Trading Psychology

Besides the advice on Money Management we would like to give you several psychological recommendations:

• Do not trade on the last money you have. Otherwise feeling that you’ve made a mistake you will make a false step and fail in the long run.
• Treat money as a means to an end rather than the aim itself. If money is your aim any activity for the sake of it will be harmful for you.
• Do not trade too often and do not increase your trading activity after a continuous success.
• You should be neither stubborn nor impulsive when trading. You should take control over the situation. Even if you are often lucky you should not be too self-confident.
• Do not let emotions take control over you. Emotions are your worst enemy. Be calm. If you are unlucky, take a rest for a moment. Your mental condition is the most important factor to be successful.