Wednesday, September 1, 2010

Free Email Trading Course from Marketclub - Lesson 1 Psychology

Taking a free course is a good way to learn about trading.  I took this some time ago but finding myself in a position to retrain myself on the fundamentals.  Here's a preview of Lesson 1 from Market Club founder Adam Hewison

Most traders don't realize just how important the role of psychology plays in trading. Successful traders know thattrading is more than just buying and selling a market. It requires a complete understanding of what is going on in the market and in other traders' minds.
Trading is full of guys.  And I think the retail side is full of guys, sitting along staring at their screens.  It is tempting to get sucked into this private little world, away from job, away from the wife, away from the kids.  A solitary little oasis.  The problem is that this sets up a flawed view of trading. 

When trading you are in a vast crowd.  See it all as personal just don't take it as personal.  I've spent some time listening to a professional psychologist with a speciality in coaching traders.  She has urged us in the seminars to see the price action in a personal light.  Get a feel for what the crowd is thinking.  Think about the person(s) on the opposite side of your trade.

In particular, this first lesson is a real area of weakness for me.  Telling that a floor tarder with deacdes of experience places this first in his free course.  You see, I just did it.  I didn't just blindly accept the first emailed lesson as is.  I saw it in personal light (what does Adam this is of primary importance) , but I didn't take it personally (Adam is insinuating I suck at trading).

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