Playing a winning hand is dependent upon knowing your own mind and understanding the way that psychology moves the market. Studying the psychology of the market is nothing new. It does not take a genius to appreciate that any arena that rides and falls on choices made by individuals is going to be strongly influenced by the minds of folks. Few folk take into consideration all the assorted levels of mind games that inspire the market, though . The best Currency exchange coaches will tell you that before you can really become a successful trader, you've got to know yourself and the triggers that influence you. Knowing those will help you overcome them or employ them. I felt the same way the 1st time that somebody attempted to elucidate the way in which the mind games we play with ourselves influence the trades and calls that we make. Anything concerning winning or losing huge quantities of cash becomes emotionally charged. All right. You have heard that playing the market is a mathematical game. Plug in the right numbers, make the correct calculations and you will come out in the lead. So why is it that so many traders finish up on the losing end of the market? In fact, everybody has access to the same numbers, the same information, the same data if it is maths, there's only 1 right answer, right? The solution lies in interpretation. Your hopes and fears can make you see things that just are not there. When you invest in a currency, you are investing more than money you make an emotional investment. Being 'right' becomes significant. Being 'wrong' doesn't just cost cash when you let yourself be ruled by your feelings it costs you pride. Why else would you let a loser ride in the hope that it'll bounce back? It is that small thing within your head that claims, I KNOW I am right on this, dammit! Bottom line : You can not keep feelings out of the picture, but you can learn not to let them control your choices. To the majority, being right is more critical than making profits. Here's the deal. The way to make real cash in the currency market is to chop your losses short and let your winners ride. To do that, you have to acknowledge that some of your trades are about to lose, cut them loose and move on to another trade. You need to accept that picking a loser isn't a symptom of your self-worth, it isn't a reflection on who you are. It's simply a loss, and the easiest way to fix it is to stop losing money by moving on and actually push on. Moving on means you do not keep a running total of how many losses you have had that is the way to paralyze yourself. This brings us to the following point : Losing traders see loss as failure. Winning traders see loss as learning. Not too far back, my 12 year old boy said to me that before Thomas Edison invented a working light bulb, he invented one hundred light bulbs that did not work. He suspected in his across-the-board idea so when one design did not work, he simply knew that he'd eliminated one likelihood.

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