Lesson 6: Motivation and Goals at the Start — Trading Psychology

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Congratulations, you’ve come to the end of my first training level! You have learnt 4 lessons and now you know a lot about the market and understand everything about trade orders. Some of you are ready to open a trading account and immediately start, but do not rush.

Perhaps some of my words seem to be boring — the second level lessons are longer than the first. But if you have read up to this moment, you will probably reach the end. We will start going hardcore with the next level: we will become aware of the trading platform, open the first trade and plunge into the analytics, technical indicators, and macroeconomic events world.

 

If you can’t wait any more, you can move to the second level. I will share the important trader’s psychology which I learned from my own experience with those who will still remain. Unfortunately, each trader has to go through failure. I do not know people who started to trade forex and did not lose their first trade deposit. Now, many of them remember the first defeats with a smile, considering those amounts insignificant, but I remember very well how painful it was to lose my first money in the market.

All people are divided into two types: those who have not yet fallen and those who have already fallen in trading, business, sport, riding a motorcycle, and other spheres of life. You’ve probably heard statistics regarding 95% of traders lose money or 95% of businesses fail.

Actually, this is not true. Businesses fail, but the businessmen remain. They establish new businesses until they reach success. Yes, not all reach success. But if everyone reaches their goal on the first try, everyone could be engaged in this—but this is not the case.

Regarding this, in this article, I want to restate the second lesson’s idea once again:
Be patient. Competently approach the learning process. Study, learn from and draw conclusions from each trade.

trading psychology

The most important thing that I would like to inspire in my readers is the following:

Each unprofitable trade is not a failure. Each profitable trade is not necessarily successful. If you opened a trading position and closed according to your previously planned strategy, then the trade is successful. If you opened a trade and fixed the profit or loss sooner or later than your strategy said to — you lost.

Congratulations with movement to the second level, it is my wish that everyone reaches the end.I’ll be waiting for you at the next lesson, where we’ll talk about the trader’s journal!

Regards, Pipbear

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