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Introduction to The Psychology of Trading "IN THE ZONE"
from: Cynthia MacyMost amateur investors will bail out of an investment program
after three straight losses.
How you handle losing trades psychologically is a cornerstone to
your ability to prosper in the makets. Losing properly (by
losing small and continuing to make your trades) makes winning
possible.
You have to learn to accept your losses, because if you're not
willing to take the chance that a trade could lose a pre-defined
amount (by using a stop), you will be afraid to trade or will be
scared out of a good position as soon as you get a small profit.
This defeats the goal to score big when you are right. A
successful trader's mindset must accept losses as a necessary
and beneficial part of the trading process when handled properly.
You must have the discipline to always cut your losses or keep
them small. You must resist the temptation to say to yourself
"It will come back". That type of thinking has ruined many
traders.
This is the main thing that will allow you to stay in the game
long enough to become successful. If you have discipline and
patience, the end result will pay off for you. After all, this
is the greatest game in the world, and it's the fastest way to
wealth!
When I'm in the zone as a trader, I am totally focused and
absorbed in the moment. Time seems to expand, my mind is clear,
and I know what is coming next. My indicators speak clearly to
me and I obey them automatically.
And being a part of this "now" moment is what makes me, as a
trader, perform at the highest level. My ego is not dreaming of
riches or fretting over bills to pay - it's just along for the
ride. My trading is not tied to my self-worth as a person.
You will reach your trading goals by increments - once you
accomplish one goal, you celebrate that success and then set
another higher goal.
Peak experiences seem to occur often in what many individuals
call "the zone". "The zone" is a state of transcendental
well-being, an altered sense of time, or being on a high, a
state of focused energy, a euphoric state of optimal
performance, exhilarating, uplifting, with a sense of mastery
and control and invincibility.
Others describe the zone as radiant happiness, laser-sharp
intuition, a total absorption in the present moment, with no
self-consciousness or distractions. This state of mind has been
called "intrinsically rewarding" because it epitomizes the love
for the game itself, and not so much the outcome. All great
traders have a basic love for the game itself because the
emotional rewards are so great.
The zone is a rarely achieved psychological state, but once you
have been there, you will want to return to the zone again.
One of the keys as a trader is that you must spend the time
necessary to make trading skills "automatic" and create winning
trading habits. Preparation and practice make for proper skill
development. By making these actions automatic, the mind can be
totally absorbed within the zone.
What is the key to success? Dedication. The more you practice,
the better you get. And you MUST believe in yourself and your
ability to succeed. Keep your thoughts and behaviors positive,
and you will increase your odds of a favorable outcome in your
trading.
Trading is an art form that can be developed with time and
plenty of practice.
Go slow, trade with caution, obey the indicators, and only trade
when you're not tired or feeling stress.
About the author:
Cynthia Macy is the co-author of 3 forex training ebooks.
For more comprehensive trading information, visit her other
websites at:
http://www.professionalforextradingonline.info
http://www.successtrading2000.com/forex
http://www.shortterminvestingsite.com
http://www.daytrade-forex.com
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