Confidence and Money Management
By Maceo Jordan

Most people are used to having a paycheck, or having production schedules, or income projections based on population growth. When you start trading, though, whatever you used as a benchmark is gone. Sayonara. In the end though, those were just guesses too.

Following a process while trading will give you confidence- a crutch, if you will - in your long term success just like your old estimates of savings growth did. Over time, your long-term anxiety will go down and your confidence in the process will be built up. All you have to do is follow the steps.

Eventually, you ll learn to trust yourself. This comes from the hard work of doing retracements on old data, or live trading in a demo account. You don t get that confidence from trading on paper, and you especially dont get it from doing it just in your head. Trust in yourself in this fashion will allow you to act in your own favor. Your trades will become both quicker, and more profitable.

Managing your money, and managing your risk are your number 1 priorities- not your patterns, luck, or ego. There s an old saying among commodity traders: Take care of the losses, and the profits will take care of themselves. This is a process of making money, not of being right or wrong. It s not a mistake to be wrong… It s a mistake to stay wrong, and lose money.

Never expose yourself to unlimited risk by not placing a stop. A stop protects you from yourself. When you get scared, you ll start to get tunnel vision- you may start to fool yourself and do really stupid stuff. A good example of this is when your ability to make decisions is compromised(Like when the market scares the piss out of you by reversing on a new position). And your focus will be kept away from the conflict and conditions of the market.

Maceo Jourdan is recognized as an expert trainer, trader and author of three best-selling trading books and Home Study Courses including “How To Get Filthy Stinking Rich Trading The Forex” book and Home Study, “How To Trade The Harmonics of The Foreign Exchange Markets” Vol. 1, 2 and 3. Maceo has trained over 1,300 students in large seminars, one-on-one and small groups. Get Forex Trading information from Maceo at http://www.TheInsiderCode.com

Article Source: http://EzineArticles.com/?expert=Maceo_Jordan
http://EzineArticles.com/?Confidence-and-Money-Management&id=982959

Share This

Related post

How to Communicate Confidence When making Collection Calls for your Business
How to Communicate Confidence When making Collection Calls for your BusinessBy Michelle Dunn It is essential to communicate confidence when you...

Self Confidence Building for Job Hunters
Self Confidence Building for Job HuntersBy Waller Jamison One crucial factor to the success of your job search is confidence. Being unaware of ...

Business Management A Skill To Learn!
Business Management A Skill To Learn!By Vandana Sharma Management is a skill, some have it inborn and some have to inculcate it by learning and...

3 Traits of Successful Sales People
3 Traits of Successful Sales PeopleBy Jason Dempsey There are numerous sales people in the world. In fact, sales is the highest populated posit...

Business Succession Planning - Three Fundamental Reasons You Need It Now!
Business Succession Planning - Three Fundamental Reasons You Need It Now!By Martin Haworth As the manager of your business, at whatever level y...