Major Forex Psychology Lessons

Yo guys!

Swaggy C is in the building, and we are here to talk about psychology and everything about it. I have ten key takeaways I am hoping will be of value at the end of this video.

Number ONE. Greed is a trait everyone has at some point in time. Overcoming it is hard but it’s something that MUST be done. Greed can be in two forms: first, when first come into this market, you see the profit that you could potentially make, and you’re hoping to make so much profit within 6 months or 1 year — a market you know nothing about. And that is greed.

The second kind is when you are actually in a trade and the market gives you $500 but you want $5,000–but that’s not a $5,000 trade! Greed in your mind will cause you to stay in that trade and eventually lose your money.

Number TWO. You need to have another source of income other than trading. You should be using a percentage of your income trading and investing. If you are struggling financially, you should be nowhere near the markets.

Number THREE. You need to be robotic. If losing a trade causes you to cry, stress, or go into deep thought on if trading is for you, you shouldn’t be in that trade. You’re risking way too much, and that messes with you psychologically.

Number FOUR. Stop focusing SO much on chart work. It doesn’t matter how good you know how to analyze a chart. If you aren’t there psychologically or you let your emotions take over, all that chart work will go to waste. Put as much emphasis on this video as you do an entry video.

Number FIVE. Stop looking at Lambos. Stop looking at the Lamborghinis and all the flashy stuff that traders on Instragram put out there. Just stop doing that because it gives you a false narrative on what trading and investing actually is.

Number SIX. Take a BREAK. EVERY DAY is not a trading day and every WEEK is not a trading week. It’s okay to take a month or so away from the charts. Whether it’s a good month or a bad month…relaxing your mind is the best thing you can do. Every job in the world has a relaxation period… your brain needs to relax too.

Number SEVEN. Give your stop loss some breathing room. When you have a tight stop loss, it messes with you psychologically — because you’re so scared about getting stopped out. Everybody gets stepped out from time to time, but that will occur less often if you give your stop loss a breather.

Number EIGHT. Handle your emotions in real life. 1) DO NOT try and trade if you’re going through something major in the real world, and 2) If you can get better at handling your emotions in the real world, you can do the same when you’re trading.
Number NINE. Turn your charts black. It turns away your emotions from retracements. I avoid certain colors on the charts so that it does not mess with my emotions when trading and that really helps.

Number TEN. Stop comparing yourself to other traders! What works for them may not work for you. For instance, I don’t trade US30 because it simply does not work for me. Figure out what works for you and stick with it. Trading is an individual adventure, and it is YOU against the market.

So guys! I appreciate you for staying till the end of this video. I hope you guys enjoyed that video. Those are my TEN key notes on psychology. Remember, create your own foundations. If you found this video valuable, I will appreciate if you LIKE and SUBSCRIBE to this channel.

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