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Tuesday, December 23, 2008

The Psychology of Trading (VIDEO)

"Human beings, by changing the inner attitudes of their minds, can change the outer aspects of their lives." - William James

This video is a remake video, where I am improving the video quality, and taking care of a few other issues.

I think, at times, I try to stress money management principles so strongly to new traders? That I may end up overlooking another vital aspect of becoming a good trader.

Psychology.

And honestly, I do believe that you can understand money management principles, but if you do not understand the importance of self-discipline and emotional control? Even money management principles and strategies cannot help you as a trader. You will end up blowing up your account.

So what aspects need considered when it comes to the 'psychology of trading'? I discuss that in the vlog entry below ...

(Video Included. If you're seeing this entry elswhere and cannot see the Video? Click this link to view the exact entry ...)



For a greater explanation and complete dissection of this topic? Please see Dr. Alexander Elders "Trading for a Living". The link is in the "Recommended Books" section to the side of this page.

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Note: This is not an investment or trading recommendation. The losses in trading can be very real, and depending on the investment vehicle, can exceed your initial investment. I am not a licensed trading or investment adviser, or financial planner. But I do have 12 years of experience in trading and investing in these markets. The Challenge accounts are run for the education of other traders who should make their own decisions based off their own research, and tolerance for risk.

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