FEAR and GREED.
Remember, trading psychology accounts for 90% of our success as traders. Ignore this and you will be forever doomed to failure.
It appears many of you are being successful on demo but cannot repeat it when going live with real money. This is entirely due to trading on emotions rather than DISCIPLINE.
I am probably the world's best trader on demo; I can rack up a 98% success rate and make $millions of profit. However, the minute I switch to using my REAL money, I go into ultra-conservative trading. My FEAR of LOSING is greater than my GREED for PROFITS. It wasn't always this way as I had it the other way round when I was losing.
As you know, I don't like demo trading. For testing my Momentum Cycles and Cycles stuff, I don't use demo. Instead, I use REAL money but with a low $/pip value as I need to always be testing my emotions in addition to my strategies. For me, the two go hand in hand and I must have a balance between them.
So, from my perspective, I always, always, promote trading with REAL money BUT in the smallest micro lots you can find.
Some of you are still struggling with your PLAN, specifically interfering with your PLAN during a trade. Again, this is trading with your EMOTIONS instead of with DISCIPLINE.
If you have to interfere with your PLAN while trading then the solution is simple. You do NOT have a PLAN which you BELIEVE and TRUST.
I recommend everyone find my post where I previously detailed all this.
Remember, the FIRST thing you should think about when taking a trade is HOW MUCH WILL I LOSE? In other words, what is my worst case scenario?
This MUST be BUILT into your PLAN and you MUST accept that you "can" lose this amount of money. This has to be done while developing your PLAN.
It is at this point where you "tame" your emotions. It is at this point where you find the REAL "you".
Some of you are not being honest with yourself and until you do that, there is no hope for you in trading. Agreeing with yourself in the PLAN that you can accept the LOSS and then changing it during trading is YOU not being HONEST with yourself. Trading finds out who we really are and is probably better than any tests a psychologist can give you.
While developing your PLAN, if you cannot accept LOSING that amount, you have two options:
Reduce the $/pip value to a monetary level that you CAN accept
OR
Don't take the trade.
You MUST address this key issue at this point. If you cannot do this then my frank advice is not to trade because you are incapable of controlling your trading psyche.
When you can do this, and you have a successful style/methodology/strategy, you will wonder what the fuss was all about.
Always think about how much you will LOSE first BEFORE how much you will win.
FORGET about winning, your style/methodology/strategy takes care of that, instead, FOCUS on LOSING, learn to control how much you LOSE.
LEARN how to deal with LOSING because WE ALL LOSE - LEARN how to keep your LOSING trades SMALLER than your winning trades.
Change your thinking to having a GREATER fear of LOSING than your greed for profits (winning).
Remember, trading psychology accounts for 90% of our success as traders. Ignore this and you will be forever doomed to failure.
It appears many of you are being successful on demo but cannot repeat it when going live with real money. This is entirely due to trading on emotions rather than DISCIPLINE.
I am probably the world's best trader on demo; I can rack up a 98% success rate and make $millions of profit. However, the minute I switch to using my REAL money, I go into ultra-conservative trading. My FEAR of LOSING is greater than my GREED for PROFITS. It wasn't always this way as I had it the other way round when I was losing.
As you know, I don't like demo trading. For testing my Momentum Cycles and Cycles stuff, I don't use demo. Instead, I use REAL money but with a low $/pip value as I need to always be testing my emotions in addition to my strategies. For me, the two go hand in hand and I must have a balance between them.
So, from my perspective, I always, always, promote trading with REAL money BUT in the smallest micro lots you can find.
Some of you are still struggling with your PLAN, specifically interfering with your PLAN during a trade. Again, this is trading with your EMOTIONS instead of with DISCIPLINE.
If you have to interfere with your PLAN while trading then the solution is simple. You do NOT have a PLAN which you BELIEVE and TRUST.
I recommend everyone find my post where I previously detailed all this.
Remember, the FIRST thing you should think about when taking a trade is HOW MUCH WILL I LOSE? In other words, what is my worst case scenario?
This MUST be BUILT into your PLAN and you MUST accept that you "can" lose this amount of money. This has to be done while developing your PLAN.
It is at this point where you "tame" your emotions. It is at this point where you find the REAL "you".
Some of you are not being honest with yourself and until you do that, there is no hope for you in trading. Agreeing with yourself in the PLAN that you can accept the LOSS and then changing it during trading is YOU not being HONEST with yourself. Trading finds out who we really are and is probably better than any tests a psychologist can give you.
While developing your PLAN, if you cannot accept LOSING that amount, you have two options:
Reduce the $/pip value to a monetary level that you CAN accept
OR
Don't take the trade.
You MUST address this key issue at this point. If you cannot do this then my frank advice is not to trade because you are incapable of controlling your trading psyche.
When you can do this, and you have a successful style/methodology/strategy, you will wonder what the fuss was all about.
Always think about how much you will LOSE first BEFORE how much you will win.
FORGET about winning, your style/methodology/strategy takes care of that, instead, FOCUS on LOSING, learn to control how much you LOSE.
LEARN how to deal with LOSING because WE ALL LOSE - LEARN how to keep your LOSING trades SMALLER than your winning trades.
Change your thinking to having a GREATER fear of LOSING than your greed for profits (winning).
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