As an economics professional, I have met many traders. Widely traders are unsuccessful and I tried to find what makes a successful traders. And in this article you will find my observations.

  • Trader or a emotional psychopath
Experienced traders say that you should have skeptical attitude to trade successfully. If you do not know yourself, the market is very good place to check out . Very often, the role and importance of money is exaggerated and traders believe that the market is determined solely by money and that consequences of errors are just the money loss. The market will cost you much more expensive than any money if you do not learn how to manage own emotional factors. Financial Market is one of the places where a person can get very serious psychological trauma.

  • Restrain your emotions
Buy at internet any book, magazine about trading psychology and you'll probably find a lot of recommendations, promoting the control of emotions and increased discipline in the trade. Of course, our emotions interfere with work, but does that mean that our best achievements depend on the extent of our ability and restraint control of our emotions?

Controlling emotions does not help a trader to trade successfully.

  • Restraining Emotions: Is it recommended?
Key features of the trader should be the ability to direct their energy and emotion to achieve winning results. I've been faced with very balanced traders. From those who tried to find themself in the trade. They followed the rules exactly, but they did not have the inner fire, are burned out , and their struggle around own ability to fight. They did not explode and no one of them was able to achieve success in trading. Yes, of course, there are very low-key winners. They still show their emotions, but more to themselves.

So what’s the recipe for success in trading?

  • Concentration is the key
An important component of success is not emotional restraint, but the ability to concentrate on trading and achieve skills to successfully trade in market. It allows people to follow their goals continuously and relentlessly. In trading, you must learn how to accept defeat, and not to bring down the entire blame on everyone and everything, but to yourself.

Imagine a mountaineer scaling highest peak Everest. He/she first gains skill and then he concentrates on every step he is taking to scale the highest peak of the world.

All great traders have the capacity for work with unnatural discipline. They can work continuously, day after day, year after year, even. When we lose our concentration, we cannot activate the function center of the brain (the frontal part of the forehead), which is responsible for planning, reasoning and evaluation. This leads to emotional trading. And only then lack of discipline is the cause of the major problems in trade. But in fact, we can see only the results of the problem, not reasons. An emotional trader is almost impossible to catch the moment of entry or exit from a state of high concentration.

There are many ways to direct our attention to achieve best concentration. Perhaps the easiest way is to answer the questions we ask ourselves. Questions not only change the direction of thought, but also imply the truth at the heart of the matter. Mindfulness is probably best suited for successful trading.

I will think to write Mindfulness for trading in my next article.
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