remove Emotion.
Part of the system is always learn/tweak/improve

Question 4

Summarize Trading Psychology

Answer 4

Trust Your Trades
Why - because it is based on a system that you’ve developed, back tested, forward tested to put the odds of winning in your favor.
Fear - fear of FOMO and fear of Risk/losing should be removed if you are using your system - odds in your favor, yes, to win you must also lose.