The Psychology of trading the Foreign Exchange Market


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Frustrated By The Foreign Exchange Market?

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There’s a saying that goes a little bit like this: “95% of people who take on the foreign exchange market fail”. How accurate that figure is nobody knows for sure, but what is certain is that forex trading is a ruthless business that will torment and defeat most who dare to dream big and have aspirations of, financial freedom and prosperity.

It defeats men not so much because their forex trading strategies are poor but because they cannot make them work. Two traders can obtain the same trading strategies, the same “trading secrets” and one of them may win success while the other becomes yet another victim.

The Reason Is Trading Psychology

The mind will play tricks, it will spring up mental demons, doubts, fears and uncertainties. It doesn’t matter if a trader knows all the forex fundamentals and has a sound trading plan and strategy. If he hasn’t mastered the psychology of trading, only a miracle can give him the abundance and wealth he desires. Every trader must take this mental test constantly. It is on-going and never ceases.

Know Your Enemy

Garcia describes with clarity the different emotions and states of mind a trader will experience. That is because he knows them intimately, and he has conquered the states of mind that are negative, and cultivated those that have helped win him the kind of lifestyle most can only imagine and dream of. Garcia knows first-hand that if a trader is not able to master his own mind, he will be overwhelmed by the mental tricks that will be thrown up by the many scenarios a forex trader will face, whether he is a day trader, a swing trader or a scalper. This in turn will bring ruin. Freezing when a decision has to be made, loss of heart and fighting spirit during periods where losses occur, blown trading accounts, frustration, confusion, spirit crushing pressure and ultimately failure-the day a trader gives up and calls it a day because he cannot make money consistently.

Traders can relate to Garcia because he has not only been through and overcome the dark days a trader can experience-the trials and tribulations, but he knows how to describe them in an entertaining way. He writes with passion, often very dramatic. It’s easy to see he cares, and wants each of his readers to succeed in this cruel business and become winners in life, and in trading.
The few that endure the hardship and master their mind through desire and smart decision making will become winners. Mastering the psychology of forex trading will serve a man well not only in his forex trading career, but in life generally.

Note From The Author

Hey everyone, my name’s Hektor and I’m an independent Foreign exchange trader (although I do trade other markets too). When I started this business I had no millionaire parents, I had no millionaire investors. I funded my trading account by working at a call centre in Madrid. These days I trade for a living, enjoying the kind of lifestyle I dreamed about all those years ago. Travelling around the world and making a very good living. I know exactly what traders go through, and so do the six other traders I mention at various times in my book. I chose to write this book because I’ve been through the dark days every trader will go through, and I want to help other traders get come through those days just like I did. I want to help traders become winners and achieve their dreams and ambitions. Anyone who is serious about trading has my respect, because this is a tough, cold business, and anyone who is serious about taking it on has character. I can relate to these characters, but they do have to be serious. This is the toughest way to make the easiest money in the world. Master this business and the possibilities are endless.

Product Details

  • Publication Date:February 17, 2013
  • Language::English
  • File Size:288 KB
  • Word Wise:Enabled
  • Print Length:33 pages
  • Enhanced Typesetting:Enabled
  • Text-to-Speech:Not enabled
  • X-Ray:Not Enabled
  • Screen Reader:Supported
  • Lending:Enabled

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