Have you ever wondered how to get your ego out of your trading? Have you wanted to be market-centered, but find yourself consistently being self centered? One thing I know for sure: your self concept has to be separate from your trading. You began as an individual long before you ever thought of trading. In addition, you exist as an individual beyond the time you spend trading. When personal self worth gets tangled up with your trading, it not only damages your concept of your personal worth, it sabotages your trading. You must not allow your trading errors to ruin your feelings of self worth. You must not internalize the mistakes you make, you have to avoid feelings of guilt, persecution, and despair. You must learn to divorce your ego from your trading.
Uncertainly is a part of Forex trading. But we can’t allow uncertainty to become part of the image of ourselves. Consider, are you making any of the following ego-centric mistakes?
1) Trading without a predetermined loss exit point.
2) Trading without a predetermined objective point.
3) Not pulling the trigger on a trade or hesitating before pulling the trigger.
4) Trading too large a size, or trading too often.
5) Marrying a trade, marrying a market.
6) Addition to a losing trade.
7) Not taking profits when they are here on the table.
How can we separate our ego from our trading? How do we keep from taking trades personally? How do we avoid internalizing what happens in the market, good or bad?