FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

This article is taken from the Trader's Journal magazine (Aug 2008 issue) The author, Kevin Teeple has appeared as a featured expert on CNN, Bloomberg, the FOX Network in addition to the NASDAQ’s market site in New York City. Days after the attack on the World Trade Center, Kevin was honored to be one of a select few appearing on the CNN Financial Network to respond to the questions and concerns of Americans regarding their investments, the market and the economy. Kevin Teeple shares the steps

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Fear is a very powerful emotion and in trading it can lead us to large errors if we allow it to do so. If we truly understand that every trade we make will bring about one of two results - a profit or a loss - and not make it any bigger than that, then we will be way ahead of most traders. Whether we win or lose, the main factor is whether we followed our trading strategy or not. If we did, then we must not let fear overtake us and keep us from taking the next trade or possibly making major

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

It is always easy to hesitate, to slow down or to even quit. However, many of us might be looking at situations and being more concerned with the possible outcome instead of the potential growth and learning that we will receive. All great successes start with the first step, the first action and even possibly the first loss. Don't allow yourself to see a small step as a barrier. Let's make the decision to wake up each day and take new steps, no matter how small they may be. the results will

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Creativity allows each of us to approach life with new thoughts and ideas. Everyone is creative. The struggle comes when we do not recognize and accept that we have creativity inside of us and ignore the talent and actions that we are capable of achieving. Successful individuals will always strive to think outside of the box and try something new to enhance their proven methods. In trading we each need to apply our proven strategy with new ideas that are creative. If you change the way you

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

One of the greatest stumbling blocks to achieving success in the important aspects of life is circumstances. We seem to use them to get us off track or keep us from continuing to the end. On the other hand, successful people use circumstances to drive them towards their goals. As a trader, we all need to understand that there will be times when things arise that could easily cause us to make huge errors, become lazy in our decisions or even quit. Instead, let's use the bumps in the road to

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Every day we trade we experience challenges that can disrupt our session. These include the market movement, the economic outlook, our emotions, our attitude and so much more. These items can cause us to do many things. including quitting. However, the achiever recognizes all challenges when they arise and then adjusts so as to continue to move forward. For all of us as traders, we need to never allow challenges to keep us from growing and becoming better at what we do. We need to use

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

People all around the world desire to have better things happen in their life. The interesting fact is that many of them have had better things happen; however they just did not stop to enjoy it. As traders, we need to evaluate how we are doing and then if we are doing well. enjoy it. If we are not, then we need to be courageous enough to adjust. Change is good if we believe in ourselves. Belief is the strongest element of any journey. Traders who believe will always perform better than those

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Psychological factors about the trading are well covered in the books, articles and in all sorts of media information and in this article all the ideas about emotions, caused by the “mad� movements of the market, probably will not be new, but solutions how to deal with them for some traders could be a discovery. I am not pretending to be a wizard of the market, but what helps me could help others as well. Let me first express my opinion, what any trading strategy or investment plan, no matter

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

If you could go back in time to the very first day you began trading, would you do anything different? What if you had the knowledge you had right now after months or years of trading experience. Would you make some changes? By analyzing what we do and what results we are getting and then being open to changing our habits or actions, we will always have a better opportunity for enhancing our skills. So, let's go "Back to the Future" and look at what we might want to do if we decide to re-start

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Winning, Losing, Money and Success are just a few of the many aspects of life that people use to determine the worth of others as well as themselves. In reality, it is not these results, but how we respond to them that will make our journey one that we enjoy and desire to continue doing, or whether we quit. As a trader, the understanding of probabilities and how to make them work for us instead of against us will provide great power for you as you move forward in your trading career. Listen to

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

How long do we wait to get started when we face something new? Are we being held captive by the desire to have everything perfect before we begin? Do we want to be sure that we will not have any problems or failures before we get going? The only thing that can keep us from experiencing success in trading is to not trade at all. Don't allow yourself to stop trading, or quit using a strategy or never trading with real money because of the numerous mind games that we play waiting for the perfect

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Every day that we trade, we need to ensure that we have a specific goal in mind. Without any goals, we will never know if we had a successful trading session or not. Profit is not the only indicator for success. The best traders continue to fine tune their goals and the target gets smaller and smaller. If you aim for the bulls eye, even if you miss, you still end up with a good result, because when you aim small even if you make an error, those errors are also small. Listen to the author's

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Fear can be a very powerful emotion, yet for some it can cause disaster and for others it drives them towards new levels of success. As a trader we need to analyze and understand what causes us to be fearful when we trade and how it affects us. Then we need to use that emotion of fear to move us to become a better trader. Listen to the author's thoughts

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Emotions can be a roller coaster for some and a gentle road for others. Successful traders make a conscious decision that no matter what happens during their trading session they will stay calm and in control. If you truly believe that you can do something, it is amazing how successful you can become. Trading takes belief abd when you finally decide that you CAN do this, you have taken the first step towards growth and higher levels of success. Listen to the author's thoughts

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

This article is taken from the Forex Journal (June 2008 issue). The author, Brett N. Steenbarger, Ph.D. is Associate Clinical Professor of Psychiatry and Behavioral Sciences at SUNY Upstate Medical University in Syracuse, NY and author of The Psychology of Trading (Wiley, 2003). As Director of Trader Development for Kingstree Trading, LLC in Chicago, he has mentored numerous professional traders and coordinated a training program for traders. Brett N. Steenbarger helps us understand the

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

All successful traders know what they need to do and then they just do it. Their monetary results are not the focus for them. It is the process and the ability to follow it consistently that keeps them at the top of the trading world. Each of us must learn how to prepare and proceed with direction and conviction. When we do this, we will see continued growth and confidence in our trading sessions Listen to the author's thoughts   

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Success in all aspects of life seem to follow those who do not try to act like someone else, but rather have a foundation of knowing who they are and act in that manner. Many traders seem to want to act like other traders who have recently had a string of successes instead of being committed to their own strategy and trading style. To be the best we can and have consistent success in trading takes a devotion and passion to learning our strengths and weaknesses and applying our skills to match

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Some of the greatest successes have been accomplished not long after a person had reached the end of their rope. They had been beat down so much they had their backs to the wall and were ready to quit. but they did not. Trading can easily cause us to get to this point unless we decide that when we hit the most difficult times in our trading is the exact time when we can emerge with more power and passion than every before. Give yourself a push and decide what you truly want to accomplish and

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Trading has many ups and downs and can easily cause us to feel defeated. However, defeat can only be disastrous if we classify it as disastrous. Losses, defeats, failures, etc. have been a part of history for every person who has reached high levels of success. The difference with the successful people is that they analyze the situation immediately. Those that tend to fade away are those that wait until tomorrow or maybe never to review and discover why the results were not what they expected.

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Trading In the Eye Of The Storm This article is taken from the Forex Journal (April 2008 issue). The author, Daniel M. Gramza, is President of Gramza Capital Management, Inc. and DMG Advisors, LLC. He is a trader, consultant to domestic and international clients and an advisor to the St. Croix hedge funds. An excerpt from Daniel Gramza’s book The Thought Demons of Traders Once you understand the process of thought choice, thought energizing, and the impact both have, it becomes easier to

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

The best growth and learning comes from seeing our challenges, hurdles and problems as a way to get better at what we do. Most traders have the right strategy and tools, but they have not taken the time to analyze some of the difficult times to see how and what they can learn from these situations to become a better trader. Let's look at 3 steps you can do to ensure that you are on the right path. Listen to the author's thoughts

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Have you ever tried to hold a beach ball under the water? You might be successful for few moments, however it only takes a small change in how you are holding it to make it burst up out of the water, hit you in the face and splash you all over. Sometimes, we as traders try to hold the beach ball under the water. We want the big success, the big win, the huge profits, etc. in a short timeframe. This rarely happens. What are your current trading traits? What do you expect of yourself? Are you

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Trading success takes discipline, passion and continuous learning just to name a few. One additional area that seems to be evident in all traders that keep enhancing their skills and their profits is the ability to ask good questions of themselves and then to apply the answers immediately. To reach new goals takes new steps that must start now and are not delayed until tomorrow. Listen to the author's thoughts

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

What do you use to measure your success after a trading session? If you are like most, your success or failure will be determined by the amount of profit you made or lost. If that is what you do, you are missing out on one of the greatest aspects of your growth. We all need to be more than just disciplined with our trading tools; we need to be devoted to trading. Eliminate greed and you will enhance your skills faster Listen to the author's thoughts

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

If you attempt a challenge without a safety net, you have the possibility of serious catastrophe if you do not receive the results you expected. In trading, we strive to make high probability trades, however the market can turn against our well planned execution. If we do not have a safety net in place, we can experience an "Account Blow Out". The successful trader always plans properly for all possibilities so that they will not be taken out of the game and lose the opportunity to trade

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

History has recorded many great winning streaks. Whether they were made in business, team sports, individual sports or other areas, they all had some common characteristics. They had a strong foundation, a belief in what they were doing and they took it one step at a time. In trading, we can develop a winning streak if we decide to not always categorize winning with profits. Success brings about more success, however if we decide we are a failure, then failure can also bring about more

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

The Miracle on Ice at the 1980 Olympics was an amazing story. That hockey team did not just win because they were good. They won because after a lot of hard work and frustration, they all realized that they had to do something different than everyone. They had to expect nothing but the best!. Through training and belief, they accomplished what many said could not be done. A successful trader can accomplish what many say cannot be done if they decide to accept nothing but the best from

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

The most successful people in any area of life seem to do what most others also do, but then they do "A Little Bit More". In trading, many of our friends and associates who do not trade will try and convince us to quit. This is mainly because they have found that they cannot do what you do. Don't allow this to change your goals. Keep on doing what it takes. Listen to the author's thoughts

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Our mental attitude is a powerful force that we need to harness. If we will dedicate ourselves to being more aware of where our mindset is each day, practice and study our trading method and continually participate in the mentoring opportunities that we have available, each of us will enhance our skills and performance in trading. Listen to the author's thoughts

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

For each of us to continue to enhance our trading skills we need to remain focused on our commitments to both the technical and mental side of trading. When you do this, you will experience a clear picture of continued growth in your trading success. Listen to the author's thoughts

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

The way that we approach our trading has a major impact on the potential success that we can achieve? Don't allow the critics in your world to cause you to quit. Listen to the author's thoughts

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

If you develop a solid trading plan and produce consistent results in a demo account, then make sure you have a psychology plan before you enter into trading with real money. Listen to the author's thoughts

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

We all have challenging times in trading. At this point it is easy to decide to change direction and it could be a terrible decision. We need to be persistent and committed through the good times and the challenging times so that we become better every day. Listen to the author's thoughts

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Sometimes the simplest thoughts and ideas can help us to improve our trading proficiency. Here are 5 basic principles that will help you to unlock some doors that might be keeping you from improving. Listen to the author's thoughts

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Every trader wants to make a profit. However, that is not the most important factor. To be successful, you need to focus like a laser beam on one aspect of your process and then the results will take care of themselves. Focus on the small things and the large things will occur. Listen to the author's thoughts

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

For anyone to be successful when they move into a new phase of any program, they must review what they have done in the past and then refine these actions so that they will continue to grow. In this New Year, review your past trading actions and results and then refine and plan for a new year of growth and success. Listen to the author's thoughts  

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Great photographers never take a picture until everything is set up correctly and the subject is in focus. If they have not analyzed the situation before taking the picture, their results will not be successful. Traders need to follow the same steps. Your mind must be in focus and we must have a solid foundation in place before we execute a trade or else we will not have a high chance for success. Listen to the author's thoughts  

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

Having a positive expectancy does not mean that you must be 100% successful on every trade. You do not need to set a goal to never have a losing trade. To be truly successful, you need to have a realistic understanding of what successful results are and how to prepare for them. Listen to the author's thoughts  

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

When we were young, we heard the phrase, "Sticks and stones may break my bones, but words will never hurt me." In some ways this is true, but in reality if we fill our minds with negative words about ourselves, we may start to believe it. We all make mistakes in trading as well as in life, but let's not allow that to cause us to believe that we are worthless. Listen to the author's thoughts  

FXstreet.com: Education: Market Psychology
FXstreet.com: Education: Market Psychology. Useful resoruces to acquire the psychological skills needed to trade successfully in the currencies market.

As in all professions, the most successful individuals always check their fundamentals to be sure that they are working on a solid foundation. The Forex trader needs to do a quick check to see if they are following the basic steps that can enhance their potential success. Listen to the author's thoughts