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Trading is easy trading psychology is hard

Forex Trading | Advice from professional forex traders | Trading is easy trading psychology is hard

Psychology of Trading - Thanks to Nicola

I was going to change the title to "making pips is easy, making money is hard" because that has been my experience thus far.
I know a lot of very knowledgeable people tell you to demo demo demo until you are profitable but I wanted to explain what happened to me and what I think happens to a lot of people. Demo is easy psychologically and real money trading can be very hard!

Most people know I started life as an air traffic controller. I'm pretty good at following rules and I can stare at a wiggly line on a screen all day without losing it and I am pretty good at dividing my attention between a number of trades if needed. Controllers learn in a simulator and you learn quickly mental rules, such as if this gets to this point I need to do this or re-evaluate etc. The switch to live controlling is pretty seamless. Most pilots learn in a simulator too, so that when you need to do that water landing for real you have done it so many times and it is so realistic you can pull it off.

Trading for a lot of people is NOT like that and something happens when you switch to trading real money. I was one of those people who struggled with the switch and I still am ...
I wondered if it was just me but it is something that a professional trader I really respect (who posts on J16 as Wizard) pointed out it happens a lot.

When I started I was the queen of demo, I could make loads of pips and it was not undue risk either, I cared very much about my demo account balance. After a couple of months I funded an account and I thought I would be off on the road to riches. It was a disaster ... I started out in a place of being over-confident and complacent, which is a KILLER, in trading.
Then I lost a few real money trades big and psychologically I crashed ... I could not pull the trigger, I second guessed myself, I put in crappy too-tight stops, I cut winners early and I generally traded like an idiot.
It has been a long road back to confidence for me that I am still working on but I did not go back to demo. Instead I traded real money with very small stakes and I forced myself to deal with it because I knew I would never really make it until I conquered the mind over matter with money.

Another trader I really respect who trades for a hedge fund told me that most traders do not make money the first six months of trading, and it is exceptional if someone does. He told me that if you get to the end of your first year and you break even you will probably make it. Well, that is not the road to riches so many who start think it is, is it? But I am sure it is the truth.

I would say that if you are starting and you can afford to fund a SMALL account and trade VERY SMALL size REAL MONEY then you might do better in the long run because you will have a better chance with the psychology.
The goal is to master trading without blowing all the money you have to trade with when you get there.

I did not post this to discourage newbies, more to say if you are not profitable yet, don't worry, it's normal!
But it is all about the money ... and how you deal with it.

Nicola

Strats Reply to nicola about the psychology of trading

Nicola, Thank you so much for this post and your honesty.

If you (not just Nicola, but those reading this), understand the psychology aspect of trading, which I will say again, CONTROLS 90% of your success in trading, then you will understand why I do not want people posting how many pips they have made etc.

I have witnessed it and been told it after the fact, people who post on threads about how many pips they have made, are on a HUGE EGO trip, they are FOOLING THEMSELVES, they NEVER disclose how much they have LOST, which is usually FAR GREATER than they win.

Anyone who, whether in trading or life in general, stands up in front of their peers and ADMITS to their weakness, is well on the road to recovery.

I keep slowly adding it in (because I know it is boring), but when you meet YOUR Holy Grail and face it head on, and ask it questions, you will REALISE how very important the psychology of trading is.

Those of you who are flash reading this and think it doesn't apply to you because you are greater than this then all I can say is "Goodbye, it's been nice knowing you".

I encourage all of you to share your horror experiences because sharing them and bringing them out into the open is all part of the trading psychology healing process.

I will tell you again, I lost over $200K learning to trade and the reason I lost it was because of the Holy Grail. I was constantly in search of it, thought it could never be found, then when I found it, I didn't know what to do with it. It was only when I listened to it that my lights came on, and on they came like Dolly Parton's light bulbs!

Thank you, Nicola, it means a lot to me for you to post this.

Forex Trading | Advice from professional forex traders | Trading is easy trading psychology is hard