Trading Psychology: Confidence

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Stuart McPhee stats "Competence yields confidence in trading... this is the key to to mastering your trading psychology."

No discussion about trading, or the consideration to begin trading, can be done without a harsh realization - the vast majority of all traders lose.




It is said that the reason that most traders lose is because they are not psychologically prepared to trade, that is they are not prepared to accept financial risk for something of which they have no control over the outcome. Trading is much more of a psychological problem then a methodological one, only the traders who have first accepted this have a chance of being consistently successful traders. Without an understanding of trading psychology and the various issues that circumvent method, there will be virtually no chance to overcome the fear, confusion, and despair that can be inherent in trading.

Discover how Stuart McPhee, through his military history, mastered his trading psychology. To find out more visit: http://www.tripletradingprofits.com/

Category:

Education

Tags:

• trading psychology
• trading confidence
• psychology of trading
• trade psychology

[davesaund]

Absolutely correct; you can only succeed as a trader with confidence. It's not about bravado it's about how well you stick to your own rules. Following one's own plan, doing it over and over until you are competent, is the way to develop confidence.

I've found lack of confidence leads to wannabe traders exiting trades too early. In addition to reviewing how well you performed, take note of how the trade would have gone if you had the confidence to stay in longer.