Self-control when working on the Forex

16. The psychology of a trader

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Many believe that the Forex trading game. This is partly true, but unlike the game of Forex trading is a real opportunity to earn a living. Investments in the currency market do not require deep mathematical knowledge, but in Analytics trader should understand. One of the most important abilities - the ability to interpret the news.

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Successful traders are disciplined. They are calm and rational. They do not allow such emotions as fear or greed influence its decisions. They develop clear plans for trade and able to follow them. They carefully avoid acting on impulse. A systematic, disciplined trading is good, but we all know that traders do not always disciplined. Psychological research of scientists from SUNY, Albany (Muraven, Slessareva and Shmueli, 2003) on the dynamics of self-control may suggest what is needed for the development of the discipline and self-control.

To keep self-control, require a physical and mental energy. For example, studies have shown that many people, there are restrictions on the amount of control. When in the laboratory are asked to solve a number of tasks requiring self-control, eventually they get tired and barely maintain composure when subsequent tasks. This phenomenon is usually observed among traders, repeatedly entering and leaving the market. They notice, that to make a deal behind the deal gets harder, more tired and difficult to continue trading.

Self-control takes away energy and, more discipline than You should take, the more power is required to continue. As with any strenuous activity, You eventually run out of energy reserves. Thus, the most obvious way to maintain composure for a long time is to replenish psychic energy. But as You save or save? Of course, You can limit the number of trades You take in a day or a week and thus limit the amount of energy you expend. You can also make sure that You have plenty of sleep, regularly do physical exercises and eat nutritious foods. This will also guarantee that your physical and mental energy at peak levels.

Psychological research Muraven offers an interesting twist in the dynamics of self-control, which is particularly suitable for trading. Encourage incentives, type the profits that traders get from winning a transaction, can have a strong influence on the ability to maintain self-control. When incentives малозначащи, people harder to maintain performance. For example, when a laboratory participants promised a small compensation, after the completion of various tasks that require self-control they feel tired and выжатыми, ultimately, they are so exhausted that further problems became unruly.

Participants who promised a big reward for maintaining discipline, by contrast, is much easier to maintain composure. They seem to think: "I am tired; I want to calm down and relax, but incentives are high enough, should be improved". You can see what is the importance of the trade. If a trader makes a deal behind the deal, based on the detailed terms of trade, but does not get sufficient profit, it will be difficult to maintain discipline in subsequent transactions. A trader might think: "Stop. In vain I followed my plan, you need to trade more room". In moments of fatigue, people often put aside plans for trade.

another interesting observation relates to how fatigue affects the perception of the awards. When the participants in the demonstration as a result of completion of problems, requiring self-control, it was difficult to correctly assess incentives. They underestimated the award and therefore the incentives they are less than inspiring.

this research shows how fatigue and motives affect the ability to maintain self-control. When a trader gets tired after a series of transactions, it would be hard to maintain discipline. In addition, fatigue decreases the value of the potential rewards that can be achieved if to keep his composure. Thus, it is in your interests to accumulate so much mental energy as soon as possible. If You have a lot of energy, You will be able to better assess the potential profit will receive, maintaining discipline.

if the focus is the potential profit, it can act as a powerful incentive. You will maintain discipline, even when you start a bit tired. Do not underestimate the impact of the psychological processes that can help You maintain discipline. Make sure You are well rested and full of energy before the beginning of the trading day. The more energy will be at Your disposal, the easier it will be to maintain self-control necessary to follow the plan of trade and consistently make a profit.

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