TRADE PSYCHOLOGY

Fear and greed are assumed to be a part of trading psychology, however I would suggest that fear is a greater deterrent to trading,  than greed is to a broken account from excessive risk taking.

 It follows from the same thought that all the wealth could be distributed to the poor, and within x time, they would be poor again and the wealthy would once again be wealthy.

 Both are part of the psychology of  wealth.  It is a mindset that establishes a plan, accepts risk, accepts there can/will be failures, but the target will be accomplished.  If you can't see IT, can't see you as a part of IT, it can not become a part of your journey.

You can practice and delve into as much literature as possible, but in the final analysis, pressing the button to buy or sell is the hardest thing to do for many traders.  All it takes is a negative number to show in the trade window, and 1) they jump out or 2) they compound the fear with irrational thoughts of doubling up to get even or to get ahead.

Fear of losing, not being competitive, losing face; pick the description for the thoughts that race through the mind of the trader that, by the way, doesn't have a fear of the trade, but has a fear of the money involved.  They simply are not prepared to accept the risk.  Wealthy individuals have determined they will succeed, and have learned to accept the risks to achieve their goal.  They know that  it is a process, where a loss is a step that needs to be modified to become a success.

Fear will keep people poor in trading.  keep them out of trading, and when they do trade, get them out irregardless of all the indicators in their trade package shouting stay!

TRADES


The trade day started with two bracket areas that were productive.  Trade the BO and/or the pullback to key support.