After seeing the importance of psychology in trading I wonder how many of you have thought of this as a long term Business.

All around the world, professional traders treat Forex as a business and don`t rule out the expenses and possible losses (temporary loss, various commissions, spreads).

If you open a business you know that it can be Profitable, but only if you bring some innovations, be disciplined, constantly monitor it, take only profitable contracts. It`s the same with the Forex market!

Take in consideration that a professional trader does not “play” on the stock market or currencies, he operates, performing mechanical work to open and close trades, analysing financial news and charts, finding the perfect timing to enter and leave the market in compliance with risk management and strategies. Money are just the result of this process!

In other words, having a long term strategy makes it less important if your first trades are wrong becouse you will regain your losses from the following ones, as long as you keep your disciple and constantly improve your ongoing strategy.

The Forex market is greatly influenced by general financial market and always have to trade based on economic indicators, not based on a feeling. Is it possible to get emotionally attached to a currency. This is normal as long as the merchant has reasonable evidence that the Currency Pair is strong and profitable. Wrong move you could do is to remain stuck with this currency pair simply because of the emotional attachment, whether your trade is going the wrong way.

If you can organize yourself and master all these factors, you`re half way there. The other half is all about “keeping your cool”!

Conclusions:

• If you want your trading to be profitable you must have a psychological state pointing towards a positive outcome, otherwise close the Meta Trader!
• Only practice and discipline will help you fight the two greatest enemies: fear and greed!
• Follow the chosen strategy and this will keep you safe!
• Control your emotions and treat Forex as a business, but keep in mind that in any business there are costs and losses.
• Try to be indifferent to open transaction (although this condition can only be done after you have gained experience in the market). Respect your safety rules (from your chosen trading plan, Money Management, etc) and the profit will soon appear!