www.ForexProfitMonster.

com

The Secret to Becoming a Successful Trader –

Avoiding the Top 10 Psychological Trading Traps

COPYRIGHT 2007 FOREX PROFIT MONSTER

Welcome to the world of professional trading! I don’t care if you’ve been
trading for years or this is the first time you’ve even considered trading as a
full or part-time occupation, but by reading the information in this e-book,
you’re taking your first step toward being a success.

A lot of people start their trading career with the hopes of becoming rich
beyond their wildest dreams. There’s nothing wrong with that, but reading
advertisement after advertisement for trading systems with pictures of luxury
cars, sports cars, yachts and mansions, all supposedly paid for with the
money generated by the trading system can create an illusion that can be
detrimental to you as a trader. I don’t want to have to be the one to spoil the
dream, and I’m not saying it’s not possible to have that lifestyle, but IT’S
NOT EASY. Read that sentence again. It could happen for you, but IT’S
NOT EASY. Being a successful trader, like being a success in any career,
takes hard work, determination, and most of all, DISCIPLINE. Don’t let
anyone sell you the pipe dreams of the Rolls Royce and speed boat. There is
no “magic bean” or “holy grail” trading system that wins every time and
“doubles your account every month”. The sooner you accept this as a fact,
the sooner you’ll be on your way to being a successful trader.

What most new traders don’t understand is that the roadblock to being a
successful trader is themselves, not their trading system. Many people who
come to the world of trading are lured by the types of advertisements
mentioned above. To be a success, you must understand… MOST
TRADING SYSTEMS CAN BE WINNING TRADING SYSTEMS. It’s
the traders themselves that take a winning system and turn it into a losing
one. Now being a trading system designer myself, I’d love to tell you that
it’s not true, that my system is the best system on the planet and is the only
truly profitable trading system, but I’d be lying. FOREX Profit Monster is a
great system… it took me almost two years to develop, and is my “bread and
butter” system… the one I trade every day to increase the size of my own
trading account. But the real success behind FOREX Profit Monster will be

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YOU. You have to be willing to trust the system and trade it as the rules say.
You can’t let your own emotions take over and make you change the rules.
That my friend is the real “holy grail” in trading; BEING ABLE TO
FOLLOW THE RULES.

It sounds so simple. Just “follow the rules”. But it’s what keeps 90% of
traders from being successful at all, let alone for the long term. Not being
able to keep your own emotions out of trading is the number one downfall of
a trader. This is why this e-book is so important. In it I hope to start what
should be your lifelong education on TRADING PSYCHOLOGY. Oh, I
can hear you now, “Great, I wanted a successful trading system and this guy
wants me to lie down on a couch and complain about my mother”. No, we
won’t go quite that far. But trading psychology is human psychology; the
study of how human emotion affects trading decisions each and every day.
And believe me, the day you admit to yourself that trading psychology is an
integral part of trading and begin to learn and practice it is the first day down
the path to becoming a successful trader.

So what is so important about trading psychology? Well the simple answer

is the average person just can’t seem to remove their emotions (fear, greed
and hope to name a few) from their trading. And the inability to remove
these emotions affects the system by breaking the rules. You see, every
good trading system (including FOREX Profit Monster) has been designed,
historically back tested and then forward tested on a live account using the
same set of rules during each part of the process. The system was found to
be profitable using these rules. If you as the trader decide to break these
rules, you in effect are changing the system. And believe me it’s not easy to
design a good trading system, so the odds are that when you change the
system you’re making it worse, not better.

How do you put trading psychology on your side? Well, there are many
components that you’ll need to implement each and every day. That’s why I
said that FOREX Profit Monster is a complete system… it includes an
overview on trading psychology that you can start using now. I do suggest
you continue your education on trading psychology. To help you I’ve
provided some information at the end of this e-book to reputable sources that

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helped me in my quest to use trading psychology to my advantage. I suggest
you use them at your earliest convenience. This e-book is a great start… but
I’m a trader, not a professional psychologist, and I don’t want you to think
there isn’t anything else to learn. I’m covering most of the major items that
you definitely need, but every person is different. You may have issues to
overcome that I’m unaware of. It’s best that you take some time and read
some books or watch some DVD’s and discover those things for yourself.
Only then can you be sure that you’re being the best trader you can be.

OK… now that you understand, let’s get started!

TRAP TO AVOID #1 - MONEY MANAGEMENT (OR LACK OF IT)

I want to start with what I believe is the MOST important part of a trading
plan. Its more important than your entry signal and more important than
your exit strategy; your money management. Some will tell you that money
management (also known as risk management) is not part of trading
psychology. Technically those people may be correct, but money
management can so directly affect your mental well being I consider it to be
a vital component of trading psychology. It’s a fact; if you’re worried about
losing money you can’t be a successful trader. You’ll find yourself
continually exiting a profitable position prematurely, or worse yet exiting a
trade with a loss before it’s had a chance to develop into a winner because
you see your account balance and equity moving in the wrong direction.
That’s why you should only trade with money that has been set aside to be
used for the specific purpose of trading. There should be no “borrowing”
the mortgage payment for a couple of weeks or using your child’s college
fund for a couple of years so you can trade a larger account. You can’t trade
with “scared” money. If you’re afraid of losing the money, you will. Your
fear of loss will cause you to make poor decisions and before you know it,
the money will be gone. Better to trade with a smaller account and have no
(or minimal) fear of losing! And remember, if you don’t have any money to
open an account right now, most brokers will also let you trade on a “demo”
account using a live feed for free with absolutely no obligation.

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While we’re on the subject of losing money, that’s another inevitable fact
about trading professionally; you WILL have losing trades, sometimes
several in a row. This is another reason that money management is so
important. You must select a position (lot size) that is appropriate for your
account size or you won’t be around as a trader for long. Taking too large of
a position in a trade is the number one mistake a new trader makes, and the
number one reason that 90% of traders fail. Maybe it’s the thought of the
sports cars and mansions they were enticed with by those unscrupulous
trading system sellers. After all, you can’t make a payment on your Porsche
trading mini-lots, right? Don’t make the mistake of falling into this trap.
There is an easy way to decide what your lot size should be. First, figure out
what your stop loss size is on the trade. The amount of money that you’d
lose if that stop should get hit should be absolutely no more than 2-3% of
your available account equity. Notice I said “equity” and not “balance”. If
you’re going to open more than one trade at a time, you must calculate the
lot size based on the available money, not the total account value. (Most
brokers will keep a running tab of your account equity right next to the
account balance on your platform).

For example, if you have $5,000 of equity available in your account and you
want to keep your risk level at 2%, you can risk a loss of $100 on a single
trade. (2% of $5,000 is $100). Next, you have to know the pip value of the
currency pair you are trading. A “pip” (which stands for “Percentage In
Point”) is the measurement of price movement in the FOREX. It’s actually
a unit smaller than a penny (or whatever denomination of the base currency
of the pair you’re trading). The pip value is the amount of money incurred
each time a currency pair moves one tick or “pip” in either direction. For
example, the GBP/USD (Great Britain Pound/ U.S. Dollar) pair pip value is
$10 per pip for each full size lot (a $100,000 “block” of currency). If you
needed to place a 100 pip stop loss on a trade on this pair, trading a one full
lot would put your risk at $1,000. So with your account equity of $5,000
you’d be able to trade 1/10th of a full size lot, or one “mini-lot”. That would
make your cost $1 per pip, and would limit your risk to $100 if your stop
loss should be hit. It also means that if the trade moves into profit, you will
earn $1 for each pip.

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The chart below gives you the single “pip” value in terms of dollars per
single mini-lot (a $10,000 share of the traded currencies). For example, on
the AUD/CAD pair (first on the chart) the pip value is .8627 cents for each
mini-lot you trade. If you determine your risk allowed you to trade 3 mini-
lots, your pip value on this pair would be $2.588 per pip. If your account
size allowed you to trade 10 mini-lots (10 mini-lots are equal to one full-size
“standard” lot) your pip value would be $8.627 per pip.
FX Pair PIP Value per
$10,000
aud/cad 10000 0.8627
aud/jpy 100 0.8800
aud/nzd 10000 0.6971
aud/usd 10000 1.0000
cad/jpy 100 0.8800
chf/jpy 100 0.8800
eur/aud 10000 0.7543
eur/cad 10000 0.8629
eur/chf 10000 0.7828
eur/gbp 10000 1.7611
eur/jpy 100 0.8800
eur/usd 10000 1.0000
gbp/chf 10000 0.7827
gbp/jpy 100 0.8800
gbp/usd 10000 1.0000
nzd/jpy 100 0.8800
nzd/usd 10000 1.0000
usd/cad 10000 0.8629
usd/chf 10000 0.7829
usd/jpy 100 0.8800
usd/nok 10000 0.1508
usd/sek 10000 0.1296

If you’re new to trading figuring this out may seem overwhelming, but I
promise you that with some practice and a little “demo trading” experience
you’ll become a pro at it in no time. As you can see from the above chart,
many currency pairs share similar pip values of between 80 cents and $1 on
a single mini-lot, so after awhile you’ll know roughly what lot size to trade
on a pair almost automatically as long as the equity in your account doesn’t
change by too much.

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So how much of a risk taker are you? I know some traders who risk 5% -
10% on each trade. They’re obviously willing to take a bigger risk with
their capital for a larger return. Actually, most professional money
managers risk less than 1% on a single trade, but most professional money
managers are also trading multi-million dollar accounts. To make any type
of worthwhile return, we as retail traders need to take on a little more risk
than that. Again, I personally wouldn’t risk more than 2-3%, but in the end,
the decision is up to you. Whatever you decide your risk tolerance is, please
be responsible and abide by it! There’s an old trading adage that says,
“There are old traders and there are bold traders; but there are NO old bold
traders.” Remember this saying as you decide on your lot sizes and never
risk too much on any one trade no matter how sure you think you are that it
will be a winner! Doing something irresponsible like trading a full size lot
on a $2000 account will wipe out your account before you know it. Don’t
fall for the hype of getting rich overnight by trading! This is a business, not
gambling, and you need to treat it that way.

In fact, when I first started trading a live account with real money, even
though I had a reasonably large retail account for a new trader (over $5k), I
began by trading penny lots. That’s right, penny lots. Some brokers offer
not only mini-lots, but “micro-lots” that will let you trade a penny size lot.
It’s the perfect way to get your feet wet while you’re learning and getting
used to trading real money! As a new trader you should seek out a broker
that offers mini-accounts with micro-lots. It’s the best way to trade stress
free with real money after you “graduate” from trading on a demo account.

However you decide to start, be a professional and don’t over commit to any
one trade. Accept reasonable returns and let some (if not all) of the profits
accumulate in your account. As your account balance grows, you can
increase the lot size you’re trading thereby increasing your profit on each
trade. This is known as compounding, and it’s the smart and responsible
way to trade. Even with a string of losses you can keep your confidence
because your entire account or even a large portion of it will never be at risk.
That winning trade or winning streak will come along, but it won’t do you
any good if you don’t have any money left to trade with once it does!

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When you have the time, please read the “Money Management” e-book that
I’ve included in the FOREX Profit Monster System. It will go into greater
detail about money management and risk assessment and is worth the time it
takes to read. One of the things I’ve found is that you can never learn too
much about money management!

TRAP TO AVOID #2 – OVER LEVERAGING YOUR ACCOUNT

This trap ties in to the “money management” trap we just discussed. One of
the beautiful things about the FOREX market is the available leverage.
There are brokers that will offer you 100:1, 200:1 or even 400:1 leverage
depending on your account size. Compare that to the measly 2:1 leverage
available to you in the stock market. Controlling 100, 200 or 400 dollars per
dollar in your account is a fast way to make money, but it’s also a fast way
to lose all of your money. Do you really think brokers are offering you that
much leverage because they’re good guys? No. They know that most
novice traders will choose the highest leverage they can and then over
commit their capital by trading too large of a lot size. Doing this can wipe
out your whole account in a single trade! There’s nothing wrong with using
leverage, but be responsible and use a proper lot size for each trade. This
may make your returns smaller, but it will keep you in the game in case of a
long string of losses. Study money management and understand what you
are doing before you trade a live account with real money!

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TRAP TO AVOID #3 – INABILITY TO “PULL THE TRIGGER”

So you’ve studied the market, you’ve got a winning trading system, and
you’ve funded your brokerage account. Now it’s time to get down to
trading! Only problem is, you’re afraid to open the trade. Signals come and
signals go, but you just can’t click the button to open that order. Don’t
laugh… it happens all the time. Why? It’s simple; people are afraid to lose.
If you’ve followed the money management advice above, aren’t trading with
“scared money”, and have calculated your lot size correctly, then you’ve run
into your first psychological barrier. Fear of pulling the trigger. If you’re
going to become a successful trader, you obviously have to overcome this
hurdle. And to do it you just have to understand, YOU WILL LOSE. There
is no way around it. It’s a fact. Even the best traders lose. Warren Buffet
loses. He is just smart enough to control his losses and preserve his capital
so that he can trade another day. This is the mindset you need to develop.

Many people who tell you they are traders aren’t actually traders. They are
“holy grail chasers”. Their fear of losing and of “pulling the trigger” will
keep them searching for that one elusive indicator or trading system that will
always guarantee them a winning trade, and they won’t start trading for real
until they’ve found it. As soon as they incur that first loss or string of losses,
they throw everything on the scrap heap and start looking for another
indicator or system. They’ve paralyzed themselves and are destined to
spend the rest of their trading “career” sitting on the sidelines “developing”
or searching for their system. Don’t become one of these people. I hate to
be blunt, but you have to get over your fear of loss. You can’t win if you
don’t trade. If you can’t overcome your fear of losing real money then find
another way to spend your time. Don’t waste it by kidding yourself that
you’ll start once you find the “holy grail”. It doesn’t exist. The only “holy
grail” in trading is your ability to understand trading psychology and use it
to your advantage. So when you get the signal, don’t be afraid. Pull that
trigger and open the trade! Know that you will have losses, but in the long
run you’ll come out a winner. When you’re able to do this you’re another
step closer to being a successful trader.

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TRAP TO AVOID #4 – FEAR ONCE YOU’RE IN THE TRADE

Once you overcome the fear of pulling the trigger on those real money
trades, you’ll probably run into the next roadblock to success; getting upset
when you see your trade moving into the negative. In fact, because you’re
paying your commission through the broker’s bid/ask spread in FOREX,
every trade you open will be immediately in the negative. Get used to
seeing it. It may be hard to watch your “profit” column have a negative in
front of it and then have the number next to that negative sign get bigger and
bigger, but it’s a fact of life. Many trade signals are generated as prices start
to retrace. As you’re entering the market, other traders already in a trade
may be getting their exit signal and taking their profits. Some trading
systems actually teach you to wait for price to retrace before entering, but
there’s an inherent problem with this strategy; prices don’t always retrace!
Sometimes there is so much momentum that price keeps moving in one
direction for a long period of time. If you sit around waiting for price to
retrace to place your entry, you may miss the opportunity to enter the trade
altogether! It’s better to enter when you get your signal and miss out on a
few pips if the price retraces.

So how do you overcome the fear you feel when you see price move in the
wrong direction? Well there are a couple of ways. The first is through
experience. Repeat to yourself that it’s natural for prices to retrace and work
on losing the urge to close the trade when you see it moving against you.
Another way is simple and easier to implement; don’t watch your trades
constantly! Staring at the chart or your profit/loss column is
counterproductive. Only check your charts when necessary. The FOREX
Profit Monster system was designed with this in mind. You only need to
make exit decisions after the close of a candle, so if you’re trading a 1 Hour
chart you only need to check your charts once an hour… the 4 Hour charts
should be checked every 4 hours, daily charts once a day and so on. Don’t
make the mistake of staring at the tick by tick price movements… no good
will come of this. You’ll get upset when price moves against you. Plus, it’s
just as bad to get overly excited when price moves in your favor. The
toughest thing to do is see a trade move into profit and then move back
against you into the negative, but this does happen and it happens a lot.

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Some of the best trades I’ve made started out looking like they were going to
be losers. If I had bailed on them because of fear I would have missed out
on a great profit opportunity. This is another way that traders fail; they give
up on what may be some of their best opportunities. Making your exit
decision based on fear will cost you more money in the long run than just
accepting the losses that a trading system will naturally generate. Prices
move in fast cycles in a market like FOREX, and there is more daily volume
in the total FOREX market than all of the other stock markets combined.
More than 2.5 TRILLION dollars move daily. You have to expect to see
price move against you, even during what will become a winning trade. It
will happen more often than not. Follow your system rules and only exit a
trade when you get an exit signal!

TRAP TO AVOID #5 – TAKING YOUR PROFIT TOO EARLY

There’s another old trading adage that says, “You’ll never go broke taking a
profit”. It basically means that closing out a trade anytime it’s in profit is a
good idea. Sounds like good advice, right? Wrong. All worthwhile trading
systems are designed to deliver a “positive expectation”. In other words,
you’ll win more than you’ll lose. And not necessarily win more trades than
you’ll lose, but win more PIPS than you’ll lose. It is possible to have a
system that loses more times than it wins and still show a profit. In fact, it’s
been documented that the most successful traders through the years have
been “trend followers” who use trend following systems. In these systems
the winning trades won’t just be bigger than the losing trades, they’ll be
much bigger. Trend following systems have a tendency to have many small
losers, but the winning trades are usually much bigger than the losers. So
much bigger that one winning trade can make enough to wipe out the losses
of many losing trades and still show a healthy profit! If you give in to your
greed (fear of losing the profit that is currently “on the table”) you may take
your profit too early and lose the pips that follow during the rest of the
move. The problem here is that while you may have realized a profit on the
single trade, you may not get as much as you should have by following the
system rules. While this may not seem bad at the time, you may have
severely reduced your long term profit potential by getting out of this one
trade too soon.

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And if you happen to have a long string of losses in between two trades
where you took your profits early, it could create a larger drawdown on your
account than necessary. Taking profits too early all the time will only lead
to disaster in the long run. Sooner or later you’ll grind your account down to
an unusable amount. Avoid getting greedy and taking your profit too early!
The opposite is also true; don’t stay in a trade after you get an exit signal
because you think the trade might continue to move in your favor. You’re
risking losing more than you should if there is a large price spike in the
wrong direction. Follow the system rules and exit when you get a signal to
exit!

For your benefit I will tell you that FOREX Profit Monster is in essence a
trend following system. It’s based on some of the most successful
professional trend following systems that have been used through the years.
Although unlike most of those systems, FOREX Profit Monster can be
traded successfully on any time frame and offers the unusual combination of
a high winning percentage and winners that are bigger than losers! That’s
what makes FOREX Profit Monster such a robust system… and a “profit
monster”!

TRAP TO AVOID #6 – GETTING MAD WHEN YOU LOSE

This trap may be related to the money management trap and the fear of
losing traps, but it is also a trap on its own. Once a trade is over and it’s a
loser, you can’t get emotional about it. Losses happen. They’re a part of
doing business; and not just in trading, but in any business. Talk to someone
who owns another type of business. Ask them if they make a profit every
day. When they’re finished laughing, they’ll tell you no. Anyone who tells
you anything different is lying. There are costs of doing business no matter
what line of work you’re in, and in trading a loss is one of the costs of doing
business. They’re a cost just like your computer, your internet connection,
your office supplies and any other tools you may use. Learn to think of
them that way. In fact, you should learn to like them. Remember; if you
followed all of the rules it was a successful trade whether you made a profit
or took a loss. The sooner you can accept a loss without it hurting your
pride, the sooner you’re on your way to becoming a successful trader!

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Getting mad when you lose or suffer a string of losses can cause you to fall
back into Trap # 3 “Inability to Pull the Trigger”, which in turn can cause
you to miss the profit opportunity that would negate the string of losses.
Don’t get mad!

TRAP TO AVOID #7 – ADDING TO A LOSING POSITION

This trap is related to money management, but again it deserves special

attention of its own. There are trading systems in the marketplace and
trading gurus who will teach you to add more money to a losing position as
it is “recovering” so that you lower the cost of your overall entry price and
are more likely to get back to breakeven or actually move into profit. It’s
known by many names including “pyramiding a loss” and “cost averaging”.
Whatever you call it, take this advice: NEVER DO IT. While it may
occasionally work and help to minimize some losses, there is too much risk
involved. You never know for sure what the market is going to do. A price
that is retracing now and moving back in the right direction can turn back
around again in an instant. Any piece of fundamental economic news can
change the direction of price, for either the short or long term. Adding to a
losing position and then have it move against you again will only make your
loss bigger, not smaller. And it only takes one time for this practice to go
wrong to do serious damage to your trading account. Don’t think you can
outwit the market. The market is always right and the trader is always
wrong, no exceptions. The FOREX Profit Monster system provides you
with a plan to enter and exit your trade; be disciplined and stick with the
plan!

TRAP TO AVOID #8 – FORMING NEW OPINIONS DURING AN

OPEN TRADE

This trap is related to what we just discussed in the last trap “adding to a
losing position”. You must “plan the trade and trade the plan”. Follow the
system rules for entry and exit of a trade. Don’t second guess yourself.
Don’t allow any outside influences to cause doubt. And most of all, don’t

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allow the normal ups and downs of price upset your game plan. Once you’re
in a trade, you’re for better or for worse. You have to isolate the act of
trading from your emotions. Allow the system rules to tell you when to get
out!

TRAP TO AVOID #9 – TRYING TO PREDICT THE FUTURE OF

THE MARKET

This is actually the most misunderstood fact of trading by new traders and
by “outsiders” who have no understanding of how markets work. Most
people who aren’t professional traders believe you can predict the movement
of a market, but they’re wrong. You CAN’T predict the future of a market.
Of course you’d never know that by turning on any of the business channels
on TV! Those talking heads on CNBC, MSNBC and Bloomberg always
seem to have an answer as to what’s happening next. But if you pay
attention, they never talk about why what they told you yesterday was
wrong, or why the talking head on before or after them said exactly the
opposite. In fact, if someone were to track the opinions given on these
channels they probably have a worse record calling market direction than
your local weatherperson does giving you a reliable weather forecast. You
can try to predict, and sometimes you may even get lucky, but it just can’t be
done with any accuracy over any extended period of time.

Many people also make the mistake of believing that the old trading advice
“buy low and sell high” means you should pick tops and bottoms for your
entries and exits. Traders that believe this will go broke very quickly. It’s
near impossible to predict the top or bottom of a market move. The market
will do what it will do. Your job as a trader is to watch what the market is
doing at the present and jump in for the ride for as long as you can. That’s
what the FOREX Profit Monster system is designed to do for you; monitor
the market and tell you when to get in and when to get out, most of the time
with a nice profit!

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TRAP TO AVOID #10 – TRADING ONLY FOR THE MONEY

Let’s be honest, we all trade for money. The income that can be generated
by being a successful trader can put you in a financial class above other
professionals like doctors and attorneys. But while we can enjoy the fruits
of our labor, it has to be a labor of love. You must enjoy what you do. If
you don’t, you’ll get bored. And if you get bored, you’ll lose interest. And
if you lose interest, you’ll become undisciplined.

While trading for money is a valid reason to be a professional trader; it can’t

be the only reason. Understand the other reasons you want to trade beyond
money. Maybe you’ve always wanted to run your own business and work
for yourself. This is a great reason! It should be the motivation you need to
follow the plan and be successful; never having to work for anyone else,
ever again! Maybe you’re doing it part-time until you get to the point where
you can do it full-time and work for yourself. Or maybe you like being in
control of your own retirement plan and are doing it for your family’s future.
Whatever the reason, there has to be one besides just the money or you will
not be successful!

Also, if you don’t already, you should make it a point to follow what’s
happening to the economies in the countries of the currency pairs you are
trading. Learn to follow the fundamentals even though the FOREX Profit
Monster system is generating the trading signals for you. It will make you a
better trader if you understand what’s going on. Just like any business you
should strive to learn everything you can. Subscribe to newsletters and read
industry websites on a consistent basis. Just remember, you’re reading them
for the current news and general analysis, not personal opinions! There are
analysts who I stopped reading a long time ago because I picked up on a bias
they had. Like one “gentleman” who writes for FX Street who for some
reason hates carry trades (holding a position for interest payments). I found
his analysis on pairs popular for carry trades was way off the mark because
instead of being neutral and providing good analysis he’d start “wishing” the

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pair would move against the carry traders. While he never came right out
and said this, his snide comments about carry trades made his bias perfectly
clear. Let this scenario be a lesson; ignore any specific trading advice; it can
cloud your judgment because of a personal opinion and cause you to become
indecisive. You don’t want to start second guessing yourself; only educate
yourself!

Well, there they are… my “Top Ten Trading Traps” you’ll need to
overcome to become a successful trader. These are by no means the only
traps; each and every person has their own faults. You need to do more
research on the subject of trading psychology and trading in general and
learn everything you can. Like all professions, your learning should be a
lifelong quest and should never end, and if it does, you’ll be left behind.
Take your decision to be a professional trader seriously and treat your new
enterprise as a business, because it is a business. A business that with the
proper skills and discipline can provide you with a very nice living!

To help you continue your education on trading psychology, here is a small

list of websites that you should investigate. It is by no means a complete
list. Do a little legwork on your own once you’ve got some demo trading
experience. Internet search engines can be a great help in continuing your
education. Be responsible in this part of your endeavor too… remember,
education doesn’t have to cost a lot. You don’t have to pay a lot, but all of
your learning shouldn’t be free either. Many times you get what you pay
for! This doesn’t mean you have to pay thousands of dollars for seminars,
but $25-$100 for a book or DVD by a well known and respected trading
professional should be considered an investment in your future. And now
that you’re a trading professional, once you’re trading a live account
remember to deduct it as a business expense!

www.iitm.com

www.brettsteenbarger.com

www.elder.com

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