For many Forex traders, the psychology of the big players is a mystery. So let’s shed some light on the matter. Why is this important? Because...

No matter how hard you try, it will be impossible for you to climb up the trading ladder until you've learned how to risk live money. Trading in the live market draws in psychological elements that are generally not experienced in a simulated environment. This, as you'll see throughout the article, is the key difference…

For the subject of this week's article, I thought that I would take the time to explore the thought process behind most trading decisions we make during our FX speculating. As you may already know if you have read previous articles written by myself or my colleagues, we all drive home the importance of formulating and then following a detailed and actionable written trade plan, so as to remove any underlying emotions from the decision making process and thus enforce ongoing discipline in our trading activities. The less the trade becomes about us and more about our rules and plan, the more we have steered ourselves towards achieving success in the markets on a consistent basis. The plan tells us what to do, as opposed to us looking at a chart and guessing what we should do.

To the uninitiated, the champion day trader may seem like a person of action. But they are just as comfortable stalking their trade as they are decisive when it comes time to execute.