Module 06
Trading isn't for the faint-hearted — it's far more emotional than it looks. Before you can master trading, you have to learn to master your emotions.
Trading psychology is the study of how we react mentally to the stresses and pressures of trading. Controlling your emotions is essential to making rational decisions in the market.
Trading affects psychology as much as psychology affects trading.
Of all the emotions that surface while trading, two are more common — and more dangerous — than the rest: fear and greed. One moment of either can ruin months of hard-won profits.
"You can't feed on greed."
Greed isn't wanting to make money — that's the whole point of trading. Greed is trying to make money too quickly.
"Don't be scared."
Fear in trading has two faces — and both quietly cost you money.
Compels traders to close profitable trades prematurely — leaving real upside on the table.
Pushes traders to abandon their strategy so they don't miss a major move — leading to over-trading and mistimed entries.
Uncontrolled emotions should never be an excuse for losses — and losses should never be an excuse for uncontrolled emotions.
Don't underestimate the power of your emotions. Every losing trade is a chance to learn; every winning trade is a chance to lose it back if you let your guard down.
Take control of your trading — don't let trading take control of you.
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